As a teenager, your vocabulary is ever-growing with new lingo in the town. Some are endearing while some are better unsaid! But as a budding adult of Gen Z, there are slang words that are part of your life and you wouldn’t even give a second thought to its actual meaning. As much as these slangs are important to blend into your herd, there are some important and equally cool terms that you could get acquainted with and include in your vocabulary. These are financial terms that appear mundane now, but will only help you look cool and astute as you step into the real world in a few years. 

B**** / Budget: 

What’s budgeting? As a teenager, you would have faced issues of going overboard with your pocket money and wondering what you could do to ensure it doesn’t happen again. That is where budgeting comes in. It is nothing but drawing a plan on how you are going to utilise the money you have sensibly so that you don’t run into similar problems again. It can help you organise and plan your money and spending and imbibing this will only make you an astute adult.

S*** / Savings: 

As a teen, saving isn’t in anybody’s dictionary, pocket money is meant to be spent. This is true; to be honest, but saving necessarily doesn’t have to be about depriving and putting money away. Saving is putting money aside so that you can spend it on something that you want rather than on unnecessary things just because you have the money. In the long run, to build a stable financial portfolio, saving is essential. When you start saving young, it becomes a part of who you are and will not appear like a burden and an obstacle. 

I***/ Investments: 

While growing up, we all have had a piggy bank, where we saved bits of our pocket money and when it was full, excitedly took it out and treated ourselves. We did not get anything extra from the piggy bank, unless our parents were generous and add a few coins to make us happy. Investment is on similar lines; you can place your savings into a bank and they will give you in addition to that money something extra, which is called interest. This way, you will earn out of your savings and your money is safe with the bank. As you venture out in future, there are numerous options for you to invest and earn. With the help of your parent, you can open a savings account and check firsthand how the banking world functions.

T*** / Taxes: 

You probably would have read or heard about Income Tax, either from your parents, newspaper or the television. Ever wondered to whom and why do we have to pay tax on something that we have worked hard for? We pay the taxes to the Government so that they can provide us with better facilities and infrastructure. This is a fundamental duty of a citizen towards his Government and country. It’s like a contribution that you would probably have made to buy a better cricket bat for the neighbourhood team with your friends. Our taxes are also a small contribution to the betterment of our nation.