When I was a teen I wished someone had sat me down and taught me some basic money rules. I went to university got my first credit card and by the end of my first year I was in debt. Not good! So what rules would I want for my daughter? For any teen getting ready for the next stage in life? Here are my money rules:

Keep a Money Journal

By writing it down and keeping a money journal you can see where you are spending your cash. By doing so you see your money habits and where you might want to change things.

Save for a rainy dayYou never know when you may experience an emergency, and no an emergency is not the purchase of a want like the newest tech toy. Try and save at least 10% of what you bring in till you have enough to cover at least 3 months of expenses. This is your emergency fund.

Spend less than what you earn

When you spend less then you earn now, you are actually caring about your future. Does your future matter to you? Then you want take care of it by watching what you spend now.

Watch Out for Credit Card Debt

Your need to be very careful in how you use your credit card. Think does that night out warrant it going on your card? Do you really need that interest adding up?

A Sale is Not Always a Good Deal

People often think that a sale means a great deal. What if you do not need that new pair of shoes? that new tech toy? You need to learn to shop with a list. What do you really need? Buy with a purpose and a plan. As well if you are putting that sale item on a credit card that you do not pay off every month you lose the savings.

Set Money Goals

What do you really want? What are your plans? Do you want to travel? Graduate debt free? have money for the future? Set your goals, then put a plan in place to help you get there but remembering these rules you are well on your way to achieving them.