Simple monthly template for a teenager to use to save money
Monthly Savings Checklist
1) Set a savings goal for the month: Decide how much you want to save for the month and for what purpose.
2) Determine your income for the month: Figure out how much money you have coming in for the month, whether from a part-time job, allowance, or other sources.
3) Review your last month's expenses: Review your expenses from the previous month to get an idea of where your money is going and where you can cut back.
4) Create a budget for the month: Use your income and expenses to create a budget that allocates money for necessities (e.g. food, transportation, school supplies), wants (e.g. entertainment, clothes), and savings.
5) Automate your savings: Set up automatic transfers from your checking account to your savings account on a specific date of the month to save on a regular basis.
6) Track your progress: Keep a record of how much you have saved each month and how close you are to reaching your goal.
7) Find ways to earn more money: Look for part-time jobs, freelance work, or other ways to bring in extra cash.
8) Look for ways to cut expenses: Review your expenses and find ways to cut costs, such as cutting back on eating out or reducing subscriptions that you don't use much.
9) Review and adjust: At the end of the month, review your spending, adjust your budget for next month, and make a plan for reaching your savings goal.
Start small and let the magic of compounding do its trick.
