Daily Tips for Families

Today's Tip for Families

12-30-2021

Encourage Your Teen to Keep a Spending Notebook

Most teens need help in learning how to manage money. And learning how to manage money boosts responsibility, math and life skills. One of the first steps your teen can take is to create a spending notebook.

In the coming year, every time your teen spends money, have her write down:

The day of the week.
The amount spent.
The item bought.
Where the item was bought.
Whether the item was a need or a want.
Whether the purchase was planned or on impulse.
The person or people she was with when she made the purchase.

Then at the end of each month, have your teen analyze her spending.

First, she should see what categories of spending she has. These might include entertainment, clothing, food, car, recreation, gifts and other.

Next, have her put each purchase into the appropriate category. That can form the basis of a monthly budget. She should ask questions like these: “Would I like more money for clothes? How could I reduce my spending in other areas?”

The records she keeps will also help her see patterns that can help her make better plans for spending. She may learn that all her impulse purchases for clothing came when she was with a particular friend. That will help her make budget decisions. The next time that friend calls, she might suggest watching a movie at home instead of a trip to the store!

Brought to you by:

Webster County Schools

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