Money in the Real World

How to Stay on Budget

Just having a budget isn’t enough. You have to stick to it. For example, if you plan to clean your room, but forget or choose not to, it’s still dirty. You’re still going to get in trouble, right? You have to know how you will use your money and then follow through with your plan. Here are some tips to help you do that.

Have Your Parents Hold Your Money

parent holding money If you do not think you can handle having money in your pocket, give it to your parents to hold onto. They will keep it safe until you need it. When you get older, you might put your money in a bank account for safe keeping. In that case, the bank will make sure you have access to the money when you need it most.

You may want to tell your parents about your budget so they know what you will need the money for later on. Then they can plan to release that amount of money as needed.

Keep Your Money in a Piggy Bank

Piggy banks are hard to open, so they can hold your money for you. This is a really good way to keep your money safe if you have a big purchase to make. Say, for instance, you want to budget for a bike in the next few months. You might put all of your money into a piggy bank until you have enough to buy the bike. To ensure that you stay on budget, have your parents put the piggy bank somewhere you can’t easily access. Then just ask them for it when you need it.

Remember What You Are Budgeting For

Sometimes all it takes to stay on budget is the thought of what the budget was for all along. Remind yourself of why you’re saving and consider waiting to eat your favorite ice cream after you get the bike. Hopefully you can stay motivated to stay on budget.

Once you get in the habit of saving money for the things you want and need, you will be able to apply the same principles to your life as an adult. Make a budget now and see where it takes you!