Personal Finance & Budgeting
Learn to manage your money effectively from your first paycheck
A budget is a plan for your money. It helps you track income (money coming in) and expenses (money going out) so you can save for goals and avoid running out of money.
50%
NEEDS
Essential expenses: food, transport, phone bill, school costs
30%
WANTS
Non-essential: entertainment, eating out, hobbies, clothes
20%
SAVINGS
Emergency fund, saving for goals (car, phone, holiday)
Calculate your income
Add up all money you receive (wages, allowances, gifts)
List your expenses
Write down everything you spend money on
Categorize spending
Separate needs from wants
Set savings goals
Decide how much to save each week/month
Track and adjust
Monitor your spending and adjust as needed
Pay yourself first
Put money into savings before spending
Track your spending
Use an app or write down purchases
Avoid impulse buying
Wait 24 hours before non-essential purchases
Understand needs vs wants
Ask 'Do I need this or just want it?'
Set financial goals
Short-term (phone) and long-term (car, education)
Use fee-free accounts
Many banks offer free accounts for young people
| Account Type | Purpose | Key Features |
|---|---|---|
| Transaction Account | Everyday spending | Debit card, online banking, direct debit |
| Savings Account | Saving money | Earns interest, limited withdrawals |
Credit means borrowing money that must be repaid with interest. Debt is money you owe.
Be very careful with 'Buy Now, Pay Later' schemes and credit cards - they can lead to serious debt if not managed properly. Only borrow what you can afford to repay.
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