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Mastering the Art of Budgeting: A Step-by-Step Guide for Teens

Learn the essential phases of budgeting tailored for teens in this informative presentation. Begin by assessing your personal and financial situation, then move on to set realistic personal and financial goals. Discover how to create a budget that accounts for both fixed and variable expenses based on your anticipated income. You'll also explore ways to monitor your spending habits and compare your budgeted amounts to actual expenses. Finally, understand the importance of reviewing your financial progress and making necessary revisions to your budget.

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Mastering the Art of Budgeting: A Step-by-Step Guide for Teens

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Presentation Transcript

  1. Teens lesson three the art of budgeting presentation slides 04/09

  2. the budgeting process phase 1: Assess your personal and financial situation (needs, values, life situation). phase 2: Set personal and financial goals. phase 3: Create a budget for fixed and variable expenses based on projected income. phase 4: Monitor current spending (saving, investing) patterns. phase 5: Compare your budget to what you have actually spent. phase 6: Review financial progress and revise budgeted amounts. teens – lesson 3 - slide 3-A

  3. well-written personal and financial goals SHOULD: be realistic A student working part-time is not likely to be able to afford a new car every couple of years. be specific “I want to save $5,000 for a down payment to buy a house.” have a timeframe “I want to pay off my credit card within the next 18 months.” state the action to be taken “I want to start an automatic deposit savings account with monthly withdrawals from mychecking account.” goal-setting guidelines teens – lesson 3 - slide 3-B

  4. setting up and maintaining a budget teens – lesson 3 - slide 3-Ca

  5. setting up and maintaining a budget (continued) teens – lesson 3 - slide 3-Cb

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