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Terence Mapuka Lifestyle Correspondent —
As the nation comes to terms with the use of bond notes, there has been a degree of speculation, misunderstanding and ignorance of what it means. It is interesting how adults have challenges with monetary issues of our economy.

It just goes to show the importance of financial education from an early age. Graduation from high school comes with a level of independence for most teens.

Some will be going off to university, college or working in another part of the country where they will not be staying with their parents. Others will be taking a huge step to go and settle in a different country altogether where they have to manage everything about life on their own. The biggest responsibility that comes with this development is management of finances.

The topic about money is not common in schools and even at home with parents. Teenagers usually receive the “there is no money” answer for their requests, but hardly the answer to probe as a teen to take an interest in establishing oneself financially.

It should not surprise our parents when they set us off to college and we have not a clue of how to handle these finances. Financially-illiterate teens will grow up to be financially-illiterate adults that are burdened by debt and not contributing positively to the economy which affects productivity and the national outlook of the economy.

In this article I will share briefly on what teens need to know about management of finances.

Earnings
The ability to generate income, for teens we will include money received as a gift or pocket money. While you are waiting to go to college you can earn some money through part-time work.

There are a number of opportunities through companies that require school leavers for temporary employment. There are some small businesses one can do during this time as you raise money for your independent life.

One teen raised enough money to buy a laptop for college rearing chickens. I know of girls who are good at plaiting hair and they do not use that skill to their advantage. You will appreciate that in life you earn money as an employee, self-employed, business owner or an investor.

Savings
When you earn some money putting some away for future use is saving. This is a practice not very common with teens as all the money they receive is disposable income meant to be spent.

Saving makes you able to enjoy more in the future, you delay enjoying spending now for later. I remember when I was still in primary school, I would save pocket money and bus fare in a certain child friendly bank. I managed to pay for a school trip from Mutare to Victoria Falls.

I would sell freezits as well it was amazing! These days with technology there are other easier and classy ways of making money as teens.

You might not have an account yet but as you work on that, a piggy bank is always a good start. However, it is always good that you open your own savings account and get to understand the banking system yourself at an early age.

Some might be thinking of the queues you see currently and you are discouraged.

Since you are young you will appreciate some products and services that cater for you specifically that can make your banking easier.

Spending

This is the most exciting part of having money. Some call it “spending finance”, “chopping money”, “eating money” and “kutetena finance”. Money is spent on shelter, food, clothing, education and entertainment among other things.

As a teen going off on your own you will need to monitor your spending before you fall into trouble. There are ways you can follow a well-planned system on how you spend money you would have earned.

We will share this in the next article.

Terence Mapuka is with zwTEENS an organisation which runs an Asset Building and Financial Skills training. You can reach Terence on [email protected] or call on 0772 101 601, WhatsApp 0772 128 170. Visit our website www.zwteens.com and like us on Facebook zwTEENS.