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    Samplebudgetforteens

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    The document provides a sample monthly budget for teens to help them track their income and expenses. It explains that making a budget is important to control money by writing down monthly income from sources like jobs, allowances, and interest and expenses like bills, savings, discretionary spending. The sample budget shows categories for estimating income, required expenses like savings and bills, and discretionary expenses. It provides a template for teens to make their own personalized monthly budget.

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    © All Rights Reserved
    Download as PDF, TXT or read online from Scribd

    Samplebudgetforteens

    Uploaded by

    api-277203958
    198 views3 pages
    The document provides a sample monthly budget for teens to help them track their income and expenses. It explains that making a budget is important to control money by writing down monthly income from sources like jobs, allowances, and interest and expenses like bills, savings, discretionary spending. The sample budget shows categories for estimating income, required expenses like savings and bills, and discretionary expenses. It provides a template for teens to make their own personalized monthly budget.

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    The document provides a sample monthly budget for teens to help them track their income and expenses. It explains that making a budget is important to control money by writing down monthly income from sources like jobs, allowances, and interest and expenses like bills, savings, discretionary spending. The sample budget shows categories for estimating income, required expenses like savings and bills, and discretionary expenses. It provides a template for teens to make their own personalized monthly budget.

    Copyright:

    © All Rights Reserved
    Download as PDF, TXT or read online from Scribd
    Download as pdf or txt
    198 views3 pages

    Samplebudgetforteens

    Uploaded by

    api-277203958
    The document provides a sample monthly budget for teens to help them track their income and expenses. It explains that making a budget is important to control money by writing down monthly income from sources like jobs, allowances, and interest and expenses like bills, savings, discretionary spending. The sample budget shows categories for estimating income, required expenses like savings and bills, and discretionary expenses. It provides a template for teens to make their own personalized monthly budget.

    Copyright:

    © All Rights Reserved
    Download as PDF, TXT or read online from Scribd
    Download as pdf or txt
    of 3

    Sample Monthly Budget for Teens

    Making a Budget
    Making a budget is the most important step in controlling your money.
    A budget allows you to track your Income (the money that you have) and your Expenses (the
    money you spend). By writing down your monthly income and expenses, you can see how
    much money you expect to have for the month and plan for how much you can spend.
    The First Rule of Budgeting
    The first rule of budgeting is simple: Spend less than you earn!
    If you earn $150 a month from your job, and earn another $50 from your allowance or
    birthday money, your income for the month is $200. If your savings account earns another $5,
    your total income is $205.
    Now you know that you have to spend less than $205 for the entire month.

    Structuring Your Budget


    1: Determine your Income.
    Estimate all incoming money, including salary from a job, allowance from your parents,
    and birthday money.
    2. Estimate Required Expenses.
    Required expenses include taxes and bills that you must pay. Required bills may include
    your cell phone bill and gas money to drive to work or school. You should also include
    payment to your savings in the Required Expenses category. Whether you are savings
    for something specific (like a car or college) or just tucking money away for the future, it
    is critical that you get in the habit of paying yourself first! Even a few dollars each month
    helps build your savings.
    3. Estimate Discretionary Expenses
    After you have paid your Required Expenses, you can use the money left over for some fun!
    Discretionary Expenses may include clothes, shopping, pizza, video games, gifts and any other
    expenditures that are considered optional.
    Review the following Sample Budget on page 2, and then make your own monthly budget
    using the worksheet on page 3. Stay within your budget, pay yourself first, and you will
    always be in control of your Money and Stuff!
    1

    Sample Monthly Budget for Teens


    Negative amounts are (in parentheses)

    Category
    INCOME:
    Wages/Income

    Monthly Budget

    Actual Amount

    Estimate Your Income

    Your Actual Income

    Paycheck, Allowance,
    Birthday Money, etc.

    Interest Income
    From Savings Account

    INCOME SUBTOTAL

    EXPENSES:
    Savings
    Savings Account
    Bills
    Taxes - From Paycheck
    Rent/Mortgage
    Utilities

    Difference

    $200

    $210

    $10

    $5

    $4

    ($1)

    $205

    $214

    $9

    Estimate Your Expenses

    Your Actual Expenses

    $10

    $10

    $0

    $30
    $0

    $32
    $0

    ($2)
    $0

    $30

    $30

    $0

    Groceries/Snacks
    Car
    Car Payment
    Car Insurance
    Gasoline
    Shopping
    Clothes
    Other Shopping
    Fun
    Entertainment

    $15

    $12

    $3

    $0
    $0
    $20

    $0
    $0
    $25

    $0
    $0
    ($5)

    $40
    $10

    $35
    $0

    $5
    $10

    Movies, Pizza,
    Video Games, Bowling, etc.

    $20

    $25

    ($5)

    $10

    $0

    $185

    $179

    $6

    $20

    $35

    $15!

    Electric, Cell Phone, etc.

    Other Expenses
    EXPENSES
    SUBTOTAL
    NET INCOME
    Income Minus Expenses

    Ski Club:

    $10

    Ski Club:

    Your Monthly Budget


    (Fill in the spaces using the Sample Budget as a guide)

    Category
    INCOME:
    Wages/Income

    Monthly Budget

    Actual Amount

    Estimate Your Income

    Your Actual Income

    Estimate Your Expenses

    Your Actual Expenses

    Difference

    Paycheck, Allowance,
    Birthday Money, etc.

    Interest Income
    From Savings Account

    INCOME SUBTOTAL

    EXPENSES:
    Savings
    Savings Account
    Bills
    Taxes - From Paycheck
    Rent/Mortgage
    Utilities

    Difference

    Electric, Cell Phone, etc.)

    Groceries/Snacks
    Car
    Car Payment
    Car Insurance
    Gasoline
    Shopping
    Clothes
    Other Shopping
    Fun
    Entertainment
    Movies, Pizza,
    Video Games, Bowling, etc.

    Other Expenses
    EXPENSES
    SUBTOTAL
    NET INCOME
    Income Minus Expenses

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