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Teen Talk: Money May I? -- Why All This Ecomomy Talk Matters to You

(Archived Content: Originally published on TyraBanksShow.com -- a Telepictures/Warner Bros. property)
Foreclosures. Stock Market plunges. Recession.

Think all that has nothing to do with you? Think again. The dramatic drop in our economy is affecting nations across the world, so there's no way to avoid the effects on the home front. Maybe your parents cut your allowance (or cut up your credit cards!), or maybe you lost your job because your employer can no longer afford part-time help.

Whether you've felt the pinch yet or not, it's time to make tightening your financial belt the newest fashion.

“Does It Fit?”

When money's tight, budgeting is a girl's best friend. It's time to stop that impulse spending and ask yourself if what you're buying fits into your budget before your wallet comes out.

The best way to change your spending habits is to change the way you think about money. When you see a hot outfit in a store window or catch the latest commercial for the newest MP 3 player don't ask yourself “How can I afford it?” -- ask yourself “Can I afford it?”

Instead of begging for chores or digging in couch cushions to come up with the cash as soon as that “gotta have it” feeling sets in, first decide if the item you think you want is worth all that effort. By removing the “how” from your thought process, you take the spending power of the hands of the advertisers paid to convince you the product is a “must have” and put it back in your own.

Once you've changed the way you think about money, budgeting becomes simpler than finding the perfect jeans.

Want to practice managing money?

Head on over to http://www.italladdsup.org/ where you can play online games to learn about credit cards, financing a car, and paying for college.

Or tell your teachers to get your class involved in the pseudo market over at http://www.smg2000.org/ where The Stock Market Game gives you a chance to invest a hypothetical $100,000 in an on-line portfolio.

All This Money Talk Got You Down?

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