Step4-1 - Get a Grip on Your Money Introduction One of the...

Info iconThis preview shows pages 1–2. Sign up to view the full content.

View Full Document Right Arrow Icon
May 28, 2006 Get a Grip on Your Money Introduction One of the most valuable lessons a teenager can learn is how to handle money. Learning financial planning basics such as making a budget, saving for short- and long-term goals, and avoiding debt will lead to a solid financial future. This will lead to a greater chance of achieving your dreams. Control Spending with a Budget The first step in planning is to create a budget. A budget will help you determine your current income and expenses. Income is the money you receive from different sources such as wages from a part-time job or an allowance from your parents. Expenses are items you spend your money on such as new clothes, eating out and eventually even a car payment. Subtract your expenses from your income. You should have more income than expenses or a positive balance. If you have a negative balance, you are spending more money than you earn. This means you are spending money you do not have, which could lead to debt problems. A budget will help you control your spending. Keep a record of everything you
Background image of page 1

Info iconThis preview has intentionally blurred sections. Sign up to view the full version.

View Full Document Right Arrow Icon
Image of page 2
This is the end of the preview. Sign up to access the rest of the document.

{[ snackBarMessage ]}

Page1 / 2

Step4-1 - Get a Grip on Your Money Introduction One of the...

This preview shows document pages 1 - 2. Sign up to view the full document.

View Full Document Right Arrow Icon
Ask a homework question - tutors are online