How to Get Started With Budgeting?
1.Sketch down your monthly income
2.Make a fun list
3.Do Magic Math
4.The $1 Rule
6.Balance your Income and Expenses
7.Stay On Script
The Bottom Line
Growing up, a teenager has to bear up with many responsibilities, which could be quite hectic.
It is undoubtedly the most anxious period of one’s life and so the majority of the teenagers today live with the motto of “Living Outside of Cage”.
Even the most hardworking and responsible adults hate the idea of planning their spending, but I believe that people don’t understand its stigma.
Budgeting doesn’t have to be restrictive, nor does it withhold you from things you would want to buy.
It simply guides you towards your major priorities.
You will find budgeting convenient in many ways like:
1.More Debt? No need to stress
2.Less Spending, More Saving
4.Balancing needs and wants
Hence, if you get the hang of it, budgeting could provide you with more freedom than you thought.
Clothes, shoes, food, accessories; these are the major money eating areas that weaken any person to bow down and spend his earning without a second thought.
And so, at the end of the day, we lay back on our chair, with a bill in our hand and an anxious sigh.
That’s when we realize; we’ve got no money left to pay the debts anymore!
There are several challenges youngsters’ face that makes them unable to start a budget plan;
We live life in a haze, spending way too much on not so important things and always having a crisis when it comes to vital aspects of our lives.
Starting a budget plan at a young age comes with a lot of benefits as it ensures that have enough money for things that are essential to you.
It is imperative to prioritize your major needs earlier to ensure a better and well-established future.
The sooner you become responsible, the better.
Imagine you come back from a great party; you’re happy and calm until you see the pile of bills sitting on your sofa.
That’s when all your calm gets disrupted, and stressful feeling starts crumbling your inner peace.
Budgeting is a great way to provide you freedom from that anxiety and stress you get upon seeing the debts that still need to be paid.
If you have planned your budget right, there’s no need to be stressed even if the pile of your bills surges.
You can party peacefully.
As mentioned above, we love the idea to be at liberty and to live outside of the cage. So we spend a massive amount of our limited income on our leisure and in the end, face a great crisis.
With budgeting, you can plan a convenient way for you to spend as well as save enough money for the time of need.
Future planning is not a very popular concept among most of the teenagers; they mainly prefer to “Live their youth” and not be worried about what the future holds.
However, with budgeting, you can establish a good balance between both.
Budgeting will not stop you from cherishing your life; it will just draw some boundaries to let you relish life and also secure a happy future.
It is in human nature that we always bow down to our wants and temptations without a second thought.
Buying a new outfit every day, going to restaurants or cinemas have become our major temptations which usually supersedes our needs.
With budgeting, you will have a clear map to balance your needs and wants respectively.
I think after knowing all the blissful benefits, you and I both would like to dive into it and start budgeting as soon as possible.
I mean, who wouldn’t want a balance in life right now? To our joy, there are certain ways we can make budgeting both easy and fun for youngsters, such as:
Let’s get on the road!
For starters, it is best to know the exact amount of your income or the money you will get for your spending.
You must have the precise information regarding your income so you can easily plan a budget.
It doesn’t have to be too much, even a small amount of income will do because usually as a teenager you either get pocket money or a cheap income from part-time jobs.
Once you know the exact amount, you can easily sketch it down and start planning a budget for your month.
Make a fun list
It is always fun to make a list of things that are your main priorities.
After sketching down your income, you can make a list and divide it into different categories (which are a lot as a teenager) to know:
What are your major needs and
What is your side needs to spend your money on?.
It will surely clear down your perspective.
Now I know in high school, none of us liked Math very much (at least I didn’t), but this math is not a complex one that made you scratch your hair off.
This math can do magic and help you figure out exactly how much you will be spending on your needs and wants.
You can do a little mental math and assigned a little money to all of your categories above.
Keep in mind your income and your absolute priorities at first.
It is a very beneficial and easy rule that could help you save money without any trouble.
We go out and spend a great deal of money on little things that are not even very significant. No, I’m not stopping you from spending money, you sure can!
But instead of spending money unconsciously you can be sensible about it and spend a little less than you usually do.
Just save $1 from your usual spending every day and see how it makes a difference!
Being in our teens is usually not a very responsible period of our lives.
We are seldom vigilant about the things we use our money on, neglecting the sheer value of it.
With mindful spending, you would be watchful of your every penny, and this will make you spend on things that are crucial for you.
Now, this may seem a little boring, but you don’t have to make it and remember, “Budgeting isn’t about limiting yourself, it’s about making the things that excite you possible.”
When it comes to “The Greatest Challenge in life” I would say in a heartbeat that it’s balancing your expenses with your income.
I mean, the moment we get our pay we rush out to malls and stores to buy all that we were waiting for.