How to setup and use a teen budget. Money management for teenagers. Free teen finance budget form.
Why Use a Budget?
One of the most important parts of money management for teenagers is creating and sticking to a teen finance budget.
Once teens earn money, they should hold onto it and only spend it on things previously planned on. Having a personal money management budget and controlling teen spending is one of the best ways to stretch that hard earned dollar for teens.
There have been several times in my life where I had a little stock pile of money. Over the course of several months, I realized that the money was gone or nearly gone.
Where did it go? It went through the cracks of not creating and sticking to a budget. What a dissatisfying feeling! All that money spent and seemingly nothing in exchange.
Using a teenager budget helps a working teen stick to a plan. It can help teens save for those wanted items, by keeping spending under control.
How to Make the Budget Work
Good teenagers money management involves creating a budget and sticking to it. Creating the budget is not the hard thing for me. The hardest thing for me is documenting my spending and comparing that back to planned spending. Documenting spending is critical for a budget plan to work.
I have developed a teenager budget designed just for teens. There is also a sample budget to show how it works.
You can adjust this budget worksheet as needed to accommodate your particular circumstances. It can also be used as a college student budget.
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