One of the biggest challenges that teens and college students face with their finances is budgeting. The word budgeting can seem like a time consuming and complex task; however, creating a budget can be simple and save time and money in the long run. Start budgeting your money by following Money MindEd’s three easy steps to creating a monthly budget.

Step One: The first step to creating your budget is determining your monthly income and expenses. Try keeping a money diary for a month. Record you’re income, money earned, such as a part time job, allowance, or gift money and your expenses, money spent or set aside for saving. At the end add up your entries to determine your monthly income and expenses. Read more…