![]() ![]() It’s helpful to look a whole month ahead, just to see what’s coming up. Step #1: Get a Snapshot of the Month Ahead Psst: you might want to also check out my article on 3 sample budgets for 18-year-olds, and 11 teenage budgeting tips. We’re going to go through the exact steps for how a teenager can create their first, and next, budget, using this teen budget worksheet as the example: Ready for this? How Can a Teenager Create a Budget Record spending + income for the cycle, and reflect on how you did.Choose a teen budget worksheet to work with.Choose how long your budget cycle will last.Estimate expenses and income over the next month.Here’s the high-level overview of how to budget as a teenager: You might be wondering how to budget as a teenager, since your teen may or may not have a consistent income source yet. Now, let’s move onto the specifics of how to create a teen budget. Beauty costs (manicures, makeup, expensive facial cleansers, etc.).So, what specific teen expenses or category of expenses should teens budget for? It’s really a critical tool in teaching teens how to manage money. ![]() Establish a money habit they can take with them into adulthood (here's more info on how a teenager can improve their budget).Save up for something beyond what one allowance or one paycheck can pay for (here’s 41 things to save up for as a teenager).Make mistakes with a small amount of money, instead of making mistakes with larger amounts of money (both will be painful, but when you can’t make your mortgage payment? Well, that one will hurt a lot more).Learn to manage a small amount of money, before getting their hands on a bigger amount of money.There are many, many benefits to someone starting to budget as a teenager – both short-term benefits and long-term ones. I’m going to answer this question both for motivations to get your teenager to budget, as well as specific categories and expenses a teen can budget for. Why should a teen budget, and what exactly should they budget for? ![]()
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