Budget Your Money As a Teen
As a teenager, are you having trouble making your money last between jobs? Do you find it difficult to build up your savings for something you want to buy? Consider learning how to make a budget. Learning how to properly budget your money as a teen is a life-long "investment" - you'll appreciate your sense of financial responsibility later in life when money becomes a serious concern.
Steps
- Become conscious of what you spend your money on each month. Make a list of "everything" you buy in one month. Some things really sneak up on you, such as vending machine purchases. Let's say you buy fifteen dollars worth of snacks from the machine each month. For about ten dollars less, you can probably buy those snacks from your local grocery store and simply stock them in your kitchen or locker.
- Cross out any unnecessary items from the list. Only include things you absolutely need, such as gas money to get to school.
- Subtract your necessary expenses from your monthly income. The amount left is your monthly budget. Use this to allot certain funds for various "fun" things or items. Let's say you have 100 dollars for one month. By either using jars or a bank account, you can set aside a certain amount of cash for any items or activities you want.
- Keep any debit or Spend Less on Credit Cards somewhere (safe) in your car instead of in your wallet when you go shopping. In other words, out of sight, out of mind.
- Keep some cash on you for emergencies and for just going out with friends. Try to make the cash last for as long as possible. Don't blow it all on one night.
- You can shop, just wait. A lot of stores have big sales at the end of a season. If an item (like a shirt or pair of pants) is expensive, wait a few weeks and the price will probably be marked down. If you're an online shopper, look for special deals like free shipping or monthly discounts.
- Make a list of things that you want or need that can't wait until a holiday like Christmas or your birthday. Save your money for those items and try not to stray. If at all possible, wait for special discounts such as sale pricing or free shipping.
- Don't go somewhere you are tempted to spend your money. Do not go to the mall every weekend "just to look", because for most people, that only lasts for so long.
- Find things to do that don't involve money. Most teens don't just get money handed to them at the drop of a hat. Instead of going to a movie and spending 15 bucks on your ticket and popcorn, rent a few flicks and grab a bag of microwave popcorn for five dollars. Instead of eating at Tumbleweed, settle for Qdoba.
- Find ways to make money. Instead of complaining about slow income find odd jobs to do. You'd be surprised all the people around that could just use someone to babysit their kid for two hours, paint an old dresser for them, mow their lawn or walk their dog.
- Amuse Yourself at Home too much. Find one night every one or two weeks, and set a specific budget for that night. Don't go over it, since this will throw off your entire month. Gas is expensive. Don't cruise around just because you're bored, it will waste gas, which is really wasting your hard-earned cash.
- Be happy with what you have.
Tips
- Try to save a little too. If you earn $100, save $20; keep this money in a bank account and only open it in extreme emergency.
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