How to Budget Money for Clothes for Teenagers

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If you want to budget money for clothes for teenagers, you're going to have to take their tastes into consideration. Budget money for clothes for teenagers with help from the founder of Well Kept Wallet in this free video clip.

Part of the Video Series: Insurance & Finance Info
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Video Transcript

Hi, my name is Deacon Hayes and I'm the founder of Well Kept Wallet. And it is our goal to get you from where you are, to where you want to be with your finances. And today, we're going to talk about how to budget money for clothes for teenagers. Having teenagers can be tough to budget for because they grow, their tastes change. And so, to have a plan can be helpful. The first thing you can do, is look over your last year's bank statements and figure out how much money you did spend on clothing for your teenager. Let's say that you spend 600 dollars. You could break that out by month and if you divide 600 by 12, it's 50 dollars per month. So, now you could take that money, and instead of just putting it on a budget, open a savings account. And every month put 50 dollars in that savings account. After a while, the need will arise for clothes and you'll have the money available to buy shoes, pants, shirts, etc. If, at the end of the year you realize that you spent 150 dollars less. You can then reevaluate that budget for next year, as well as determine what to do with the extra cash. Perhaps you want to put it in a college savings fund or you want to go on family vacations. Whatever you want to do, having a budget is important, not only for your teenagers but for every aspect of your life. And this is what I help people with on a daily basis. That is how to budget money for clothes for teenagers. I'm Deacon Hayes, click on my name for more information and thanks for watching.

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