Something often said by people who are good with money is that you’ll need to make a budget for your finances. But what does that actually mean? How do you do it, and why is it even important? That’s why we asked three young people to keep a personal budget and tell us how it works, how it can help, and how to keep yourself on top of your money.
This is a skill you’re going to have for the rest of your life. You’re going to need to know how to budget whether you’re rich or you’re poor. Budget the way that works for you, and make your budget work for you.
Here are a few things we learned:
- It doesn’t have to be complicated. If you don’t like using spreadsheets you can just do it with a pen and paper!
- There’s a really helpful app called Pocketbook which can keep track of everything you spend automatically.
- If you don’t always stick to your budget, that’s okay. The point is that it will make you more aware of your finances and how much you need to earn, spend and save, even if you sometimes miss the mark.