Personal Financial Tips

How to Deal with Being Poor as a Teenager | Essential Tips For Teenager

Being a teenager means living on a roller coaster of emotions. But also, there are many dreams and goals to accomplish. But what happens when we are poor children and feel those dreams and goals slipping away? Let’s face it, just being a teenager, it’s hard. Especially when many aspects of life are out of your control, one of them can be your financial situation.

Many times poverty keeps us from seeing how wonderful life is. Because of this, you need to know that you can get out of poverty no matter if you are a teenager. There are ways to deal with your financial situation and how to get ahead.

or all this, let’s explore a little more in-depth how to deal with feeling poor as a teenager. Also, what to do about it and how to deal with being poor as a teenager.

Teenage life should be full of fun. That is, making lots of friends, having adventures, exploring the world, and getting to know yourself. However, that is not the case for many young people. Some teens can lead very stressful lives.

Being a teenager is life with feelings of insecurity, inadequacy, and low self-esteem. This happens because of a lack of money. Surely people say that the only thing teenagers should focus on is school.

However, school is where many teens feel insecure. As a result, they tend to compare themselves with their peers. This can even also lead to teen depression.

How to Deal with Being Poor as a Teenager

How to Deal with Being Poor as a Teenager

Growing up in poverty as a teenager can be one of the most difficult things in life. Your life, especially the financial situation you find yourself in, is completely out of your control. You want the best clothes, the newest phone, makeup, or the trendiest shoes. Therefore, the option you probably have is to ask your parents for money. Your parents’ financial situation will define your ability to obtain these items.

Sometimes we associate the level of wealth or effects of poverty with the standard of living we lead. It’s easy to make an image association and think that those who drive a BMW are wealthy. You think that person has more money than your family and therefore they will live better.

Learn More: Best Personal Finance Books

However, you must think about this: If you were born poor, you could not change. That is already part of the past, and you cannot change it. What you can change are your present and your future. If you are still poor, that is your fault! The important thing is to move forward. Don’t stay in the past and get out of poverty. We are going to give you some tips so that you can change your destiny:

Improve your knowledge

Learning how money works inevitably leads us to improve our knowledge. In today’s education, knowledge acquisition trumps skill acquisition. You need to learn the skills you need to improve your financial situation. These skills may include investing in the stock market or getting other people to work for you.

If you want to change your situation as a teenager, you need to influence what you need to change. It may be learning knowledge and skills to improve your employment situation or training you to do independently. The truth is that knowledge is necessary and also changeable. What worked yesterday may not work tomorrow.

The best capital to generate adequate returns is to invest in your education. Sometimes this investment does not require money, just time and desire.

Learn More: How to Deal With Being Poor

Working for someone else does not make you poor.

There are indeed some high-paying jobs. However, let’s be honest. They are limited to a fairly small number of people. I’m talking about management positions, where there are very good salaries or stakes in the company. Most of us mortals have to be content with “normal” work. So, being a teenager, the thing to look at is what kind of business appeals to you.

Entrepreneurship is the fastest way to stop being poor.

Nowadays, it is not difficult to be an entrepreneur. This is the time of all human history. Entrepreneurship is easier and more scalable than ever. There are still a lot of people who don’t see it. Some people earn twice, three times, or ten times as much as you do, yet they are poor because they can’t make ends meet.

Avoid being part of the depressed teens.

The level of wealth has more to do with the time you can buy than the money you make each month. Some people make a lot of money each month, but they still can’t stop being poor. This, is since all that money, is destined to pay their debts. They have to pay for their impressive house, their car, and the one for the apartment at the beach.

How do you solve this?

Most people don’t know how money works. They spend money that comes into their hands like crazy. People who manage to accumulate good capital throughout their lives know that real money is not earned by working, not even by chance.

How many people who have won a lottery prize, after a while, find themselves worse off than at the beginning. How many?

We all know that the system is set up to spend a lot. Schools don’t teach us how money works. We don’t have many examples to follow in our families, but we can’t just sit back and do nothing.

Let’s look at some ways to improve your situation and open your path to prosperity.

