Housing and Money Management Tips for Teens in 2017: A Comprehensive Guide

As teenagers enter adulthood, it becomes crucial for them to develop essential skills for managing their finances and understanding the dynamics of housing. The year 2017 brings forth unique challenges and opportunities for teens to navigate the complex world of money and housing. This blog article aims to provide a comprehensive guide for teens, offering valuable insights and tips to help them make informed decisions.

Saving for Your Future

It’s never too early for teens to start saving for their future. By developing good savings habits, they can set themselves up for financial success. Here are some key tips for teens to effectively save:

1. Start Small and Be Consistent

Teens often feel overwhelmed by the idea of saving, but it’s important to remember that every little bit counts. Start by setting aside a small portion of your income or allowance into a savings account regularly. Consistency is key!

2. Set Financial Goals

Having clear financial goals can motivate teens to save. Whether it’s saving for a car, college tuition, or a dream vacation, setting specific targets helps teens stay focused and committed to their savings plan.

3. Make Smart Investments

Teens can explore investment opportunities to grow their savings. It’s important to research and understand different investment options, such as stocks, bonds, or mutual funds. Seek advice from a trusted adult or financial advisor before making any investment decisions.

Budgeting Basics

Understanding the fundamentals of budgeting is crucial for teens to manage their money prudently. Here’s a comprehensive look at budgeting basics:

1. Track Your Expenses

Start by keeping track of all your expenses for a month. This will help you identify areas where you can cut back and save. Use smartphone apps or budgeting software to make tracking expenses easier and more efficient.

2. Categorize Your Spending

Divide your expenses into categories such as food, transportation, entertainment, etc. This will give you a clear picture of where your money is going and help you identify areas where you can make adjustments.

3. Allocate Your Income

Once you have a clear understanding of your expenses, allocate your income accordingly. Set aside money for essentials like rent, utilities, and savings, and then allocate the remaining amount for discretionary spending.

Exploring Different Housing Options

Teens have various housing options to consider as they transition into adulthood. Here’s a closer look at the different options available:

1. Renting

Renting is a popular choice for teenagers as it provides flexibility and requires less commitment. However, it’s important to carefully review lease agreements, understand tenant rights, and consider factors like location, affordability, and amenities before committing to a rental property.

2. Sharing Accommodation

Sharing accommodation with roommates can significantly reduce housing costs. Consider finding trustworthy and compatible roommates to split expenses and create a comfortable living environment. Make sure to establish clear rules and communication channels to avoid conflicts.

3. Dormitory Living

For those pursuing higher education, living in a dormitory can be a convenient and cost-effective option. Dormitories provide a built-in community and often include utilities and meals in the rent. Research and explore different dormitory options offered by educational institutions.

Understanding Rental Agreements

When renting a place, it’s essential for teens to understand the terms and conditions of their rental agreements. Here’s what they should know:

1. Key Terms and Conditions

Familiarize yourself with common rental terms such as security deposit, lease term, rent escalation, and notice period. Understanding these terms will help you negotiate better and avoid any surprises during your tenancy.

2. Legal Obligations

As a tenant, you have legal obligations to fulfill. These include paying rent on time, maintaining the property, and adhering to any specific rules outlined in the agreement. Be aware of your rights and responsibilities as a tenant.

3. Negotiating the Best Deal

Don’t be afraid to negotiate the terms of your rental agreement. Discussing aspects like rent amount, utilities, or pet policies can help you secure a more favorable deal. Remember to communicate respectfully and be prepared to compromise.

Managing Housing Expenses

Living independently comes with various housing expenses that teens need to manage effectively. Here’s a breakdown of essential housing expenses:

1. Utilities

Utilities include electricity, water, gas, internet, and cable TV. It’s important to budget for these expenses and find ways to conserve energy to minimize costs. Consider implementing energy-saving practices like using energy-efficient appliances and turning off lights when not in use.

2. Insurance

Protecting your belongings and yourself is crucial. Consider getting renter’s insurance to cover your personal property against theft, damage, or natural disasters. Additionally, health insurance is essential to cover medical expenses.

3. Maintenance Costs

Home maintenance costs can add up over time. Prepare for expenses like regular repairs, cleaning supplies, and general upkeep of your living space. Establish an emergency fund to address unexpected maintenance issues.

