Do young people spend their money wisely?
Today young people spend their money foolishly because of circumstances and pressure from friends and other young people. No matter how much money young people have, they often use that money on shopping. This is very normal today because living a young life is very expensive.
For example, we need money to buy clothes and in high school or college young people often wear expensive clothes which have great style and name brands: Tommy Hilfiger, Nike, Reebok, Fubu, etc. There s always competition in styles and young people tend to keep up with the fashion trend. There are many reasons why young people dress in clothes that are very expensive, stylish. Boys dress nicely to attract attention. They want to be like a celebrity so fashion is an issue. The same goes for girls, but there is competition against the same sex. For example, one girl wants to dress better than others.
Looks are also an issue. Young people spend most of their money on themselves buying beauty products and for personal reasons. For example boys need haircuts and groom themselves very neatly so that their hair looks attractive. But girls not only spend their money on hair, but also on makeup, shoes, nails and facials.
Money is also spent on other personal products like cars, magazines, educational supplies, and entertainment. Especially teenagers in schools always want the best looking cars. By having the best looking cars makes the owners popular. Girls mostly spend money on magazine subscriptions such as seventeen, vogue, etc., mostly to check out the latest fashion clothing, shoes, and news on celebrities like those boy-band and young actors. On the other hand boys buy magazines especially on cars and games. Also today young people also wants the best educational supplies there is like backpacks which have a famous name brand on it, pens and pencils that are very stylish, calculators and all these supplies should be the best of the best and high tech. And at all time money is spent on entertainment purposes which is buying c.d s, video tapes, concert tickets, theme park tickets like the Great America or Marine world.
Money is mostly spent at young age because we have the responsibility or learn how to save money. Because at this age we actually don t save money but spent it sooner or later. I mean we do save money but money is spent for a better purpose. Also to make us look good in society because if I were to save a huge amount of money to purchase a home for myself than that means that I won t be able to buy clothes, shoes, etc. And if I don t keep up with the fashion than people will start bad rumors about me and how I look. They will give negative opinion without knowing the real truth. Money isn t necessarily spent for other people s benefit but also for ourselves, to make us feel comfortable. We can t ignore the fact that it s okay not to keep up with fashion because there is someone out there who will criticize about people s dressing, looks etc.
This is how young people interact or communicate with each other. A formal social conversation when meeting new peoples always about that someone s wearing, what someone looks, etc. This is how people get to know each other. For example, if I were to wear the famous Tommy Hilfiger clothes and look attractive and have the best looking car in the school, its going to be obvious that I ll be very popular and will attract everyone s attention.
In addition for personal benefit, living a young life can be expensive but at the same time its very fun, exciting and comfortable. Young life is the only one time chance someone can enjoy live which will be absolutely rewarding. Not that when you get old and get married but that s a different case. Being single and young is very different in ways that are unexplainable. Although it is said that young people are expensive, we use money for our own benefit and also for others.
Malcolm Sawyers, 11 allowance: £5 per week
I usually save £1.50 and spend the rest. I haven't counted it for a while, so I'm not sure how much is there at the moment. If I do a really big chore at home, I might get a bit extra.
Generally, the two things I like to buy with pocket money are tracksuits and trainers. The tracksuits can be any make but the trainers must be Nike. I try to get the same stuff as my friends. Recently, my dad was buying everyone in the family trainers and offered to pay up to £40 for them. But I wanted more expensive ones, so I did a deal with my mum where she agreed to buy me the ones I wanted and I said I'd go without pocket money for three weeks.
Unless there's something I desperately want, I'm not that bothered about pocket money and I don't really think about getting a rise. It's not something I talk about with friends at school; we're more likely to be discussing football. If some people's parents give them too much pocket money, other children might get jealous so it's important not to show off about what you've got.
Maya Varsani, 8 allowance: £3.50
I get £1.50 a week from my mum and dad and £2 from my nan. I try to save and buy presents for my family. I bought my mum a lipstick which cost £5.50 for Mother's Day, and some chocolates for Valentine's Day.
