For many teens, the idea of budgeting is a bit ambiguous. Most students understand that budgeting is a good idea. However, budgeting for teens isn’t something that’s taught in most high schools.
IDENTIFYING BUDGET CATEGORIES
Ideally, your teen’s first budget should include specific categories. For students with bills, each one would be its own line item.
ALLOCATING INCOME
Once the categories are created, your student can allocate portions of their income to each one. How they go about it may depend on the kinds of obligations they have.
TRACKING PROGRESS
With the categories and allocations in place, your student then needs to track their progress. This includes monitoring their spending and savings habits.
(...And Avoid Student Loan Debt)