Daily Spending Tracker for Teens
The biggest challenge in managing money is controlling your spending. It’s tempting to buy things that seem attractive or important, but many of them are not necessary. “Living within your means” is all about deciding what to spend on NEEDS and WANTS.
The basic needs honored in society are Shelter, Food, Health, Clothing, pretty much in that order. Do you need a television? A cell phone? Expensive tennis shoes? Consider these carefully and use the “Depression” test: would your grandparents or great-grandparents, living during the Great Depression of the 1930s, have prioritized everything on your needs list? This daily spending tracker is designed to assist you with those choices.
A need keeps you alive. A want makes living more pleasant. Marketers want you to feel a need to buy their products and make that purchase. Learning to make a distinction between a need and want can enhance your wealth. By keeping your expenses low and more focused on your needs, you will be able to create room in your budget for saving toward larger goals.
Understand the difference between Needs and Wants
Check only the NEEDS in the following list:
□ Rent □ Groceries □ IPOD
□ Water bill □ Hammer □ Vacuum cleaner
□ Glass cleaner □ Car payment □ Suit
□ Dancing shoes □ Video game □ Tires
□ Beer □ Cable TV □ Doctor visit
□ Cell phone □ Dinner out □ SUV vehicle
□ Pet □ Computer □ Electric bill
□ Brief case □ Jewelry □ Make up
□ Cigarettes □ School lunch □ Newspaper
□ Air conditioning □ Oxygen tank □ Diabetes kit
□ Music □ College tuition □ Snow shovel
As you see, some of the items will depend upon your circumstances. If you have a hard time breathing, you can bet that the oxygen tank is a need.
Your wants will have a priority. A car, in today’s world, is needed to support employment. New tires will keep the vehicle safe.
Prioritize these WANTs, 1 to 10, with 1 the most important
_____Music CD _____Cleaning supplies
_____Make-up _____Car
_____Tuition _____Computer
_____Birthday gift _____Hammer
_____Financial software _____Video game
Describe your own Wants Using the spaces below, list as many things as you can think of that fall into your “wants” category. Prioritize them using the following three categories.
Priority One means it supports your efforts to create income (car, training, education, wardrobe for work, haircuts are examples):
Priority Three makes you look successful (examples are a fancy watch, fast car, big house or apartment, expensive shoes):
Priority Two are things you prefer and that make your life comfortable (examples are daily newspaper, cappuccino, lunch out, or a weekend trip):
Write a short paragraph in your own words that explains the difference between a want and a need. Remember there are no wrong answers. You need to prioritize your needs and wants based upon your unique circumstances.
Keep track of your spending on Needs and Wants – Use the Worksheet on the next 2 pages
For one month, record everything you spend in this daily spending tracker. Describe the amount, the payment type, the purpose, and determine if it is a Need or a Want. Use a H, M, L (high, medium, low) to prioritize the Wants. You may need everyone in your household to participate so that you can accurately track your spending.
When you’ve collected a month of data, transfer the info from your printed worksheet to here.
Enter total spent on NEEDS: _________________
Enter total spent on WANTS: _________________
Enter current monthly SAVINGS: _________________
Enter your monthly INCOME: _________________
Percent of your monthly spending for NEEDs: %
(Needs divided by Monthly Income)
Percent of your monthly spending for WANTs: %
(Wants divided by Monthly Income)
PEAK FINANCIAL: Living Within Your Means
For one month, record everything you spend with this daily spending tracker
Describe the amount, the payment type, the purpose, and determine if it is a Need or a Want. Use a H, M, or L (high, medium, low) to prioritize the Wants. You may need everyone in your household to participate so that you can accurately track your spending.
When you’ve collected a month of data, go back to the “Living Within Your Means” Activity in the Peak
Financial Course to calculate your wants and needs ratios.
Date completed __________________________ Completed by __________________________
Item Want or
Need? Priority
(H,M,L) Amount Purpose Payment
Method Date Person
Total spent on NEEDS __________________ Total spent on WANTS __________________
Item Want or
Need? Priority
(H,M,L) Amount Purpose Payment
Method Date Person
Total spent on NEEDS __________________ Total spent on WANTS __________________
