Budgeting Tips for Teens
Make a Wish List
Control Impulse Buying
Encourage your teen to think through spending decisions, rather than impulsively buying items right away. Show your teen how comparing prices or waiting for an item to go on sale can save money.
Needs vs. Wants
Show your teen how to modify a budget by categorizing expenses as needs (expenses that are unavoidable) and wants (expenses that could be cut if necessary).
Some Rapid-Fire, Quick Tips.
Advise your teen to do the following in order to achieve a healthy balance between money in & money out:
- 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.