Budgeting - Keep it simple and smart!
Budgeting is like making a plan for your money so you don’t run out too fast. It helps you save for things you want while still paying for things you need.
Step 1: Know Your Money – Figure out how much money you get each month. This could be from a job, allowance, or gifts.
Step 2: List Your Expenses – Write down everything you spend money on, like:
- Needs: Rent, food, phone bill, gas, or bus fare.
- Wants: Clothes, entertainment, eating out, or hobbies.
- Savings: Always save some money for emergencies or future goals.
Step 3: Make a Budget Plan – Use the 50/30/20 rule:
- 50% on Needs (important stuff you must pay for)
- 30% on Wants (fun things, but don’t go overboard)
- 20% on Savings (for emergencies, big goals, or investing)
Step 4: Track Your Spending – Use an app, notebook, or spreadsheet to see where your money goes. If you spend too much in one area, adjust your budget!
Step 5: Be Smart with Your Money – Some smart tips include:
- Avoid impulse buying—ask yourself, "Do I really need this?"
- Save before you spend—treat savings like a bill you must pay.
- Look for deals and discounts to stretch your money.
Budgeting helps you stay in control and stress-free. Start small, stick to your plan, and watch your savings grow!
