Whether you receive a weekly allowance or have a part-time job, you’ll want to manage your money carefully so that you can enjoy life while saving at the same time. Your savings can lead to great things down the line like buying a car, paying for a fun trip with friends or even funding your college education down the line. Here are some tips for managing your money.
1. Calculate your monthly income. If you have a set allowance each week or work a specific number of hours at a part-time job, you can figure out your monthly income by taking your weekly pay and multiplying it by 52 weeks. That gives you an annual amount that you can then divide by 12 to arrive at a monthly figure.
2. Make a list of your expenses. Buying lunch at school, filling up your gas tank, purchasing snacks from a convenience store and paying for CDs and books may be some of your expenses. Add up your expenses to determine how much you need each month.
3. Cut back on costs. Lower your expenses by packing lunches at home instead of buying them at school. Buy snacks in bulk at the grocery store to avoid visiting the convenience store daily. Visit the library to borrow books and CDs or buy them used to avoid paying a high price for these items.
4. Consider saving a portion of your income. You might decide to save 10 percent of your income each month. If you make $150 per month, you would place $15 each month into your savings account. At the end of the year, you’d have $180 in savings.
