By admin@thesilverpetticoatreview.com 
I’m Eva Baker, a 17-year-old high school student with a keen interest in securing my financial future, and I love to help other teens do the same. When I’m not at the gym rock climbing or daydreaming about my future wedding, I’m busy sharing my financial journey on TeensGotCents.
Living in a world full of commercials and ads, I constantly feel the pressure to buy the latest and greatest things. But even at my age, I can see the consequences of poor financial choices. I’ve heard of families with $70,000 in credit card debt on top of student loans and college graduates who can’t buy homes due to their debts. I don’t want to go down that path. My plan is to avoid credit card debt, steer clear of student loans, and live within my means. I don’t aspire to be super wealthy or travel the world. I just want financial freedom so I can help others, donate to worthy causes, pay my bills on time, and take my future grandkids to Disney without worrying about money.
Here’s my strategy:
Envelope System
I use the envelope system to make better financial decisions. Spending cash rather than swiping a debit card helps me control my impulses and decide exactly where each dollar goes. By allocating money into specific envelopes, I make mindful spending choices. I plan to continue using this system long-term to stay on track with my financial goals.
Emergency Fund
In 2012, inspired by Dave Ramsey’s The Total Money Makeover, I set a goal to save my first $1,000 for emergencies. It took almost a year, but I did it! An emergency fund is essential because unexpected expenses are inevitable. Without savings, turning to credit cards becomes tempting, which can lead to prolonged debt.
No Credit Cards
I’ve decided to avoid credit cards altogether. While some suggest keeping one for emergencies, I believe it’s best to not have one at all to prevent temptation and potential debt.
No Student Loans
I am committed to going through school without taking on any student loans. If that means it takes me longer to graduate, so be it. This strict approach might seem immature, but I believe it will benefit me in the long run.
Save for Retirement
Saving 15% of my income for retirement is a top priority. Starting now can yield significant growth over a lifetime. Although I might not be able to save much while in college, I’m saving what I can now, with $30 already in my retirement envelope and hopes for much more by year-end. It’s a small start, but over the next 50 years, it will make a huge difference!
Choose a Financially Wise Partner
It’s crucial not to marry someone who is financially irresponsible. Managing finances well is non-negotiable for me in a partner. I don’t want to work hard now only to end up with someone who will undo my efforts and plunge us into debt.
I sometimes wonder if my thoughts now will seem naive in the future. Maybe they will. But if I end up with debt after all this planning, my 17-year-old self will be very disappointed.
Stay sensible with money!