10 Budget planning tips for youth

Track Your Income & Expenses - Use a notebook, Excel, or apps like Wallet or Money Manager to monitor where your money comes from and where it goes.

Follow the 50/30/20 Rule - 50% for needs (food, transport), 30% for wants (entertainment, shopping), 20% for savings and debt repayment.

Set Realistic Financial Goals - Short-term: buy a gadget, go on a trip. & Long-term: save for college, start a business, or invest.

Create a Monthly Budget - Plan your monthly spending in advance. Allocate fixed amounts to different categories and stick to it.

Avoid Impulse Spending - Think before you buy. Ask: "Do I really need this?" Wait 24 hours before making a non-essential purchase.

Start Saving Early - Even small amounts add up. Open a savings account and deposit money regularly.

Use Digital Tools - Try budgeting apps like YNAB, Mint, or Goodbudget for easy tracking and financial planning.

Build an Emergency Fund - Aim for 1-2 months’ worth of essential expenses for emergencies like medical needs or job loss.

Limit Use of Credit - If you use credit cards, pay the full amount on time to avoid debt. Don’t borrow more than you can repay.

Educate Yourself About Money - Read books, watch finance videos, and learn about investing, taxes, and smart spending habits.