PERSONAL BUDGET SAMPLE PERCENTAGES HOW TO
PERSONAL BUDGET SAMPLE PERCENTAGES PLUS
PERSONAL BUDGET SAMPLE PERCENTAGES FREE

PERSONAL BUDGET SAMPLE PERCENTAGES PLUS

Savings: have your teen use this area to plan for savings, plus catch any leftover money they didn’t end up spending to put into savings.Expenses: have your teen fill in things like bills (such as a cell phone data plan), planned spending (such as vending machine snacks), etc.Income sources: this includes things like allowance money, chore commissions, paychecks from a part-time or summer job, gift cards, birthday money, etc.Budget Cycle: pick a budget duration (I think teens should use a one-week budget cycle to begin with), and put in the dates in the “Budget for the Week(s) of _” area.Your teen can use these budget sheets to fill in: You’re on Money Prodigy…so let’s start off with my very own teen budget worksheet! Also, here’s 3 sample budgets for 18-year-olds to help, and 11 teenage budgeting tips.

PERSONAL BUDGET SAMPLE PERCENTAGES HOW TO

Psst: you’ll also definitely want to check out 58 common teenager expenses, to get your teen started with how to fill out the expense part of their budget worksheet. It’s one of the best and easiest tools to help them learn how to manage and budget their money. Having said all this, I wanted to dive into some example teen budget worksheets to get your own teenager working on a budget.

Not only that, but when you write down what you plan to spend, you’re much more successful at actually sticking to it. Some adults can get away with it because they’ve been at this for decades. It’s a critical part of teenage money management.Īnd what I like to call “mind budgeting”- trying to keep track of spending and when your next payday is in your head – is simply not going to work.įor starters, teens don’t have enough experience with budgeting to do mind budgeting. Except for my own, of course, because I made it precisely for teenagers! Best Teen Budget Worksheets

PERSONAL BUDGET SAMPLE PERCENTAGES FREE

SO, I’m choosing simple, colorful, and helpful free budget worksheets that will work well for teenagers (even if they were originally made for adults). Hint: there actually aren’t that many teen budget worksheets out there, for free. So, let’s get started with these budgeting worksheets for high school students. They’ll be able to see it clearly, with their own eyes, and you become less of the “bad guy”.

Not only that, but if you have your teen sit down and write out a budget and spending plan, then the next time they are out of money or suffering through a money blunder – like anyone learning how to budget and manage money is going to experience – then you can calmly sit down with them and their budget worksheet and point out where their spending was a problem. Well, you can still ignore it…but it does become harder to do. When you see how much income you have coming in and how much spending and expenses you have going out, in black and white, you can no longer ignore the truth. To be honest? I’ve even experienced the “aha” moment myself. Luckily, you can use resources like the calculator below to figure out how much green goes in each of your buckets.I’ve seen it time and time again (it happens to kids and adults, too). Ultimately, you need to decide what type of budgeting system is right for you based on your habits and circumstances. For example, when you've paid off your student loans, you can allocate more of your monthly budget for savings.

You may be able to meet those numbers in the future. If you try the 50/30/20 budget method and don't hit the percentages exactly, be kind to yourself. Or you might find the lack of detail makes it harder for you to improve your spending habits. You might find it easier to track the three categories rather than categorizing each individual expense. The categories also may or may not work for you. So, you may need to adjust the percentages to fit your situation. For example, if you live in a high-cost area, you may have to put a large part of your income toward housing, making it difficult to keep your needs under 50%. Depending on your income and where you live, earmarking 50% of your income for your needs may not be enough. The 50/30/20 rule can be a good budgeting method for some, but it may not work for your unique monthly expenses.

Personal budget sample percentages