BUDGET - HIGH SCHOOL

Meet Jasmin

Jasmin needs your help. Follow her along on a financial journey, as she makes mistakes, fixes them, and learns her lesson.
Click-through time: ~4 minutes.
Test your knowledge with a quiz and our game: "Talk Like a Banker"!
Learn how to make decisions with her friend, Irene.

"Jasmin’s alarm starts beeping, like it does every school day at 7:30 in the morning. She jumps out of bed, grabs her slippers, and..."

Save Part of Your Income

You don’t need to make it complicated. The trick is to earn more than you spend.

Income is the money you get (allowance, job, gift).
Expenses is the money you spend on your needs and wants.
Get in the habit of saving at least 20% of what you get- before you start spending

Budget Tip #1

Move the money you’re saving from your checking account to your savings account.

You will earn interest on it. And you won’t be tempted to spend the money you earmarked for saving.

Budget Tip #2

The #1 rule is to always make sure your income is bigger than your expenses.

The #2 rule is to save the difference. For emergencies and to later be able to buy what you need when you need it.

Budget Tip #3

“Pay yourself first”. Decide how much you want to save from each allowance, part-time job paycheque, or casual pay. Keep it for the future.

As for the rest, you can spend that on your current needs and wants.

Budget Tip #4

Don't take away from your 'needs' to indulge your 'wants'. Before making a purchase, stop and consider what else you could buy with that money / what it may be worth in the future if saved or invested.

But do leave a little room for 'fun' purchases.