Sample Monthly Budget for Teens
Making a Budget
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
your total income is $205.
Now you know that you have to spend le
ss 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
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!
expenditures that are considered “optional”.
using the worksheet on page 3. Stay within your budget, pay yourself first, and you will
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