10 Budgeting Tips For Young People

Money matters, and that is why we adults need to teach 10 budgeting tips for young people. It is never to early for kids to learn how to save and buy only what they need. The wants can come at a later date when bills have been paid. Use your own bills to show children how much money goes out each month and where it goes. Follow the tips listed below to teach children that budgeting is better.

  1. Write down all of the income that you will be having come into your home and on what dates you will be paid. Knowing this will help you to know what you have coming in money wise every month.
  2. Know what bills you have every month. Utility bills, mortgage, car payment, etc. This way when you are budgeting, you will know exactly what has to be paid and on what dates.
  3. Once you have added the total of your bills. Figure out what is due the first part of the month and figure out the second half of the months bills. Make sure to separate them into two columns.
  4. Look at the first of the months bills that are due while also looking at your pay dates. You should always pay the first of the months bills with your last pay date from the month before.
  5. Take a look at the end of the months bills and the pay dates. Pay your end of the months bills with the middle of the months pay check.
  6. Once you have paid your bills. Check to see what you have left over. This would be a great time to start a savings account. Putting twenty five dollars out of every paycheck can add up by the end of the year.
  7. Keep a notebook of bills and how much you are paying out. This will show you that you are becoming debt free. This is great for budgeting and knowing what you have done for the month.
  8. Never own a credit card. If you have one rip it up. This has been known to get a lot of people into more trouble than the cards are worth.
  9. Pay all of your debts on time. This helps to cut down on interest charges and makes budgeting easier.
  10. Do you get a refund back at tax time.  Put it into your savings or using it to make an extra payment toward a debt you have. All of the ideas for budgeting I have shared with you will have you debt free in no time.
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