Money management can be a difficult subject for teenagers, especially at an age where there are so many financial opportunities and temptations. Often teens get caught up with spending money on the latest trending clothes and technology, which can lead to debt. Moreover, many teens are entering the work force, so the question of what to do with their newly acquired money can bring confusion.

Lucky for students at Central, art teacher Tim McVeagh is here to help with some of these burdening financial questions. Along with teaching students the craft of painting and drawing, he also teaches a personal finance class during the Wednesday activity block. Running a residential rental business with his brother since 1983, he is well experienced and has some valuable advice for up and coming spenders.

He warns young people to be realistic about spending, and to not be on trend all the time. He advises to spend money more in terms of function rather than for the sake of popularity. He believes that it is unnecessary to spend large amounts of money on new name brand clothes, and often one can buy the same brand at a reduced price at thrift stores. “Nobody will know where you bought it.”, says Mr. McVeagh referring to the good values of brands at secondhand  stores.

His philosophy also carries over to technology; he sees it as unreasonable to go out and buy the latest phone if an older model works just as well. Referring to tech, he says that people should “drive them into the ground”, like a car, in order to get the most out of it for a long period of time. He doesn’t recommend buying secondhand tech, because it can be risky to buy electronics after someone has used it for a long period of time. However, he says that a lot of useful technology can be found on amazon for reasonable prices, so long as those who sell it are reputable.

Mr. McVeagh recommends to establish good credit history at an early age. He says, “when you turn 18, get a credit card, buy something, pay it off immediately, and cut the card up”. He warns against foolish spending with credit cards, as the debt can pile up and become a serious financial burden.

More seriously, he warns teens to stay away from “the bad stuff”; vapes, drugs or anything that can lead to a dependency that creates financial, physical and moral hardship. He says that when you develop a dependency, you need to do things that you shouldn’t do to satisfy it, which brings you into a “vicious downward spiral” of bad behavior and financial burden.

All in all, Mr McVeagh hopes that teenagers are making smart decisions with their financial lives. He would like to extend his knowledge of business to be able to help those who may find it difficult to navigate the stormy waters of money management. For further help and financial advice, sign up for Mr. McVeagh’s Wednesday activity to learn important lessons for the maintaining good finances.

Mr. McVeagh’s Wednesday morning finance class helps to provide valuable information for money management