Ulwazi Magazine

money matters

Know how to handle your money

As a high school learner, it’s never too early to start learning about finances. Here are some important financial lessons that will help you make smart decisions with your money:

Budgeting: Create a budget and track your spending. This will help you understand where your money is going and how you can save more. Budget how you spend pocket money and also money that you may receive as gifts from family. Making a budget as a teenager can be a useful tool for managing your money and achieving your financial goals. Start by listing your income and expenses, then prioritize your spending and identify areas where you can cut back.


Saving: Start saving as early as possible. Even small amounts can add up over time. A piggy bank(iskoqokoqo) is a great way to start saving money. When you have loose change or small bills, deposit them into your piggy bank. Over time, your savings will grow, and you’ll have a tangible reminder of your progress. Plus, using a piggy bank can make saving fun and rewarding. You can also start a Stokvel with friends and family that you trust. Start by setting a goal and putting aside a specific amount of
money each week or month.

Debt: Try to avoid getting into the habit of borrowing money from your friends and family. Learn to budget properly and use money that you have to the best of your abilities. Borrowing money and not being able to pay it back can make you have a bad reputation. A bad reputation can make others reluctant to assist you when you genuinely need held because of the lack of trust they have in you. So avoid debt and when you do borrow money, pay it back on time.

Investing: You are never too young to start investing. Learn about investing and how it can help you grow your money over time, there are plenty of channels on YouTube that can teach you about investing. You can use platforms such as Easy Equities to invest your money in various companies. You don’t have to start with large amounts, small amounts over time can eventually bring huge rewards.

Financial responsibility: Take responsibility for your finances and make informed decisions. This includes spending your money wisely. Practice good financial habits such as avoid unnecessary expenses, and be mindful of your spending habits. It’s never too early to start learning about financial responsibility. The earlier you start, the better you’ll be able to develop good habits and make smart financial decisions as you grow older. Remember, financial education is a lifelong process. By starting early and practicing good habits, you can set yourself up for a financially stable future.

Bank account: Opening a bank account can provide a safe place to store and manage money, as well as help develop good financial habits, such as saving regularly and tracking spending. A bank account  can also provide access to financial tools and resources, such as online banking and budgeting tools, which can help you manage your money more effectively. Most banks offer special accounts for teenagers that come with lower fees or other perks. It’s important to remember that a bank account comes with certain responsibilities, such as maintaining a minimum balance and avoiding overdraft fees. You will need your parent to accompany you to the bank to open a bank account.


Financial literacy is an essential life skill that can help you make smart

decisions about money, both now and in the future. By learning about budgeting, saving, investing, and other financial concepts, you can develop good habits and build a strong financial foundation that will serve you well throughout your life.