If you don’t need to use a card when going out, leave it at home. But know that you still have to pay them off, and if you aren’t making a quality salary, it can be a tough task. But, while spending your own money for the things you dream of is a nice feeling, it can leave nightmarish effects on your financial future if mismanaged.Ĭredit cards can be a gift and a curse at the same time. A credit card is a ready-made solution to help you pay for something when you’re a little short on cash, but it also looks flashy. You’re growing into a stage of your life where you will meet new friends, have eye-opening social experiences, and buy yourself things you’ve always wanted. Having a separate budget for each month will help reduce the stress. Some of those expenses will differ over time. Include car-related payments (gas, insurance payments, etc.), mobile phone costs, food and drink, grooming costs (haircuts, clothes, makeup, etc.), or any other living expenses. Like your income, layout whatever potential expenses you have coming your way for the month in question. Now comes the not-so-fun part- making a budget. Then divide that total by the number of months to determine your average income and then plan from there. On the safe side, in case these figures vary over time, add up the income you received over the last few months. Once you determine that, add up any income-makers which will not require tax deductions such as tips, gifts, bonuses, or allowances. As a result, you will know how much money you really get from any wages you have earned. Making money as a teenager is a great feeling, but you’ll learn soon enough that what you’re promised and what you actually earn are different things.įor example, when you get a paycheck, you need to know how much money you’ll get both before and after taxes-also known as separating gross income from net income.
#BUDGET AND SAVINGS PLANNER HOW TO#
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