Learning to spend, save and budget for teens

Choose a specific financial goal – whether that be saving, spending, or budgeting (Goal Tracker can help you with this). The three most essential money basics to remember, include:

Spending. Staying on track of your spending can help keep it under control. It’s as simple as:

• Checking your balance regularly to ensure you’re living within your means
• Reviewing what you spend your money on (for example, via Spend Tracker)
• Turning on transaction notifications to alert you to when you spend and get paid

Saving. It can be both exciting and daunting to save. Luckily there are several ways to set yourself up for success, including:

• Choosing a specific financial goal – whether that be saving, spending, or earning
• Setting up an automatic transfer from your income into a savings account, so you don’t accidentally spend it
• Trying to not to dip into your savings by remembering your bigger reward later

Budgeting. Having a budget is linked to better financial wellbeing. Simply:

• Tally up your regular expenses (such as petrol, public transport, and groceries) using Budget Planner
• Allocate how much you need versus want to save
• Continue to review your spend and tweak accordingly