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Helping an older teen with poor spending habits

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3 hours ago, matrips said:

There is a popular app called YNAB.  You Need A Budget.  
Many many people have found it so helpful.  The basic idea is that  you spend the money available in your budget.  So you get a paycheck (to be budgeted), then assign those dollars to categories you have set up- your needs get budgeted first- rent, utilities, gas, car insurance etc.  Then allot some dollars to repairs/new tires/emergencies.  Then allot dollars to clothes, dining out, vacations etc.

when you go to spend, check your category, make sure the money is there, spend it and then write the transaction in.

it gives an awesome and easy to use visual of your needs and wants and spending.  Well worth the annual fee.  There’s a Facebook page of ynab users you can ask questions to.

DH and I have used this for years and we love it. I showed it to our 16 year old for one of his economics projects this year (he had to research and set a budget based on where he'd like to be in 8 years) and it was really eye opening to him on what sort of expenses there are in everyday life. Before we got it we were doing paper accounting in a ledger so this was a major step up. LOL!

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