Why is it important to create a budget as a teenager? ![]() Help kids and teens make use of online budgeting tools or a spreadsheet to manage their spending and savings goals.Use the 50/30/20 rule to create a budget.Help kids create a budget by calculating their income and identifying any regular costs.A budget helps teens and kids plan for how they want to spend their money.Read on to learn why budgeting is important and how to start a budget, and discover some cool tools that can make budgeting for teens easier. So whether you’re teaching a preschooler how to budget by encouraging them to plop a quarter in a piggy bank, or assuring your teenager-yet again-that an Xbox is a want and not a need, the basics of creating a budget (and then managing it) remain largely the same. ![]() The earlier they start to work on it, the better, but it’s also never too late to learn how to budget money. Like other skills, getting good with money and learning about budgets and expenses take practice, and practice takes time. For the record, some parents aren’t too sure how to create a personal budget, either-sigh.Īt the end of the day, it’s up to us parents to teach our kids why budgeting is important before they go out into the real world. Schools teach kids some pretty impressive skills that surpass those of most of us adults-labelling a cell’s mitochondria and conjugating French verbs come to mind-but teens and tweens often lack an education they desperately need: financial literacy and basic money-management skills, like how to budget.
0 Comments
Leave a Reply. |