For example, if each month you earn about $200 working at a cafe, $100 babysitting, and $50 walking dogs, then your monthly income is $350. If these amounts vary from month to month, add up your income from the last six months, and then divide by six to get an average. [5] X Research source
For example, if your parents make you pay for new clothes, think of all the pants, tops, and shoes you bought last month. Estimate how much you spent on all of it. If you only buy new clothes every three months, divide that number by three to get a more accurate monthly total.
It’s also a good idea to review your statement and look for any fraudulent charges so you can report them right away.
Other necessary expenses might be gas or insurance for your car, school supplies, toiletries, or a cell phone. Other expenses that aren’t necessary are eating out, going to movies, buying video games, or buying extra pairs of shoes.
If you find that your necessary expenses are more than 50% of what you’re earning each month, you’ll need to adjust the proportions of your budget. For example, if necessities are costing 70% of your income, adjust your wants down to 20% and your savings to 10%.
For daytime activities, consider hiking at a nearby state park, going for a bike ride, playing a board game, or going to a museum on a day that’s free for community members. For nighttime activities, schedule a movie night at your house, or invite everyone over for s’mores and stargazing in your backyard.
If you’re worried about possible emergencies, keep a credit card in the glove box of your car (or in any other safe, hidden location). It’ll still be accessible, but it won’t be with you inside stores or restaurants.
If everyone’s going out to dinner together, you don’t have to stay home. Eat a snack before you leave and then order an inexpensive appetizer or a small salad as your main course. And always choose water as your beverage, rather than paying for a soda.
Check out thrift stores and consignment stores to find items that are both discounted and unique.
If you can’t find one in your area, start one! Create a Facebook group and invite your friends to join and post items they want to get rid of or trade.
Go into local stores and ask if they’re hiring cashiers. Or visit a movie theater or swimming pool and see if they need help running the concession stand.
Create a flyer with your name, phone number, and the type of work you’re looking for, and post it around the neighborhood. Other jobs you could do include dog walking, house sitting, gutter cleaning, weeding, painting, or tutoring a younger student. If your customers are mostly local, consider getting a credit card reader. People love paying with their credit cards. You can connect a card reader to your phone through companies like Square. These card readers can take care of all your calculations, including how much revenue you made and how much you will owe in taxes. [20] X Expert Source Ylva BosemarkTeenage Entrepreneur Expert Interview. 5 February 2019.
If you don’t have a bank account yet, create a system with envelopes or jars. Get three jars and label each jar “Needs,” “Wants,” and “Savings. ” Then distribute cash accordingly every time you earn some.
