The High School Financial Planning Program® (HSFPP) will be retiring on July 31, 2021. Learn more about this decision.

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Money Management: Control Your Cash

Lesson 1-4 Spending Plan

With a spending plan or budget, you create the road map that will guide you to your destination: success. Detail exactly how you're going to use your money to pay for the things you want. An effective spending plan not only multiplies your chances of success, it also helps make the journey faster and easier.

What You’ll LearnCreate a spending plan.

Taking it Home

  • What kind of lifestyle do you expect to have? With an adult, complete the Jump$tart Reality Check to imagine what your budget might be when you live on your own.
  • Find out types of expenses that impact your family’s budget, such as utilities, phone, Internet and groceries. What is your guess for the monthly amount of these types of expenses? Find out how close you were with your estimate.

Learn More

  • If you are involved with a class or youth group project that involves raising or spending money for a trip or project, work with the group's planners to create a spending plan for a class trip or group project.
  • Research to estimate costs to live at home, on campus or off campus if you will soon be attending a college or a trade school. Use that information to create a spending plan for a semester or trimester.

Related Resources

Talking Points for Parents

While your teen is learning about budgeting, consider ways to reinforce learning from home.

  • Every family has a different money management system. Whether or not your family keeps a formal budget, talk to your teen about the importance of having a spending plan. Share your own experiences to reinforce classroom lessons.
  • Share examples of how your family budget changes over time and to accommodate changing priorities.
  • Include your teen in planning for household spending, such as monthly groceries or a major expense.