Learn More: How to Stop Spending Money on Impulse Purchases

How Can We Help Ourself If We Are Poor?

How Can We Help Ourself If We Are Poor

We help people by giving them advice. So take these suggestions for getting out of poverty as a teenager.

Embrace it! You are poor

The first step is to accept it. You’re not rich, and your life is not that of an Instagram celebrity. It’s time to acknowledge that you have limited income. As hard as it may be for you to accept, your spending and lifestyle should be limited. The vast majority of unnecessary spending is due to a desire to claim a lifestyle you can’t give yourself. Accept your environment.

Since you have already accepted your financial reality, talk to your family and your immediate environment. Be careful who you tell. It’s not about letting the world know either. This step is difficult because it is directly related to pride and social status.

If you are single, but your social life consumes your time and money, it would be good to tell your friends that you will take a break. Then, you will stop hanging out with them repeatedly.

Do your income and expense calculations.

After acknowledging your situation and looking for allies to get you out of it, it’s time to do the math. Be honest, take out your calculator and pencil, and figure out how much money you make each month to survive. It is important not to lie or be positive in the accounts. Knowing how much money you are getting will give you a true picture of your financial situation.

Then, calculate what you need to survive. That is, to have a decent life without luxuries, going out, and unnecessary expenses. If the money you need is more than you earn, something is wrong. So, you would have to reconsider your lifestyle.

Face debt with dignity

After you know how much money you have in your pocket, face your fears with dignity. Knowing how much you owe the world (friends, family, and banks) is a critical step. The idea is to breathe financially. Take the time to do the math realistically. You need to know the total amount you owe.

It is possible that after reaching this number, you may feel frustration and some depression. Calm down; there is always a solution. Next is to plan how much money you will use each month to pay your debtors. Remember, you can always renegotiate with your creditors and work out payment plans.

Get up early

At this point, you know how much you receive, owe, and spend. It’s time to start making changes to reduce your expenses. The first change is to get up early. Getting up early will give you more time to start your day off right.

It will also change your attitude at work and give you the ability to use public transportation. Taking a cab, Uber, or paying for parking is deadly to personal income. So get up early and refuel, as you will need it when using public transportation.

Be Discipline

The end of the month is approaching, and you’ve worked wisely. You’ve spent less, and you’re chasing other income. Now, it’s time to give yourself a small reward. The price can’t exceed your spending level either.

However, enjoy a treat that you can share on your social networks. This will motivate you to start next month by keeping scarcity out of your wallet.

Getting out of poverty or this state of scarcity doesn’t happen overnight. So relax, make the right decisions, and you will soon see good results in your finances. The important thing is to get to the point where there is not so much debt. Little by little, you will improve your lifestyle concerning your income.

On the other hand, don’t stop dreaming. If there is a shortage situation, it is temporary. You cannot limit your ability to look to the future. Don’t give up. You won’t build an empire overnight if you have discipline.

Buy assets that work for you.

I talked about building assets” through online or physical businesses in the previous tip. Now let’s look at a much simpler situation: buying assets.

We all know what we are talking about: assets, stocks.

Stocks are the easiest asset to obtain. They traditionally produce the highest returns over long periods. They also provide a lot of liquidity.

We could talk about investing in real estate or engaging in business with other people along with stocks. The best thing is that this does not require our physical presence.

Investing in real estate is also relatively simple, but it requires a loan. In this case, it would be “good” debt, but we all know that buy-to-let is not without risk.

Investing in companies started by other people is also quite risky. Especially if we do not have management control or if we do not have the necessary knowledge. It is, therefore, preferable to invest in shares.

Learn More: How to Start an Investment Fund for Real Estate

Control Cost

This is the last aspect that we all recognize as necessary to ensure that we have money to invest at the end of the month. There are many expenses that we can control and reduce. There are the obvious ones, such as the services we receive.

But there are much more dangerous expenses because they keep being generated over and over again.

Beware of the miscellaneous

Miscellaneous are those small daily expenses that together make up a large monthly expense. A miscellaneous could be an expense to have a coffee every day at the bar. So could buying the newspaper or eating at a restaurant during lunchtime. There are many ways to reduce miscellaneous, as most of them are completely removable.

