5 Simple Budgeting Tips for Teens and Parents

Posted: March 12, 2025

Smart Spending Starts Now: 5 Easy Budgeting Tips

Budgeting isn’t about restriction—it’s about control. Whether you’re a teen managing a summer job paycheck or a parent guiding your child’s financial future, these five simple tips will help you stay on track.

1️. Track Every Dollar – Know where your money is going. Use a budgeting app or a simple notebook to log income and expenses.

2️. Follow the 50/30/20 Rule – 50% for needs, 30% for wants, 20% for savings. Adjust as needed, but always set something aside for the future.

3️. Use Cash for Small Purchases – Debit cards make spending easy, but cash makes it real. Try using cash for daily expenses to limit impulse spending.

4️. Set Realistic Goals – Whether saving for a car or building a college fund, set specific, measurable goals and track progress regularly.

5️. Plan for Surprises – Unexpected expenses happen. A small emergency fund (even $100) can prevent financial stress.

💡 Why It Matters: Financial security starts with small, consistent habits. Start today and take control of your financial future!

Author:  Christopher Lorence, Executive Director, Labor Community Foundation