Budgeting Tips for Teens
By 116916
Make a List
Make a list of things that you want or need that can't wait until a holiday like Christmas or your birthday. Save your money for those items and try not to stray. If at all possible, wait for special discounts such as sale pricing or free shipping.
Make Money
Find ways to make money. Instead of complaining about slow income find odd jobs to do. You'd be surprised all the people around that could just use someone to babysit their kid for two hours, paint an old dresser for them, mow their lawnor walk their dog.
Stay Home
Avoid going out too much. Find one night every one or two weeks, and set a specific budget for that night. DON'T go over it, since this will throw off your entire month. Gas is expensive. Don't cruise around just because you're bored, it will waste gas, which is really wasting your hard-earned cash.
Teaching your teen how to budget
Out of Sight, Out of Mind
Keep any debit or credit cards somewhere (safe) in your car instead of in your wallet when you go shopping. In other words, out of sight, out of mind.
Needs vs. Wants
Modify a budget by categorizing expenses as needs (expenses that are unavoidable) and wants (expenses that could be cut if necessary).
Save Money for Emergencies
Keep some cash on you for emergencies and for just going out with friends.Try to make the cash last for as long as possible. Don't blow it all on one night.
Wait for a Sale
You can shop, just wait. A lot of stores have big sales at the end of a season. If an item (like a shirt or pair of pants) is expensive, wait a few weeks and the price will probably be marked down. If you're an online shopper, look for special deals like free shipping or monthly discounts.