![]() ![]() This is a good rule of thumb for most people, however, it does apply a little differently to teens. ![]() I’m sure you’ve heard of it, but just in case you haven’t, experts suggest that you spend 50% of your money on your needs, 30% on your wants, and 20% on your savings. However, there’s a better way of budgeting your money. 30/30/40 RuleĪs a teen, the typical thing to do is to blow all of your money on trivial items or on junk food. Obviously, your spending should never exceed your income. Use this number as a guide to how much you should spend each month. Add up all streams of revenue that you have and calculate a monthly average (be conservative). The first step to budgeting is to calculate your monthly income. So this guide is for you! Here are 10 Budgeting Tips for Teens! 1. However, in many teens’ cases, they don’t have the money to do that or don’t have a clue on how to budget at all. Fortunately, in my case, I had enough money to spend on all of my other expenses. So essentially, I wasted $100 a month, or $500 in a semester simply by going out to eat everyday. Whereas instead, I could’ve bought lunch at school or brought a lunch and used my parent’s money. All of a sudden I had racked up $100 spent on food in just 20 school days. Last semester, my 3 friends and I would go out to eat every day. That may or may not sound ridiculous to you, but it sounds ridiculous to me. My most recent one was spending $100 a month on fast food for me and my friends. Throughout my life, I’ve made huge mistakes when it comes to budgeting. Welcome to 10 Tips On Budgeting For Teens! Budgeting Tips
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