Sometimes, my younger sister Tulsi and I put our money together to buy something for my mum, such as flowers. But I usually spend my pocket money on CDs by bands such as S Club 7, and I love Walt Disney videos like Atlantis.
I think I get enough pocket money. If I don't have enough money for something I want to buy, my dad gives me something towards it. I like the idea of having my own money to spend. I also like to buy rings from the local toyshop.
Jack Ballam, 7 allowance: £5
I usually spend £2 of my weekly pocket money on a James Bond magazine and about £3 on renting a computer game. I love PlayStation and saved up to buy the Star Wars star fighter game, which is great because it has lots of different levels.
I've got £47 saved up at the moment, and I'm not sure what I'm going to spend it on. I'd love to get a computer game called Metal Goes Solid. Sometimes I buy construction stuff like Lego and Meccano with my pocket money.
I would like to get more pocket money and am doing chores around the house, like my friends do, to earn more money. I gave my mum a bill saying she owed me £5 because I had cleaned my room and washed up my cereal bowl.
I think that by the time I'm 15, I should be getting £10 pocket money a week.
Grace Pickering, 11 no allowance
If I was to get it, I would like about £1 a week. I'm not old enough to go shopping on my own, so there's not much I need money to go out and spend on. I do sometimes go out with a group of about six friends at the weekend and we put our money together and buy six little things all the same, such as hair slides. We like to have the same stuff as each other.
I save up money from Christmas and birthdays and have got quite a lot at the moment - about £60. If there's something I want and it's too expensive, I don't bother asking my mum and dad if I can have it; but if it's something small, I will ask them if I can have it. They're likely to say, "If you practise the piano (or something like that), we'll get it for you."
One of the things I would love to get, but would need to do quite a bit more saving for, is one of those scooters with a motor. They cost about £130, so I've got quite a bit more to save before I could afford that.
My friends think pocket money is the best thing in the world and all feel very sorry for me because I don't get it. They get about £5 a week. But I think you only really need it when you start walking to school on your own, which I will be doing soon when I start secondary school.
Sometimes I think that parents who work a lot and don't seem that interested in what their children are doing are more likely to give them a lot of pocket money. If children get too much pocket money, they start to expect too much and it can change their attitude to things.
Jimmy O'Donnell, 14 allowance: £10
My mum gives me £10 a week and says that I can either spend it in the canteen at school or she will make me a packed lunch, and then I can save the £10 to spend on whatever I want. I'm trying to save the £10 and not spend it in the canteen. I have £170 saved up from birthday and Christmas money.
I go out with my mum at the weekend and she will usually buy me one thing like a CD or some clothes. I like pop and garage music and Nike clothes. I love Nike trainers. If something costs £50 and I only have £40, she might give me the other £10 or I will do some chores around the house to earn the rest of the money.
I try not to talk about pocket money at school because I know there are some people whose mums can't afford to give them much. The whole pocket money issue is very competitive at school.
Ellen Segalov, 12 allowance: £8 a month
I try to put some of it to one side for emergencies, and spend the rest. I like spending my money on CDs and, at the moment, I want to get the Gareth Gates [PopIdol runner-up] single. My mum gets most of my clothes for me, and buys me Mizz magazine every two weeks.
Sometimes we have a half day from school on a Friday and, if I go out with my friends, I'll end up spending more money then. As well as CDs, I like to buy books or sweets.
One thing I've found works very well is a 50/50 deal with my mum and dad - I pay half, if they'll pay half. I went to the cinema with my friends last week to see Oceans 11 on that basis. They are very good to do deals with - I end up getting an extra pound here and there.
Now that I've started secondary school, I'm going out more with my friends. It's nice to go out with some money in my pocket and know that it's mine. There are some things that I do with my friends that don't cost money, like going to drama and running clubs at school, but there's only so much you can do without money. I keep saying to mum and dad that I'll wash the car to get some extra money. But it hasn't actually happened, yet.