Milford chronicle., 1959-10-30
Teen Lament:
Where Does My
Money Go?
AP Newsfeatures

What happens to money!" writes
an 18-year-old student. II worked
like slave all summer, then didn't
have a cent when school started.
My tuition isn't much and / made
5000 above it, but when school be-
gan had nothing left. / don't
know what happened to the money.
/ didn't spend much on myself"
That's a familiar theme in ado
1escence and good time to profit
by the lesson, especially if a girl
plans to handle her own finances.
Bank surveys show that money
skill is just as important to women
as 1t is to men. The family finances,
in most cases, are handled by wo-
men, another reason to learn how
to take care of money. 81 e =
Dollars And Sense
Good money management could
be learned early in life. A million
teen-agers have gone from high
school off to the cold hard working
world, and are trying to get along
on their income. A budget is the
only answer, and itidoesn't make a
miser or skinfiint out of you. 1t can
be fun. 1t can help plan your spen-
ding, keep you out of debt, and help
you live, within your income, may
be even help to create rainy day
fund.
Here are some suggestions offer
ed by the American Banking Asso-
citation for a budget for young peo-
pie. This may be used by the full
time worker, the student who works
part time or the student who lives
on a plush allowance from the fam
lily.
Budget Rules
Expenses: First step is to figure
out how much IL costs you to live.
How much are your various needs
and recreation? Lump these ex-
penses into groups such as school,
clothing, personal care, recreation,
donations and gifts. (This can be
approximated by listing birthday
and Christmas presents, and costs
that you coped with last year.)
Transportation and hobbies should
be included in expenses.
Income: Income may vary from
week to week depending on job ear
nings-overtime part time or extra
money from home such as an allow
ance or gifts of money for birth
days, Christmas, other occasions.
This may be estimated by appor-
tioning your income and estimating
gifts based on those received last
year.
Weekly Spending Plan: Refer to
your yearly expense list, decide
what items you need to buy or pay
for each week. You could pay bills
by bank check: your cancelled
checks are proof of payment, and
a checkbook provides a record of
expenses and income. Special
checking accounts are designed for
small depositors. You pay by the
checks you use.
Savings: Don't laugh. 1t can
happen even on a small income.
Deposit rainy day money a little
at time. Put 1t in the bank where
1t will be out of easy reach and
earning interest. Even small sums
add up.
Leftover Cash: When you learn
how to budget, you will find that
certain weeks you will have little
money left over, when your ex-
penses are less than you anticipat-
ed. Put IL away for something spe-
cial-a car, sailboat. hi-fi equip
ment or perhaps a camera. You
can put il in a special bank account
or make out check to yourself for
that amount each time, and hold
IL until needed or deposit il.
Once you learn how to budget,
and how much security it gives you,
the rest is easy. You may evolve
a budget system to fit your own
way OF life.
A budget is essential il you live
alone and must meet such expenses
as rent. utilities, food bills.