Budget Tips for Teens
1. Don't spend all your money on the nicest things: settle for a little less.
Don't just waste all your money on going to that fancy new restaurant that you've heard is good in your town. Instead, try going somewhere that's cheaper and more easy for you to handle your money, or buy groceries and make something at home.
2. Keep track of sales going on in stores.
For some teenagers it is hard to have a surplus rather than a deficit of money. By keeping track of sales that are going on, it can become a lot easier to maintain your surplus. Don't spend 50 dollars on those shorts that you've been eyeing for the last week when you can wait 3 months and buy them for 30 dollars.
3. Don't just buy the nicest brands on the market.
Sometimes a brand can make a large quality difference in their items, but usually it's just the logo that you are paying for. Instead of dropping $40 for a hollister shirt, buy a $10 shirt that is the exact same but without the logo. Also, if you are going to buy items from respected brands, check other stores to see if they are selling it for less. If there is a nice American Eagle shirt for a large price at an American Eagle store, check other stores that are selling the same item and see if they are selling it for less.
4. If you're taking out loans, make sure to pay them on time.
This video goes in depth about important information on loans, as well as other information on budgeting.
Teen Money Management - It's Your Money: Financial Flight School
5. Create a list of all the expenses and all the money that you are earning.
This way, you can tell exactly if you are spending too much money and need to make adjustments to your purchasing life, or if you are fine and don't need to make adjustments.
6. Include all the money that you're spending, no matter how small the purpose is.
People tend to not realize how much money they are spending on little things, like candy bars or sodas. By including all of your expenses into your list and not just the small ones, you will be able to clearly tell how much money you spend.
7. Realize what is a need and what is a want.
You don't need that new iPhone that just came out, you want it. Things that you need are shelter, food, that kind of thing, while most personal items are just wants. Realizing what is a need and what is a what will help you control how much money you are spending.