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

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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
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