Use the individual mission on budgeting to help with filling in the planner, and budgeting on the app.Here are 5 reasons why every teenager should budget: The in-app Money Missions also help teens to develop their money skills through a series of bite-sized, interactive games and quizzes designed to accelerate your child’s financial literacy. Use the budget planner alongside the GoHenry app & teen debit card, which allows your child to view their expenses, set savings goals and see how much money they have left when they are out and about. ![]() Explain that learning to budget now will give them a better relationship with money when they go to university and leave home. Then explain that a budget is a monthly spending plan outlining where their money comes from and where it goes. Start by covering essential budgeting topics such as: With teens, it’s a good idea to keep things as simple as possible to keep their attention. Subscriptions to apps and sites they have forgotten about.Subscription to music and streaming services.Here are some of the expenses your teen may have. Reselling items like clothes and trainers on marketplacesĮxamples of expenses teens can add to their budgetĮveryone (including adults) is guilty of forgetting some of the items they pay for, which is why listing expenses is such a helpful exercise.Four in ten kids (41%) say they aren’t earning enough – with 7 out of 10 kids not expecting a bank of mum and dad handouts but willing to make and save money themselves. Our latest Youth Economy Report gives a unique insight into the earning habits of over 450,000 GoHenry kids in the UK. Help your teens budget with GoHenry Examples of income teens can add to their budget A budget also helps you to spot when you’re overspending and do something about it: either spend less or earn more. you have enough money to buy necessities and buy at least some of the things you want. Therefore, the aim of a budget is always to ensure that you are spending within your means, i.e. ![]() However, when their spending exceeds their income, they risk falling into debt or not being able to buy the items they need. To create a workable budget, you need to look at two things:Įxplain to your teens that when their income is higher than their spending, they are saving money and in a great position. Plus, allowing them to manage their own budget will help them feel in control of their finances and – hopefully – only spend what they can afford.ĭownload our free budget planner worksheet This means that if your teen fills in a budget planner, they are more likely to think about what they are spending and remember that money isn’t an unlimited resource. Studies show that writing things down triggers more robust brain activity and is associated with stronger memory retrieval. They also can budget to give or to invest, which means they’re learning to think about their future and consider what they can risk as part of their budget.” It reminds them to ‘pay yourself first’ and to save money as part of a budget. ![]() “Teens who budget are planning ahead, setting their goals (both short- and long- term), and learning to live within their means, delaying gratification and restraining their spending habits.”īeth adds: “Budgeting also teaches teens to create a plan for saving. ![]() “Budgeting is a life skill because it introduces life lessons like patience, planning ahead, and smart decision making,” says Beth Zemble, VP Education, GoHenry. Your teen may roll their eyes at the thought of using a budget planner, but seeing their spending in black and white really helps to drive home messages about money and financial management. Help your teens budget with GoHenry Budget planner worksheets for teens
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