Easy Budgeting Tips for Teens!

by Isabella

Tips for Teens.....

There are many tips that teens can use to keep track of their budget. Tip 1, teens can make a money diary documenting all expenses or purchases, small or large made in a month or two. Tip 2, make a wishlist of things you want, but can't afford, which will encourage you to stick to your budget. Tip 3, entertain at home more instead of going out and spending your money, which will increase your budget. Tip 4, get a job, so you can bring in income. Tip 5, make an emergency fund with saved money for times of emergency, so you don't have to break the bank, just the emergency fund. Tip 6, try the 50/20/30 plan. 50% of income goes to necessities, 20% goes to long term savings, and 30% to lifestyle choices. Tip 7, keep all receipts organized, so it's easy to retrieve spending information, and history to determine your budget.
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The 50/20/30 plan is a method to help conserve, and save money in your budget
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By making a wishlist, it will encourage you to save and stick to your budget.