Money is a big part of everyday life; everything people use has a price.

Living space, food and water are basic things that cost quite a bit of money, and yet are needed just to survive.

In addition to that, school supplies, cars, college and just spending money all add up to a giant sum.

Many teens today think they are money savvy and know a lot about how to handle money. However, it seems that they don’t know as much as they think.

According to a survey conducted by the Eyrie, a majority of students believe that their average household income is anywhere from $100,000 to $150,000 when, in reality, the average household income according to the U.S. census is $50,000.

In addition, most teens today do not know how to write a check or balance a checkbook, both very important life skills as an adult.

“I don’t know how to write a check. That’s not very common for someone my age to know how to do that,” Maddy Parker, sophomore, said.

Teenagers typically obtain their money one of two ways. Either their parents give them a weekly or monthly allowance, or they get it from working.

They use this money on things such as going to the mall, new clothing and entertainment.

“Most of my money goes towards clothes and hanging out with my friends,” Parker said.

Social spending is where a large portion of any teen’s money goes, from going out to eat, going to a movie and going shopping; all of these things cost money.

According to the same survey, the majority of freshmen and sophomores get an allowance from their parents, typically consisting of $10 to $20 a week.

However, juniors and seniors tend not to get an allowance from their parents and stated in the survey that they have part time jobs to obtain their money.

It is typically expected of upperclassmen to take care of making their own money.

More than half of upperclassmen have savings accounts, usually containing $1,000 to $5,000 according to the survey.

When it comes to costs regarding school, such as uniforms, lunch money, parking spaces, many parents cover the cost for their children.

“My parents pay for my lunches and any other school things,” Parker, said.

In addition, a small minority of students surveyed owes money to the school, their parents or friends.

The majority of them owe more than $300, which they borrowed for things such as a car, or other large purchases.

In other cases, a student may owe money to the school for overdue textbooks or missing uniforms and equipment.