Have you ever written down a budget for yourself? A budget has a lot in common with an income statement. While the income statement shows the money earned by the company minus the money spent to earn that money, a budget anticipates how much money will go in and how much money will go out. Using spreadsheet software (example are MS Excel or Google Sheets), prepare a monthly budget for yourself.
If you do not make or spend money at this stage of your life, talk to your learning coach so they can help you construct the budget. If you are not using real data, the best way to do this is to start with $100 and break down how you might spend that $100 each week or month. (I am 16 years old)
Here is an example of a monthly budget for a 16-year-old with $100:
Income:
Allowance - $40
Birthday money - $20
Odd job money - $40
Total Income: $100
Expenses:
Savings - $20
Clothes - $20
Entertainment (movies, video games, etc.) - $20
Eating out - $20
Transportation (bus fare, gas money) - $10
Miscellaneous (gifts, snacks, etc.) - $10
Total Expenses: $100
By creating a budget like this, you can see where your money is going and make adjustments as needed to ensure you are spending and saving wisely. Remember, it's important to prioritize saving some of your income for future goals and emergencies.