Aparently - Money Management

Budgeting is a good place to start when teens are learning to manage their money. Three essential steps in designing a budget are:

* Identify income sources. This can include allowance, pay from a part-time job, savings, interest, dividends and grants.

* List fixed and flexible expenses. Fixed expenses are exact amounts due on a specific date. Flexible expenses include money spent on wants and needs that are not due at a specific time.

* Review and modify the plan. If expenses exceed income, identify ways to increase income or reduce expenses.