You should have a budget ... even at 16.
And keep in mind ... you should keep base savings, and savings for major purchases, and savings for college separate ... on paper.
Leave your college savings/base savings alone.
I should qualify this: I am not an expert. But I do think budgeting is something not being taught to young people.
My friend gives her daughter money ... every time she goes somewhere. They didn't want her to work right now, so she could concentrate on school, so they pay for her car/ins/gas/clothes/money to go out on the weekend. Whenever she asks. They can afford to, but they aren't really doing her any favors. She should have limits. Eventually she will.
Last edited by SandyD; 01-19-2008 at 11:58 AM.