Now that we know all about the details that can make you either richer or poorer, let’s look at what happens to those young people who want to get out of poverty but need legal help. These types of cases are known as low-SES children.

About Low-SES Children

socioeconomic children

This is the indicator of a youthful person’s social class. It includes not just wealth and education, but also career and reputation and emotional notions of social status and rank.

Humans’ socioeconomic position might include their standard of living as well as their possibilities and advantages. Deprivation is not a one-of-a-kind situation. Numerous physical, physiological, and cognitive stresses define it. Furthermore, SES is a consistent determinant in a broad variety of outcomes throughout one’s life.

This includes physical and mental health, as well as physical and psychological well-being. As a result, SES applies to all aspects of interpersonal skills and cognitive science.

SES has an influence on people’s functionality generally, as well as our physiological well-being. Deprivation and its consequences, such as impoverishment and declining health, have the same effect. All of these factors have an impact on our culture.

Also, disparities in healthcare, medical resources, sharing of benefits, and condition of life in the U.s. and throughout the globe. This implies that youths are protected by legal structures which aid their development.

You can get ahead and deal with this situation. You can stop being poor with tenacity and perseverance. You can start by taking simple jobs, but you must develop a culture of thrift and austerity.

Frequently Asked Questions

How does being poor affect your health?

Health is weakened by being poor for two reasons. The physical and the spiritual. The first (physical) is mostly because we do not eat the necessary nutrients. Also, this can cause us to have less energy to work. Health is the first thing to have, and it is important to have money to pay for good nutrition.

Now, the second is spiritual. We cannot live calm and fresh if we know that we do not have the money to pay for our lives. That is why it is important to seek to get out of poverty with discipline and constancy. This is a matter of leveling the body, mind, and spirit.

How does poverty affect a child’s health?

It affects their health, mainly their mental stability. Children are still in the process of growing up. Any word or mistreatment can affect their psychological well-being. Given this, there is a lot of work to be done so that children can grow up happy, even in compromising situations.

How can low income affect health and well-being?

What do low-income families do is affect their living a lifestyle? Well-being can deteriorate if children, for example, have to go out to work to eat. That is why well-being has to go hand in hand with the satisfaction of basic needs. When a person knows how much it costs to maintain his or her lifestyle, they can plan better. This will give you a better idea of how to plan for a better life.

How does poverty contribute to poor health?

Poverty contributes to poor health. It does so directly by not eating well or living in poor sanitary environments. This leads to illness and disease. Sometimes we associate poverty with poor hygiene. This should be a concept to change. The fact of being poor does not make you a person without personal cleanliness. This is another habit that you must develop from a young age (cleanliness and neatness).

What are the symptoms of poverty?

Among the most common symptoms we have:

  • Very low income. It is one of the most common and is the one that most young people suffer from.
  • Homelessness. Homelessness is a headache for many people, especially young people.
  • Not having a job.
  • Not having an education. This is one of the most serious constraints facing young people today.
  • Having mental health conditions and No medical care.
  • Not knowing how to read.
  • Being sick and not being able to go to the doctor.
  • Being hungry and not having food or water.

How can we help poor people?

Poverty and inequality are not just a problem for politicians to deal with. They are also something that society, especially the youth sector, can help with. Young people, in particular, have the power to change the fight against poverty if they study, prepare themselves, and get involved. That is the key to getting out of poverty.

Final Words

Getting out of poverty when you are young is not such an easy path to follow. However, with all these tips, you will have a better orientation to move forward in your life and forge a successful path from your adolescence. You also need to be aware of all the warning signs that indicate poverty in your life.

To do this, you must reverse the situation and put everything in your favor. Being a teenager is hard, but at the same time, very satisfying. This knowledge is very important for all young people, especially when it comes from their predecessors who did not have this kind of training at their ages.

Poverty can be eradicated when we work from a very young age all the values of prosperity, and we can help other people also to get out of poverty for a better world. Don’t wait for responses. Do things differently. Try to do some physical activity to get physical health.