It’s as easy as double tapping the power button.
A face scan, a small beep and a few dollars vanish.
There’s no cash, not even a card and definitely no second thought.
When money is as invisible as it is now, it’s easy to forget what it’s worth.
For teenagers, money serves as a medium for food, gas and for going out with friends. Yet, the way students balance their money differs from family to family as parents tend to control their kid’s budget in different ways.
According to a poll of the sophomore and junior classes, out of 50 people, 24 use credit cards, 10 have an allowance and nine reported other sources of income. Other sources include jobs, investing, stocks and any other financial income.
“It’s always good to talk about expectations and make sure that everyone knows their plan for themselves and not treating others or taking others out on a regular basis,” student store manager Nancy Goldberg said. “I think it’s up to each family to know their budget and expectations.”
Expectations serve as a large indicator for families to manage student budgets, but there are times when students have to work for the money they spend.
Whether it is by tutoring, mowing lawns or gardening, a large group of students work to earn money to spend on themselves or with friends.
“My parents don’t give me money unless it’s for something that I absolutely need like getting a meal if they’re not home,” sophomore Leo Vallejo said. “I put up political signs on weekends and I get paid for each sign.”
While jobs can be sources of income for students, others decide to invest their money to grow their wealth exponentially. With organizations such as the Stock Market Club, students can learn how to manage their money and increase their profit.
“I keep all my money in Bitcoin,” junior Tyson Diep said. “Sometimes I spend money with Bitcoin, and if you go to Steak‘n Shake, you can pay them directly with Bitcoin.”
However, for younger Marksmen, the ease of going to the student store and buying something with no physical exchange of currency can lead to overspending. This can cause a significant burden for parents, who then have to explain the value of money to their kids once the checks come in.
“A lot of kids say, ‘I can come in twice a week or I can buy this many things for a month or whatever,’” Goldberg said.
For greater ease of access, lots of parents allow their children to use ApplePay, which is accepted at more than 85 percent of retailers in the U.S.
While some parents add their own credit card to their children’s digital wallet, others add a debit card where money can be added at a moment’s notice.
“I can use (ApplePay) for anything I need in a moment. I don’t use it for any personal stuff,” freshman Trevor Hsu said. “I have separate personal money that I get from holidays.”
According to Goldberg, younger children can often overshare about family finances, a pattern she sees firsthand in how kids use, perceive and talk about money on a daily basis.
“You don’t want to start them too young,” Goldberg said. “They don’t know. Just because their parents tell them about money, it doesn’t mean they should tell everybody what their parents said about the money.”
Money is always a difficult conversation topic. For students it can be a normal subject, but for parents it often remains a challenging thing to talk about.
In a country that creates numerous financial opportunities, it remains a subject that few will talk about openly.
“I think money and politics are the most divisive topics,” Goldberg said. “It’s really hard, because everyone has different thoughts on it, and everyone has different ways of dealing with it. Some people don’t talk about it all the time.”
Goldberg believes that it is important for students to learn about the value of money and their parents’ hard work.
She stresses that students will eventually have to fare for themselves and manage their own expenses.
“It’s really hard when you think about how you earn this much money — and by the time taxes, where you live and insurance and health care (are taken out) — you still have to have money to live and enjoy yourself,” Goldberg said.
