What is a good way to budget my money? Im 14 and get $100/month from parents to live. I need help!?

Question

I need percentages or fractions of whats best to spend my money on. Food, home and health is covered but i need to pay for clothes, fast food, restaurants, recreation, etc

Answer 1

$100 a month is insane to give a 14 year old. You should take half that money every month and put it in a savings account not to be touched until you're in college.  

Answer 2

Look at how you've spent money in the past.  Make a list of what you usually buy in an average month (two movie tickets at $8 each, three meals out each week at an average of $12 each, etc), and expenses that occur at certain times of the year ($75 in August for school clothes, $30 in December for Christmas gifts, etc).

Then see if that spending falls within your budget.  If you know you need to spend more than $100 in a particular month, then figure out when you can spend less and save that money in advance.

How much you spend in which category is up to you and your priorities.  What are you willing to cut back on, and what do you really want to keep?  Do you mind eating out only once a week if it means you can attend dance class or buy the latest fashion?  Or is eating out with your friends absolutely vital?  So it's up to you.  

The only suggestion I would make is to put at least 15% in a savings account - this is a good habit to start now, because you'll need to do it throughout your adult life.  It will help you save for long-term goals, like a car, college, vacations, etc.

Answer 3

You should save at least 10% each month before spending on anything.  It's a good habit to get into at a young age.  I don't think you should split the remaining 90% into categories (fast food, clothes, etc.), but rather into weeks.  In other words, if you get $100 on the 1st of the month, save $10, which leaves you $90 to spend.  Spend an average of $3 per day ($21 per week).  That way, you won't run out of money before the month ends.