Moneyville

Teen Spending/Saving Plan

Step 1. Figure out how much money you have coming in each week or each month. If you plan income by the week, also plan expenses by the week and by the same token, if you plan income by the month, plan expenses by the month. The goal is to have income and expenses come out even! Remember that it is always important to save some money for future needs and goals. Make this a part of your planning, or you may not reach those goals.

Step 2. When you plan expenses it is important to consider all the ways you use money. If you are not sure how to plan ahead, try keeping a money diary for a week or two to get an idea of how you already are using money. Divide up the money you expect to have coming in according to the way you think you will spend/save/give it. Remember, the total coming in needs to be equal to the total going out.