News & Reviews
The CU Difference
Choose your Resource Category
Cashing in a Collection While Learning Valuable Stock Market Skills
Financial Impulse Control
Free Mobile Game
You've probably heard this term thrown around a few times, maybe it's your parents saying that those "new Vans sneakers you want aren't currently in the budget," or maybe it's in story problems in math that ask about loan interest rates and how they can alter your budget figures.
Regardless of where you've heard it, budgets are an important part of financial management. If you've ever tried to create one, you know that they can be challenging. That's where Claim Your Youth comes in; read on and you'll find some information on what a budget is and how to create one, a downloadable spreadsheet that you can use to visualize and manage your own money, and some tips from teens on ways to stay on track, cut your expenses and still meet all of your financial goals.
What is a budget?
A budget is a plan you create to manage your expenses. It sounds pretty simple, and, with help of the tips and tools below, it can be.
One of the main reasons budgets are hard to make and hard to stick to, is that frequently we don't have enough money to cover all of our required expenses (bills, gas money, etc), all of the things we want (new clothes, movies tickets, etc), and save for the future (buying a car, paying for college, etc) so we have to pick and choose what we spend our money on.
It's easy to get swept up in impulsive buying decisions and spend our money on things that we want, before we have paid for our required expenses, or saved for the future. The problem with that is, if we don't pay our required expenses (say gas money) we may not be able to continue getting the things we want (if you run out of gas, you can't get to work and then will not be able to earn money); or if we don't save for the future (setting aside money to buy a car) we may not ever be able to reach those goals.
Thus, we have to prioritize where we spend our money, and really understand what money is left over, or is discretionary, after we pay for the required expenses and plan for the future.
That's where budgeting comes in. A budget gives you a clear picture of what money you have coming in, what your required expenses are, what's left over after that, and helps you create a plan for using that discretionary money in the most efficient way to get you what you want now and in the future.
Page: 1 Of 3
Website Photography Contributed by local Claim Your Youth Teens
Top: Markus PabloBottom: Ulrich Snauss
Copyright Claim Your Youth
. All Rights Reserved.