How To Budget Your Money As A Teen With Pictures Wikihow 7. aim for a 50 30 20 budget. this budget breaks down into three parts: 50% necessities, 30% wants, and 20% savings. so if you’re making $350 a month, then $175 can go toward the necessary expenses you circled, $105 can go toward the unnecessary expenses, and $70 would go into savings. To help with this, put one third of your money into your savings as soon as you get it. [7] allow yourself to spend the other two thirds. [8] for instance, if you earn $25.00 for something, put about $8.33 into savings. this way, you can give yourself some spending money while still building up your savings.
How To Budget Your Money As A Teen With Pictures Wikihow 5. compare your expenses to your income. to make your monthly budget, add up the total amount of money you spend every month from fixed and variable expenses. then, subtract that amount from your monthly income. whatever you have left over is your disposable income, or money that you have left at the end of the month. 1. get some money. check out other articles such as make money (for teenagers). 2. save as much of the money you make as you can. [1] 3. ask your parents to open up a savings account for you. once you have some money saved, setting up a savings account can be very helpful. Compare your income and expenses. in a spreadsheet or on a piece of paper, list all of your income for the month and total it up. then list all of your expenses and total them up. subtract how much you plan to spend from how much you will earn to calculate the balance. use this information to create a monthly budget. Calculate the total amount you'll spend (monthly payments x number of months until fully paid) to find out what the cheapest option is. if you're taking out a loan, calculate how much total interest you'll have to pay. 10. give yourself occasional, inexpensive treats.
How To Budget Your Money As A Teen With Pictures Wikihow Compare your income and expenses. in a spreadsheet or on a piece of paper, list all of your income for the month and total it up. then list all of your expenses and total them up. subtract how much you plan to spend from how much you will earn to calculate the balance. use this information to create a monthly budget. Calculate the total amount you'll spend (monthly payments x number of months until fully paid) to find out what the cheapest option is. if you're taking out a loan, calculate how much total interest you'll have to pay. 10. give yourself occasional, inexpensive treats. For example, you can buy a large container of plain yogurt for significantly less money than the smaller yogurt cups that contain only one serving. split up your yogurt into individual servings at home, adding fruit if you don't like plain yogurt and want a little more flavor. 5. buy generic or store brands. To get a weekly income number, take your monthly average and divide it by four. for budgeting purposes, only include your work income after taxes, as shown on your pay stubs. 3. make a list of all of your expenses. get a pen and paper or use a budgeting program or app and tally all of your expenses over the past month.
Comments are closed.