SynopsisBala eyed a Rs.1,500 online shopping cart with a tech organiser and gel pens. But with a Rs.2,500 monthly allowance, he realised buying both meant giving up his Friday pizza. He kept only the gel pens, saved Rs.1,000, and learned that budgeting is about making smart choices. Good money management starts with knowing where your money goes.How teenagers can master the art of budgeting1.What is a budget?A budget is a plan that helps you manage your money. You decide in advance how you'll use it for your needs and your enjoyment. Just like a cricket team plans how to score runs, your budget helps you plan how you will use your pocket money.It’s a financial plan.A tool to track income and expenses.A roadmap for your spending goals.A way to control your cash flow.2.How does it work?
If you receive Rs.2,500 each month as pocket money, that’s your income.You need to plan how you are going to use it:Needs: Stationery essentials, printing, or project materialsFun: School snacks or outings with friendsSaving for a goal: Setting aside money for a school trip Instead of asking “Where did my money disappear?” you know exactly where it went.Before you continue readingHow financially free are you?Most people overestimate their financial freedom. Discover your Financial Freedom score through a quick survey3.The Teen 70/20/10 budget rule