Building Good Credit

Establishing a solid credit history is crucial for future financial endeavors. Here’s how teens can build and maintain good credit:

1. Responsible Borrowing

Build credit by responsibly borrowing and repaying loans or credit card balances on time. Start with a secured credit card or become an authorized user on a parent’s credit card to establish credit history.

2. Timely Payments

Make all your payments on time, including credit card bills, rent, and utility bills. Late payments can negatively impact your credit score and make it harder to secure credit in the future.

3. Monitor Your Credit Report

Regularly review your credit report to ensure accuracy and identify any potential issues. Report any errors or discrepancies to the credit bureaus immediately.

Exploring Part-Time Job Opportunities

Part-time employment offers teens financial independence and valuable work experience. Here’s how to find suitable job opportunities and manage work-life balance:

1. Job Search Strategies

Utilize online job boards, local classifieds, and networking to find part-time job opportunities. Look for positions that align with your interests and schedule requirements.

2. Time Management

Balance work and other commitments by efficiently managing your time. Create a schedule that includes study time, work shifts, and personal activities. Prioritize tasks and avoid overcommitting yourself.

3. Skill Development

Make the most of your part-time job by developing transferable skills. Take initiative, seek additional responsibilities, and strive for excellence in your work. These experiences will benefit you in the long run.

Saving on Housing Costs

Teens can explore various strategies to save on housing costs. Here are some creative ideas:

1. Sharing Expenses with Roommates

Sharing the cost of rent, utilities, and groceries with roommates can significantly reduce your housing expenses. Ensure open communication and establish clear guidelines for sharing expenses to avoid financial conflicts.

2. Finding Affordable Rentals

Research different neighborhoods and explore affordable rental options. Consider factors such as proximity to amenities, safety, and transportation costs when choosing a location.

3. Exploring Alternative Housing Options

Think outside the box and consider alternative housing options like house-sitting, co-living spaces, or becoming a live-in caretaker. These options may offer reduced or even free housing in exchange for certain responsibilities.

Financial Pitfalls to Avoid

Teens should be aware of common financial pitfalls to avoid making costly mistakes. Here are a few to watch out for:

1. Overspending

Avoid impulsive spending and unnecessary purchases. Differentiate between needs and wants, and always prioritize essential expenses and savings goals.

2. Falling into Debt

Be cautious when using credit cards or taking out loans. Only borrow what you can afford to repay and be mindful of interest rates and fees. Develop a repayment plan and avoid accumulating high-interest debt.

3. Making Impulsive Financial Decisions

Take the time to research and think through financial decisions before committing. Seek advice from trusted adults or financial professionals when needed. Don’t let emotions drive your financial choices.

Resources for Further Assistance

Teens can access various resources for further assistance in money management and housing. Here are some valuable options:

1. Financial Literacy Programs

Explore financial literacy programs offered by schools, community centers, or online platforms. These programs provide education on budgeting, saving, investing, and other essential financial skills

2. Online Tools and Apps

Take advantage of online tools and apps designed to assist with budgeting, tracking expenses, and managing finances. Popular options include Mint, YNAB (You Need A Budget), and PocketGuard. These tools can help teens stay organized and make informed financial decisions.

3. Nonprofit Organizations

Nonprofit organizations like Junior Achievement and the National Endowment for Financial Education (NEFE) offer resources, workshops, and educational materials to improve financial literacy among teenagers. Check if there are local organizations in your area that provide similar assistance.

4. Government Resources

Government agencies often provide resources and information related to housing and money management. Websites such as USA.gov and Housing and Urban Development (HUD) offer guidance on renting, buying a home, and financial planning.

5. Financial Advisors

If teens require personalized guidance, consulting a financial advisor can be beneficial. Financial advisors can provide expert advice on investments, budgeting, and long-term financial planning. Make sure to choose a reputable advisor who has experience working with young adults.

6. Community Support Services

Local community centers, libraries, and credit unions may offer workshops or seminars on money management and housing. These resources can provide valuable insights and connect teens with professionals who can answer their specific questions.


In conclusion, equipping teenagers with housing and money management skills is vital for their transition into adulthood. By understanding the principles of saving, budgeting, and making informed housing decisions, teens can lay a solid foundation for a financially secure future. This comprehensive guide provides valuable insights and tips for teens to navigate the dynamic landscape of housing and money management in 2017 and beyond. Remember, it’s never too early to start developing good financial habits and making informed decisions that will positively impact your future.

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