Budgeting Tips for teens!
By Kenneth F.
Create a Budget
- Help the teen figure out how much money she has and how she wants to spend it.
- work a part-time or temporary job while in school.
Keep a List
- It can be hard to track spending and stay on budget when you spend a little here and a little there.
- Seeing things in black-and-white often makes the budgeting process easier.
- Discourage teens from using any kind of plastic, even if it's just a debit card.
- using only the cash on hand can help them protect against future credit card debt.
Monthly over Weekly
- Consider providing your teenager a monthly allowance, rather than weekly. Require that they make the money last an entire month, and encourage him or her to accurately record what's been spent and where it was spent.
Needs vs. Wants
- Show your teen how to modify a budget by categorizing expenses as needs and wants.