It’s your best mate’s birthday but you spent all your money clubbing last week so you can’t buy them anything.

Budgeting is a good way of keeping a close eye on how much money you’ve got, how much you spend and how much you need.

Try these tips to work out your personal budget:

• Write down how much money you have coming in every week – this is your total income.  Draw a plan of the week. For each day write a list of everything you buy like food, your phone bill, rent, any clubs you’re a member of and bus fares
• Add it all up. Take this figure away from the total income
• Then you can work out what you have left to save or spend on other things like going out or really cool presents for your friends!
• Try to plan ahead. If you don’t have enough to pay for something look at your budget and see where you can save money.

Why should I save money and how?

Saving means looking after your cash and helping to make sure you have it when you need it – no more scrounging from your mates to buy a bag of chips!

Try these tips to streeeeetch your cash:

• Look out for any money off vouchers in magazines and newspapers but spending your money just for the sake of using the voucher isn't a good idea.
• Try before you buy. The library or video shop can be good for borrowing books, dvds and cds.
• Take your own sweets to the cinema.
• Know what you’re getting into if you download a ringtone or text alert. Read the small print or if it doesn’t make sense get someone else to read it too.

Find out more about saving by looking at these websites:

http://direct.gov.uk/en/YoungPeople/Money/ManagingYourMoney/index.htm

http://www.connexions-direct.com/