Now does this sound well budgeted(if thats a word) lol? help?

Question

Okay for the summer i will make alltogether

$964 dollars.. im 14 years old. high school freshmen and i need clothes and a cell phone.. i want to put some of ma money in ma savings account how does this sound

$200- clothes(school shopping)

$200- cell phone(its going to be way less then this..just goin over to be safe)

$150 for me just to have(to spend wisely)

$414 in my savings account

Does that sound good. Oh and i have to spend 200 on clothes because i only have one pair of shoes(black chucks yuck) And the phone will most likely be 100- 150 dollars btw... okay how does my budget plan sound

thx

Answer 1

That looks like a terrific budget to me.  You are saving close to half of your earnings, which is far better (I suspect) than any of us adults who are giving you advice.

In particular I suggest that you ignore Steven F's misguided advice.  One of the key things that determines whether a budget works for you or gets ignored is allowing enough "mad" money to allow yourself to spend on the occasional luxury without feeling guilty about it.  Go ahead and enjoy.  You have made very wise choices.  That's impressive at any age, but especially in someone as young as you are.

Answer 2

Sounds good, as long as you stick to it and don't get tempted to buy over your 'limit'.

Answer 3

$150 for me just to have(to spend wisely)

This is NOT a budget.  Until you NAME whatever is in this category, you don't HAVE a budget.

Answer 4

Sounds ok but I'd be careful with the cell phone. You don't want to get caught into one of those contracts. Buy one with prepaid cards. No contract. You'll sleep better.

Answer 5

hello - congrats!  that's a lot of money.  your plan sounds very good.  have your parents open a savings account for you for the $414 and put the money in the asap to start getting interest now.  compound interest is great.  when your savings hits 1K or so ask them to open a retirement account for you, IRA or Roth IRA so you start to get that going.  

good job and good luck.