Message from Lynn:
Dear Friends:
Summertime is here! During the long months of what was an especially cold winter, I didn't think we'd ever see green grass, beautiful flowers and get to go outside without 3 layers of clothing on again! Thankfully warmer weather has arrived and kids are out of school. They are enjoying going to the pool, summer camps and spending more time with friends and family. And, for some of the summer-breakers, they are experiencing the work force for the first time.
Summer is the perfect time for teenagers to get a job to start earning their own money and hopefully learning the importance of saving and responsible spending.
Recently I came across an article on www.Kiplinger.com offering advice to teens on how to "trick" themselves into saving. Please share this information with teenagers in your life and also remember to visit, www.KansasStateTreasurer.com, for more resources for not only teens, but for yourself also.
1. Save or invest automatically with a bank, a mutual fund or your retirement plan at work so that money is taken off the top of your paycheck before you see it or spend it. The surest way to save is to have someone else do it for you; no matter how much you make, you'll tend to spend it all.
2. Deposit your paycheck directly to savings rather than to your checking account. You can transfer money to pay your bills, but psychologically it's tougher to withdraw money from savings.
3. Limit yourself to one ATM withdrawal per week, and make your cash last.
4. Subtract credit-card purchases from your checking account immediately so you're not surprised when the bill arrives.
5. When you subtract a payment from your account, round up the amount to the next dollar. That way, you'll always have a slush fund.
6. Give yourself a 24-hour cooling-off period if you're waffling on a purchase. Chances are you won't go back.
7. Buy a couple of storage bins -- even a shoebox will do -- in which you can collect credit-card and ATM receipts. That will help you get organized, and give you a visual record of your spending.
8. Toss spare change (and even stray singles) into a jar on your desk or dresser, and watch your money grow to hundreds of dollars a year.
9. Each time you resist the temptation to buy a latte or go to a movie, put the money you would have spent into your cash jar. It's an immediate reward for self-discipline.
10. Once you finish paying off a loan or a credit-card balance, continue depositing the payment amount in a savings or investment account.
Have a safe and enjoyable summer!
