Budgeting Tips for Teens

By: Anna Estep

Tip 1 : Set a certain date for you to log in your cash flow statement

By keeping statement consistent, simple, and organized, it will help make budgeting easier, useful and more enjoyable.

Tip 2: Spend your money wisely!

Don't blow all the money you just earned on one thing.

Tip 4: Comparison Shop to use your budget wisely

Look at the different prices of similar items from different retailers. If you spend correctly you can get more for your money.
Big image

Tip 5: Make a list of wants and needs

Sort out what is essential to pay for (like a car, phone bill), and what you just want (going out to eat or a new phone case). Prioritize this list and make sure you don't spend more than you earn on wants.

Tip 6: Use surplus money to pay off debt.

By doing so, you can lower your overall budget.

Tip 7: Save ALL receipts to get the most accurate budget.

While preparing and using a personal cash flow statement save all your receipt so you can account for your earrings and spending as accurately as possible.
Big image

Tip 8; Set a goal and reward yourself for it

By setting and completing short or long-term goals reward yourself with something small to reward yourself for reaching the goal. This will motivate you to continue to reach your next goal.

To Learn more about budgeting...

How to make a budget and stay on top of your money