Being frugal is a good thing, no matter what your age. But teens can have a hard time of it, just because of all of the peer pressure to fit in, be cool and have the best “stuff.” With sweet 16 parties costing more than weddings, and celebrity idols sporting seasonal accessories that cost more than a small house, it can be hard for a teen to save money.
Teen spending is usually the last to go in a tough economy. Teens have more disposable income, thanks to money given by parents and part time jobs that yield income without the typical expenses of adulthood, such as rent, food, transportation, etc.
Things are changing, though. As parents tighten their belts and teens are finding it harder to get and keep a job, they too have to reduce their spending. The culture seems to be reflecting this, and being frugal is suddenly a bit more cool.
Oh, don’t get me wrong. You’ll seldom find all but the most exceptional teen doing without a pizza fix or washing out baggies, but you will see more of them shopping at thrift stores, Target and yard sales. You will also find teens making or altering their existing clothes, borrowing clothes from their parents and wearing them in new ways, and creating their own accessories. There is some status in getting creative and getting more for less.
Ellegirl.com is featuring a video on making purses for prom, and teens are asking parents to drop them and their friends off at second-hand clothing chains instead of at the previously “cool” and expensive stores. The market is reflecting this, as teen centered stores, such as American Eagle and Abercrombie & Fitch are seeing sinking sales.
Teens are aware of higher food, gas and everything prices that their parents face and are feeling the pinch themselves. According to MSNBC.com, economists are reporting the worst slump in teen spending in 17 years.
Click here for more articles by Mary Ann Romans.
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