![]() Try the Jellybean Gameīefore you get into the nitty-gritty of numbers, start with this clever activity that gives kids practice allocating assets in a low-stakes way. Give teens the knowledge they need to make smart financial choices now and in the future. These budgeting activities are terrific for a life-skills class, morning meeting discussion, or advisory group unit. Use the individual mission on budgeting to help with filling in the planner, and budgeting on the app.If we let students graduate high school without learning key skills like saving and budgeting, we’re doing them a real disservice. Our in-app Money Missions also help teens develop their money skills through a series of bite-sized, interactive games and quizzes. It allows your child to view their expenses, set savings goals and see how much money they have left when they’re out and about. Use the budget planner alongside the GoHenry prepaid teen debit card and financial education app. Stress that learning to budget now will give them a better relationship with money when they go to college and leave home. Then explain that a budget is a monthly spending plan outlining where their money comes from and where it goes. Start by covering essential budgeting topics such as: With teens, it’s a good idea to keep things as simple as possible to keep their attention. ![]() Subscriptions to apps and sites they no longer use Subscription to music and streaming services Here are some of the expenses your teen may have. That’s why listing expenses is such a helpful exercise. Reselling items like clothes and trainers onlineĮxamples of expenses teens can add to their budgetĮveryone (including adults) is guilty of forgetting some of the items they pay for. Here are some of the most popular ways they earn money:Ĭaring, babysitting, pet-sitting/dog walking Fortunately, 78% of them are prepared to earn and save money themselves instead of relying on the bank of mom and dad. A third of kids (34%) say they’re not earning enough. Our latest Youth Economy Report gives a unique insight into the earning habits of over 52,000 GoHenry kids in the US. Help your teens budget with GoHenry Examples of income teens can add to their budget A budget also helps you spot when you’re overspending and do something about it: spend less or earn more. ![]() In other words, you have enough money to buy necessities as well as some of the things you want. The aim of a budget is always to ensure you’re spending within your means. However, when their spending exceeds their income, they risk falling into debt or not being able to buy items they need. To create a workable budget, you need to look at two things:Įxplain to your teens that when their income is higher than their spending, they’re saving money and in a great position. Then – hopefully – they’ll only spend what they can afford.ĭownload our free budget planner worksheet What’s more, allowing them to manage their own budget will help them feel in control of their finances. It’ll also remind them money isn’t an unlimited resource. If your teen fills in a budget planner, they’re more likely to think about what they are spending. Studies show that writing things down triggers more robust brain activity and is associated with stronger memory retrieval. That way they’re also learning to think about their future and consider what they can risk as part of their budget.” They can budget to give or to invest too. “It reminds them to ‘pay yourself first’ and save money as part of a budget. “Budgeting also teaches teens to create a plan for saving,” adds Beth. “Teens who budget are planning ahead, setting their goals (both short- and long- term), and learning to live within their means, delaying gratification and restraining their spending habits.” “Budgeting is a life skill because it introduces life lessons like patience, planning ahead, and smart decision-making,” says Beth Zemble, VP of Education, at GoHenry. But seeing their spending in black and white really helps drive home messages about money and financial management. Your teen may roll their eyes at the thought of using a budget planner. Help your teens budget with GoHenry Budget planner worksheets for teens
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