This Teen Budget Tracker is exactly what you need to help your teen learn to manage their money better!
I absolutely love this printable Teen Budget Tracker because I know how effective it’s going to be to help teens (mine and yours) to learn to manage their own money which is something I’m quite passionate about.
I know that there should be more financial education in schools because there’s absolutely not enough done there to help prepare our children for when they leave home and have to suddenly manage their own (often limited) finances. But I do also feel that no-one is in a better position than me to teach my own children what they need to know – they see me working, spending and making financial decisions on a daily basis so I have numerous opportunities to teach them money lessons.
I’ve always made sure to involve them in financial decisions as a family – even from a young age, we’d set a budget for the Summer Holidays and decide together whether we’d rather have a couple of bigger days, like trips to the cinema or a theme park or have more money to spend on smaller things like ice creams at the beach or games to play at the park or in the garden.
I’m also a big believer in giving children enough pocket money that they can actually learn to budget. Miss Frugal, for example, is paid the family allowance amount into her bank account and has to pay for her pretty much everything she wants unless we class it as an essential or a cheeky treat – we have some very interesting debates about what’s ‘essential’. She’s amazing at saving and even has a separate Help to Buy ISA that she set up through her own bank account herself.
I also haven’t ever told the kids they have to save some money out of their pocket money, simply because I wanted them to learn the value of money themselves and to actually want to save money. If I’m forcing them then I don’t see the benefit personally although I know I’m probably in the minority there. It’s worked for me though. 😇
Here’s a few of the posts I’ve written recently about how I teach my teens to manage their own money (and then I promise, I’ll get to the teen budget tracker):
There’s lots more though if you have a browse through my Teaching Children About Money category.
If an adult asked me to give me one piece of advice to help them manage their finances then I’d tell them that they need to keep track of their money – if you don’t know what money you have coming in and where you’re spending it then you don’t know what you need to do to make your money work better for you. I even made a yearly financial planner that you can use to keep track of your own finances which is where the inspiration came from for this teen budget tracker.
Miss Frugal has a bank account with a great app that helps her keep track of her spending but I know not all teens have a bank account and not all bank account have the same great app that hers has so I really hope this will help.
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