Practical, Actionable Budgeting Tips
This video provides simple, actionable budgeting tips in a simple, concise way for kids and beginners. It could be used by kids & teens to learn about budgeting, or used as a money & personal finance resource by parents and teachers as part of a Financial Literacy course or K-12 curriculum.
Suitable for students from grade levels:
- Elementary School
- Middle School
- High School
The topics covered are:
With these incredible budgeting tips, you will have the freedom to spend money without constraints in the future by making smart money decisions and living within your means now.
Tip #1: Understand your total income
Whether it’s salary, tips, rent or investment income, you need to have a handle on your total income before making money decisions, whether it’s buying or renting a home, deciding how much to invest in stocks, when to go on vacation, etc.
Tip #2: Learn to distinguish between needs and wants
This distinction will really help you cut down on unnecessary expenses, break out of paycheck to paycheck cycle, and have money that you can save and invest.
Tip #3: Create a budget
A budget is a roadmap that shows where your money comes from and how it is allocated to various categories – essential and discretionary expenses, debt repayment, insurance, savings, investment, etc.
A budget is essential to help you live within your means and be able to meet your financial goals.
Budgeting is just one key aspect of personal finance – there is a lot more to it.
Check out the following for more actionable tips on saving and investing, borrowing and credit cards, insurance, etc.