• Home
  • About
  • The Blog
  • Your Time
    • Family Life
    • Routines & Schedules
    • Vacations
  • Make Money
    • Blogging
    • Side Hustles
    • Work from Home
  • Save Money
    • Budgeting
    • Get Out of Debt
    • Money Saving Ideas
  • Meal Planning
    • Meal Prep Challenge
    • Meal Plan & Prep
    • Recipes

Header Right

Once A Month Meals
  • Menu
  • Skip to right header navigation
  • Skip to content
  • Skip to primary sidebar

Before Header

  • New? Start Here
  • How to Start a Blog
  • Free Printable Library

Short on Time and Money

Balancing Your Time, Money, and Life

Header Right

Once A Month Meals
  • Home
  • About
  • The Blog
  • Your Time
    • Family Life
    • Routines & Schedules
    • Vacations
  • Make Money
    • Blogging
    • Side Hustles
    • Work from Home
  • Save Money
    • Budgeting
    • Get Out of Debt
    • Money Saving Ideas
  • Meal Planning
    • Meal Prep Challenge
    • Meal Plan & Prep
    • Recipes

10 Tricks to Help Your Teen Learn to Budget

//  Leave a Comment

This post may contain affiliate links. You can read my disclosure policy here.

In our house, my teens are responsible for their own money and have their own bank accounts. Today I’m talking about how to help your teen learn to budget. It’s not as hard as you may think!

Help Your Teen Learn to Budget @ ShortOnTimeAndMoney.com

As soon as my kids turned 16 we went down to our local bank and opened up an account so they could start saving money and learn how to budget. It’s a simple process. You just go down with your teen and open up an account. If they are younger than 18 you may want {or be required} to put your name on the account as well.

The bank clerk can help you choose the right account for your teen. We opened up student accounts and made sure there were no fees involved.

10 Tips to Help Your Teen Learn to Budget

Learning how to budget is an essential life skill that everyone should know. Whether or not your teen has started their very first job, it is never too soon to learn how to budget. As your teenager learns about budgeting, they may not be very good at first.

However, over time they will learn about money and how it works. Before long, they will start surprising you with their amazing skills.

Check out these tips to help your teen learn to budget!

#1. Create a Spending List

The picture of how much money you spend is never truly clear, until you write down everything that you pay for, and study it! One of the best things you can do to help your teen learn how to budget is to create a spending list.

#2. Set a Savings Goal

Having a savings goal is an excellent way to stay motivated! Keep the goal small, and once it has been attained, create a new one. As your teenager learns more about money, they can set bigger goals.

#3. Include Your Teen in Your Budget

One of the best ways to help your teen learn about budgeting is to include them in your own finances and budget. Let them see where you make sacrifices to pay for certain items. Your teen will learn the most about money by watching YOU!

#4. Jot Down Wants and Needs

Being able to differentiate wants from needs is a huge part of budgeting. Create a list of items that your teen plans to purchase, and help them determine if each item is something they want, or need.

Trust me, this will be one of the best tips you teach your kids about money. Some adults can’t even handle this aspect of budgeting at times.

#5. Envelope System

Having envelopes of cash is a great way to follow through when budgeting. One envelope is for saving, one envelope is for giving, and the last envelope is for spending (think 20% of income towards saving, 10% towards giving, and 70% towards essential spending).

#6. Use a Spreadsheet

Technology is basically a teenager’s lifeline, these days. Use spreadsheets, like Google Docs, or Microsoft Excel to help your teen make a hard copy of their budget. Plus they are easy to adjust, when necessary.

This is a life skill that they will carry with them for many years to come as well. Learning how to manage money plus Excel, these are both priceless life skills.

#7. Download a Budgeting App

There are tons of apps that will help you track your spending, and budget. While you should definitely teach your teen how to accomplish this without technology, using an app is an additional way to make budgeting more fun. If your teenager decides they don’t like a specific app, they can always change it up.

#8. Stop Funding Your Teen

It’s okay to help your teen out when they need it, but once they get a job, allow them to start paying for their own clothes and extracurricular activities. They will quickly learn they cannot have everything, and will have to learn to prioritize and manage their money, as necessary.

This is honestly one of the best gifts you can give your teenager. Let them fly free from you micromanaging their money. Let them learn these tasks on their own.

#9. Let Mistakes Happen

Allow your teenager to make mistakes, so they can properly learn how to handle them, when you are not around. If your teen goes over budget, don’t come to the rescue right away. Let your teen find their own way out!

Mistakes are bound to happen with anyone who is managing money. Your teenager will need to learn how to manage their budget, mistakes will be made along the way, but they will come out on top.

#10. Pick a Day to Revise Budget

It is important to look over your budget every month or two. Get your teen into the habit of doing so, by picking one day each month to review their budget. You can have these meetings with your teenager. They may have questions and they will want you to answer them.

This budget meeting can be once a week or once a month. Let your teenager be in charge of setting up this meeting.

Do you have any tips to add to this list? I’d love to hear about your best tricks to help your teen learn to budget.

Help Your Teen Learn to Budget @ ShortOnTimeAndMoney.com

Love this post? Share with others!

TwitterFacebookPinterestLinkedInEmail

Category: BudgetingTag: parents, teens

Previous Post: «No Spend Weekend Challenge Prep List @ ShortOnTimeAndMoney.com How to Have a No Spend Weekend
Next Post: Overnight Oats | Make Ahead Breakfast Ideas 20 Satisfying Overnight Oatmeal Recipes You'll Love! @ ShortOnTimeAndMoney.com»

Reader Interactions

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

Primary Sidebar

Oh, Hi There!

Melissa Ringstaff @ Short on Time and Money

Hi There! My name is Melissa and I’m here to help you navigate your time, your money, and your family so this wonderful, crazy life you’re living doesn’t have to feel stretched so thin.

Recent Posts

  • Tips for Christmas on a Budget
  • Overnight Oats | Make Ahead Breakfast Ideas
  • 10 Tricks to Help Your Teen Learn to Budget
  • How to Have a No Spend Weekend
  • How to Find Time to Blog

Site Footer

We’re all sick in bed with covid. Thankful for h We’re all sick in bed with covid. Thankful for hot tea, puppy dogs, soft pillows, and herbal supplements.
One of the most beautiful pies Hannah has ever mad One of the most beautiful pies Hannah has ever made for us. And it was delicious!! Apple Pomegranate Galette with Thyme.

#proverbs31 #proverbs31woman #purpose31 #10virtues #homemaking #homemakingministries #happyhomemaking #homemaking101 #cleanhome #cleanheart #fromchaostocalm #housekeeping #cleaningroutine #inspiredhome #makingahome #lovewhereyoudwell #homemaker #homebody #biblicalHomemaking
I love playing Ticket to Ride this week. Lots of f I love playing Ticket to Ride this week. Lots of fun.
We made so. much. food. It was delicious. We made so. much. food. It was delicious.
This year’s Thanksgiving was quiet but truly spe This year’s Thanksgiving was quiet but truly special. Love my girls. Missed the ones who weren’t here!!
Me and Emily. So glad she came home to visit this Me and Emily. So glad she came home to visit this week from college.
Follow on Instagram
This error message is only visible to WordPress admins

Error: API requests are being delayed for this account. New posts will not be retrieved.

Log in as an administrator and view the Instagram Feed settings page for more details.

Copyright © 2019 — Short on Time and Money with Melissa Ringstaff • All rights reserved. • Privacy Policy • Disclaimer

Genesis Framework • WordPress • Log in