Budgeting Tips for Teens

How to Budget your Money

  • Make sure you keep track of what you spend your money on and how much you spend each month.
  • Make a list of what you want and need to buy. Go over the list and take off anything things can be held off to another time or just are not as necessary or important.
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  • When making or receiving cash, try to make it last as long as possible. It is always a good idea to keep some cash on you; but do not try to spend it all in one night.
  • Remember, there are always sales coming up at stores you may like. So find out when the next sale is coming up and save your money until then.
  • If you do not have a job or any way of making money, find a way. Do chores or even have a garage sale. That way you can make your own money.
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  • Get a savings account and put small amounts of money away. You could always have a small bank that is hard to open so you will not be tempted to open it to take money out.
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  • Try not to go out to spend money if you really do not need to. For example: if you go out to get Salad Works but you could make one at home, stay home and make your own and save money. The smallest amount of money always adds up; it counts!
Personal Finance 101 - 5 Steps to Successful Budgeting