Question

My oldest got her first job and I want to teach her how to budget. She doesn’t currently have anything to pay for. Just savings and fun money. What would be the best planner/worksheet for her to start with?  

Answer 1

Does she have a cell phone? I make mine pay her phone bill and also put money away for a car.  

Answer 2

Sinking fund? So she can start saving for future cell phone/car/rent?  

Answer 3

It can be basic. In the case of savings, what is she saving for. Make sure she has goals for her savings. Then even her fun money. what are the fun things. Break that into categories. (Food, movies, school activities, clothing (if she wants things beyond what you are willing to pay for). This way she is still being intentional about making spending priorities and sticking to her budget.  

Comments

@thales Thank you! This is super helpful!  

Answer 4

Honestly, I'd give her a list of your bills (rent/mortgage, power, phone, internet, etc) and have her distribute between all of them. (And i wish i had done it with mine)

Comments

To add, have her budget into envelopes with those catergories. If she's afrwid she'll dip into them, have her pay you and you hold those envelopes and give them back when she is ready to move out. She can use the money saved in them as deposits for those catergories :)

Answer 5

Cell phone, car, clothes.  

Answer 6

Maybe sinking funds for events, trips, or birthdays?  

Answer 7

When I was 16 and started working, I had to pay for half my car (it was only 2500 so 1250 and I saved my allowance for a long time and then wages untiI had half) and my own gas and fun/ food out with friends. My parents still paid my phone and car insurance and back to school clothes. It was helpful because I learned about money but wasn't stressed at 16 while in school. I saved a ton too!  

Answer 8

What about the e-mail course? And I would get the income sheet, expense sheet, and goal sheet

Comments

@haymaker30 Perfect! Thank you!  

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@lhary yw

Answer 9

Cell phone, fun money, school savings etc. :)

Answer 10

Help her start a Roth IRA. If she questions why she needs to think about retirement, teach her about compound interest. Put money away for savings, clothes, eating out, entertainment with friends, school (field trips, football games, etc), Christmas/birthdays, maybe a little for charity too. If she doesn't have a car, savings for a car or if she does have one she can pay car insurance to get used to paying bills (if you don't need the money, you can always save it for her and gift it back when she moves out)

Comments

@ursi36 She will have a car and we have discussed her paying for a portion of insurance. I have no idea what the increase in insurance will be, so we’ll figure that out when the time comes.  

Answer 11

Start a sinking fund for a car and car insurance, or make her pay a bill. My daughter is 11 and pays for her subscription to amazon music. She currently splits her money in give, save, spend.