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The document illustrates this by adding income sources and comparing them to what you spend during the month.",{"name":70,"@type":61,"acceptedAnswer":71},"How should you structure your monthly budget?",{"text":72,"@type":64},"Estimate income first, then required expenses (taxes, bills, and paying yourself first through savings), and finally discretionary expenses using the remaining money. 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By writing down your monthly income and expenses, you can see how much money you expect to have for the month and plan for how much you can spend.  \nThe First Rule of Budgeting  \nThe first rule of budgeting is simple: Spend less than you earn!  \nIf you earn $150 a month from your job, and earn another $50 from your allowance or birthday money, your income for the month is $200. If your savings account earns another $5, your total income is $205.  \nNow you know that you have to spend less than $205 for the entire month.  \nStructuring Your Budget  \n1: Determine your Income.  \nEstimate all “incoming” money, including salary from a job, allowance from your parents, and birthday money.  \n2. Estimate Required Expenses.  \nRequired expenses include taxes and bills that you must pay. Required bills may include your cell phone bill and gas money to drive to work or school. You should also include payment to your savings in the “Required Expenses” category. Whether you are savings for something specific (like a car or college) or just tucking money away for the future, it is critical that you get in the habit of paying yourself first! Even a few dollars each month helps build your savings.  \n3. Estimate Discretionary Expenses  \nAfter you have paid your Required Expenses, you can use the money left over for some fun! Discretionary Expenses may include clothes, shopping, pizza, video games, gifts and any other expenditures that are considered “optional”.  \nReview the following Sample Budget on page 2, and then make your own monthly budget using the worksheet on page 3. Stay within your budget, pay yourself first, and you will always be in control of your Money and Stuff!  \nSample Monthly Budget for Teens  \nNegative amounts are (in parentheses)  \n\n| Category | Monthly Budget | Actual Amount | Difference |\n| --- | --- | --- | --- |\n| INCOME: | Estimate Your Income | Your Actual Income |  |\n| Wages/Income\u003Cbr>Paycheck, Allowance, Birthday Money, etc. | $200 | $210 | $10 |\n| Interest Income\u003Cbr>From Savings Account | $5 | $4 | ($1) |\n| INCOME SUBTOTAL | $205 | $214 | $9 |\n|  |  |  |  |\n| EXPENSES: | Estimate Your Expenses | Your Actual Expenses |  |\n| Savings |  |  |  |\n| Savings Account | $10 | $10 | $0 |\n| Bills |  |  |  |\n| Taxes-From Paycheck | $30 | $32 | ($2) |\n| Rent/Mortgage | $0 | $0 | $0 |\n| Utilities\u003Cbr>Electric, Cell Phone, etc. | $30 | $30 | $0 |\n| Groceries/Snacks | $15 | $12 | $3 |\n| Car |  |  |  |\n| Car Payment | $0 | $0 | $0 |\n| Car Insurance | $0 | $0 | $0 |\n| Gasoline | $20 | $25 | ($5) |\n| Shopping |  |  |  |\n| Clothes | $40 | $35 | $5 |\n| Other Shopping | $10 | $0 | $10 |\n| Fun |  |  |  |\n| Entertainment\u003Cbr>Movies, Pizza,\u003Cbr>Video Games, Bowling, etc. | $20 | $25 | ($5) |\n| Other Expenses | Ski Club: $10 | Ski Club: $10 | $0 |\n| EXPENSES SUBTOTAL | $185 | $179 | $6 |\n|  |  |  |  |\n| NET INCOME\u003Cbr>Income Minus Expenses | $20 | $35 | $15! |\n\nYour Monthly Budget  \n(Fill in the spaces using the Sample Budget as a guide)  \n\n| Category | Monthly Budget | Actual Amount | Difference |\n| --- | --- | --- | --- |\n| INCOME: | Estimate Your Income | Your Actual Income |  |\n| Wages/Income\u003Cbr>Paycheck, Allowance, Birthday Money, etc. |  |  |  |\n| Interest Income\u003Cbr>From Savings Account |  |  |  |\n| INCOME SUBTOTAL |  |  |  |\n|  |  |  |  |\n| EXPENSES: | Estimate Your Expenses | Your Actual Expenses | Difference |\n| Savings |  |  |  |\n| Savings Account |  |  |  |\n| Bills |  |  |  |\n| Taxes-From Paycheck |  |  |  |\n| Rent/Mortgage |  |  |  |\n| Utilities\u003Cbr>Electric, Cell Phone, etc.) |  |  |  |\n| Groceries/Snacks |  |  |  |\n| Car |  |  |  |\n| Car Payment |  |  |  |\n| Car Insurance |  |  |  |\n| Gasoline |  |  |  |\n| Shopping |  |  |  |\n| Clothes |  |  |  |\n| Other Shopping |  |  |  |\n| Fun |  |  |  |\n| Entertainment","cbCaibyuKXWDlJz1","https://ap.wps.com/l/cbCaibyuKXWDlJz1","pdf",60638,"English","# Making a Budget\n## The First Rule of Budgeting\n## Structuring Your Budget\n# Sample Budget Tables\n## Sample Monthly Budget for Teens\n## Your Monthly Budget Worksheet","[{\"question\":\"What is the main purpose of making a budget for teens?\",\"answer\":\"A budget helps track income and expenses so you can see how much money you expect to have and plan how much you can spend each month.\"},{\"question\":\"What is the first rule of budgeting?\",\"answer\":\"Spend less than you earn. The document illustrates this by adding income sources and comparing them to what you spend during the month.\"},{\"question\":\"How should you structure your monthly budget?\",\"answer\":\"Estimate income first, then required expenses (taxes, bills, and paying yourself first through savings), and finally discretionary expenses using the remaining money. Record actual amounts in the worksheet and review the differences.\"}]","Sample Monthly Budget for Teens - Making a Budget | PDF",1790104185]