This is the time when you are usually on your own, possibly even attending college, earning pocket money from your parents or engaged in some income generating activity. Some youth at this stage may have to deal with managing personal finances, which requires learning to prepare your budget and manage money and properly.
At this stage you should consider putting any extra allowance into a bank account which provides you with an efficient way to save and withdraw money.
You should learn the basics of insurance to ensure continued financial stability and security – and the seven (7) insurance policies everyone must have – long-term disability insurance, life assurance, health and funeral insurance, personal pension plan, homeowners insurance, automobile insurance and business insurance.
