The Teen Money Manual by Kara F McGuire
Author:Kara F McGuire
Language: eng
Format: epub
Tags: 9781623701352, nonfiction, Capstone Young Readers, personal finance, saving money, earning money, financial tips for teens, insurance, credit, spending money, employment, saving for college, jobs, financial literacy for teens, vocational guidance, preventing identity theft, investments, budgeting
Publisher: Capstone
Published: 2014-07-22T00:00:00+00:00
Most experts suggest keeping track of your spending for a month or two to understand your variable expenses. You can do this by writing each thing you buy in a notebook, by using your debit card for all transactions and combing through your bank statements, or by using a free personal financial management app like Mint.com. Apps are easier to use with debit or credit cards because using them creates a record of what you spend.
If youâre eager to get started, you can use past bank statements as a start and try to estimate the rest. But often weâre not so great at estimating true spending behavior in our heads.
Once you have numbers for fixed expenses and variable expenses, subtract those amounts from your income. Do you come up with a negative number? That means you are spending more than you earn. Youâll need to make some decisions about cutting costs or finding ways to earn more money. Spending less than you make is one of the most important money principles to know. If you keep fixed expenses low and spend less than you make, you will have more financial flexibility and freedom.
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