Budget Tips For Teens
By Gus Martin
Why teens should budget
Good budgeting skills will help teens effectively manage their personal finances. The earlier they begin keeping a budget, the better. Encouraging your teen to develop one helps them become more accountable for their own finances.
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
Not everything you do has to be a night out on the town. Find fun things to do with friends that are cost efficient and won't break the bank.
Keep some cash on you for emergencies
Try to make the cash last for as long as possible. Don't blow it all on one night.
Simple changes in your life that will save you a few bucks:
- Resist impulse buys.
- Don't go shopping with friends who spend a lot.
- Tote their lunch to school (or work) as much as possible.
- Stay away from vending machines and convenience stores.
- Only visit an ATM once a week (plan ahead for needed cash).
- Entertain at home.
How to make a budget and stay on top of your money