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Effective Budgeting

Learn how to assess your financial situation, set realistic goals, create a budget, and track your progress effectively in this teen budgeting lesson. Setting clear and specific goals is key to successful budgeting for teens.

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Effective Budgeting

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  1. Teens Effective Budgeting 04/09

  2. Budgeting Process 1: Assess your personal and financial situation (needs, values, life situation) 2: Set personal and financial goals. 3: Create a budget for fixed and variable expenses based on projected income. 4: Monitor current spending (saving, investing) patterns. 5: Compare your budget to what you have actually spent. 6: Review financial progress and revise budgeted amounts. teens – lesson 3 - slide 3-A

  3. well-written personal and financial goals SHOULD: be realistic A student working part-time is not likely to be able to afford a new car every couple of years. be specific “I want to save $5,000 for a down payment to buy a house.” have a timeframe “I want to pay off my credit card within the next 18 months.” state the action to be taken “I want to start an automatic deposit savings account with monthly withdrawals from mychecking account.” Set Goals teens – lesson 3 - slide 3-B

  4. Setting up and Maintaining a Budget teens – lesson 3 - slide 3-Ca

  5. Setting up and Maintaining a Budget (continued) teens – lesson 3 - slide 3-Cb

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