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| Lets Talk Money, Mate! |
| By Joshua Raymond Lang |
 Following the completion of my 7th grade year, I signed on as a student ambassador with People to People International (PTPI) traveling to Australia & New Zealand. This escapade ran me and my family close to $5 grand. In order to do my part in paying off some of the debt, I participated in numerous fund raisers. I sold candy bars door to door, cooked and sold food in a bake sale, washed cars at a group car wash and took out a $300 dollar interest free loan from PTPI. My parents felt this would also be the perfect opportunity to teach me about managing my money by helping me open a checking account.
I used my checking account to pay off the $300 loan over the duration of 6 months paying $50 each month. I reluctantly managed my check book and balanced it at the advice of my parents. Surprisingly, it wasn’t that much of a hassle, but that could be because I only wrote one check a month for most months. PTPI also recommended that I get a credit card with my name on it before traveling. I received my first visa card on an account my parents seldom used so it was practically all mine. This was big for me, going from relying on nothing but my allowance and the cash I had on me to being able to use credit and the money I have saved in the credit union. On the trip I purchased a lot of things with my credit card, but most memorably a $250 sheep skin rug to be shipped home to my mom as a thank you for giving me this opportunity.
Since then, in the last three years, my credit card has come in extremely handy for making some of the more expensive purchases I have made. When I started snowboarding I racked up quite a bill getting set up with equipment like my boots, board and lift tickets. Later I used my card to purchase an Xbox, and now I use it occasionally when I am strapped for cash at Wendy’s or Starbucks. I always make sure that I can cover the bill before I charge. And when I do charge I always remember to pay off the entire amount every month. I use money I have saved in the credit union from birthdays, holidays and my summer job referring flag football and baseball.
By the time I turn 18, managing my own finances using a checking account, credit card and savings will be no prob because of these experiences. My advice is get involved in your finances gradually. It is helpful if your parents are supportive in easing you into the world of finance. It will save you a lot of trouble when you’re older. |
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Comments: |
On Friday, 2 May 2008, ROBERT said:
I AM CURIOUS HOW YOU GOT STARTED IN BEING AN AMBASSADOR. I AM HOPING MY PARENTS LET ME GET STARETED ING |
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On Friday, 16 Sep 2011, Brianna said:
I was invited to go to that too, but my parents couldn't afford it. These are some good ideas. It's good that you can manage a credit card at such a young age. |
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