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    Basic Budget Establishment and Maintenance: Book Two - for Teens and Young Adults
    Basic Budget Establishment and Maintenance: Book Two - for Teens and Young Adults
    Basic Budget Establishment and Maintenance: Book Two - for Teens and Young Adults
    Ebook235 pages7 hours

    Basic Budget Establishment and Maintenance: Book Two - for Teens and Young Adults

    By Ronald E. Hudkins

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    About this ebook

    Budgeting can be tolerable and easily followed if you have a good plan! Realistically, we are all living by some means that encompasses a budget. Since we’re all operating on a financial budget limited by our earnings, we have our own ways of managing our earn and spend habits.

    Our lives are an endless progression of acquire and consume. Since this cycle is inevitable if we are to survive, the values we hold about money are put to the test when we know that we’re running low on money, when we’re considering a bill, and when we’re anticipating stress. Ultimately, most of us run out of money, some live paycheck to paycheck but, a handful actually manage to set aside a savings for the future.

    This book contains proven steps and strategies on how to change your personal financial present and future by putting in place a suitable and logical budgeting plan! You will learn to live within your means.

    In this book you will get practical help on topics like reducing debt, saving on everyday expenses, preventing impulse buying, preventing overuse of credit, adjusting your budget to fit your changing needs, setting specific goals or priorities and learning how to save money on food, transportation, entertainment, home, energy and more.

    This book is for those who want to get control of their home budget and personal finances and master the means to keep their personal finances on track. It will guide you through setting up a well-defined budget that works for you and leads you to your goal of achieving financial success.
    Whether you're trying to save money or just struggling to pay last month's bills, you'll find immediate help and direction in the Basic Budget Establishment and Maintenance Book for Teens and Young Adults.

    LanguageEnglish
    PublisherRonald E. Hudkins
    Release dateJul 15, 2015
    ISBN9781310862434
    Basic Budget Establishment and Maintenance: Book Two - for Teens and Young Adults
    Author

    Ronald E. Hudkins

    Ronald E. Hudkins (1951-Present) was born in Canton, Ohio and grew up in Massillon, Ohio. He was drafted into military service in 1970 where he remained up until 1993 when he retired honorably from the U.S. Army, Military Police Corps. During his service and after, he attended many universities that include Kent State University, Maryland University, Central Texas College (European Branch), Blair Junior College, Hagerstown Junior College and Phoenix University. He mostly completed general studies but declared two majors in the areas of Business Administration and a Bachelor of Science in Information Technology. Although he was an intelligent student he was never on the Dean's List, or voted a most likely to succeed candidate. He did not graduate with any specific degree however if you were to consider all his credits and self-study he could reasonably be considered a Rogue Scholar.

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      Book preview

      Basic Budget Establishment and Maintenance - Ronald E. Hudkins

      Basic Budget Establishment and Maintenance

      Book Two - for Teens and Young Adults

      By Ronald E. Hudkins

      ~~~

      Smashwords Edition

      Copyright © Ronald E. Hudkins

      All Rights Reserved

      ISBN-13: 978-1507859698

      ISBN-10: 1507859694

      In accordance with the U.S. Copyright Act of 1976, the scanning, uploading and electronic sharing of any part of this book without the permission of the publisher constitute unlawful piracy and theft of the author’s intellectual property. If you would like to use material from the book (other than review purposes) prior written permission must be obtained by contacting the publisher in writing @ Ronald E. Hudkins, 169 Countrymens Way, Durango, CO 81303-7882.

      Thank you for your support of the author’s rights.

      Smashwords Edition, License Notes

      This ebook is licensed for your personal enjoyment only. This ebook may not be re-sold or given away to other people. If you would like to share this book with another person, please purchase an additional copy for each recipient. If you’re reading this book and did not purchase it, or it was not purchased for your use only, then please return to your favorite ebook retailer and purchase your own copy. Thank you for respecting the hard work of this author.

      Description

      Budgeting can be tolerable and easily followed if you have a good plan! Realistically, we are all living by some means that encompasses a budget. Since we’re all operating on a financial budget limited by our earnings, we have our own ways of managing our earn and spend habits.

      Our lives are an endless progression of acquire and consume. Since this cycle is inevitable if we are to survive, the values we hold about money are put to the test when we know that we’re running low on money, when we’re considering a bill, and when we’re anticipating stress. Ultimately, most of us run out of money, some live paycheck to paycheck but, a handful actually manage to set aside a savings for the future.

      This book contains proven steps and strategies on how to change your personal financial present and future by putting in place a suitable and logical budgeting plan! You will learn to live within your means.

      In this book you will get practical help on topics like reducing debt, saving on everyday expenses, preventing impulse buying, preventing overuse of credit, adjusting your budget to fit your changing needs, setting specific goals or priorities and learning how to save money on food, transportation, entertainment, home, energy and more.

      This book is for those who want to get control of their home budget and personal finances and master the means to keep their personal finances on track. It will guide you through setting up a well-defined budget that works for you and leads you to your goal of achieving financial success.

      Whether you're trying to save money or just struggling to pay last month's bills, you'll find immediate help and direction in the Basic Budget Establishment and Maintenance Book for Teens and Young Adults.

      Financial Disclaimer

      The Content is intended only to assist you with financial decisions and is broad in scope and does not consider your personal financial situation. Your personal financial situation is unique and the information and advice may not be appropriate for your situation. Accordingly, before making any final decisions or implementing any financial strategy, we recommend that you obtain additional information and advice of your accountant and other financial advisors who are fully aware of your individual circumstances.

      DEDICATION

      I dedicate this book to teens and young adults looking for sound advice on how to make smart financial choices needed to establish a firm footing as you work your way through school and the post-graduation years.

      Just remember as your speeding down that new found road of freedom that how you spend your 20’s financially will ultimately define you.

      After all is said and done you should also know; after you get married, someone should know how to write a check correctly, save and invest. Because, even if you have tons of love, there’s still going to be a lot of bills!

      Table of Contents

      Description

      Financial Disclaimer

      Dedication

      Part One: Introduction

      1a. Setting Out on Your Own

      1b. First Things First: Develop a Budget

      1c. Trying It Out

      Part Two: Young Adult Budgets and Budgeting Overview

      2a Why Should a Young Adult set up a formal budget?

      2b. Where and How You Spend Your Money

      2c. Prioritizing Needs vs. Wants

      2d. Controlling Impulse Buying

      2e. Addressing Shortfalls

      2f. How much is technology costing you?

      2g. Top Dozen financial mistakes young people make

      2h. Free Sites That Help Track Young Adult Spending And Savings

      Part Three: Budgeting

      3a. How Do You Set Up a Formal Budget?

      3b. Creating a budget

      3c. Realistic tracking of expenditure

      3d. Understand your cash flow

      3e. Distinguish your needs from your wants

      3f. Cut down on the expenses

      3g. Reduce on your debt

      3h. Outline your spending priorities

      3i. Shopping Tips

      Part Four: Being Prepared for a Disaster

      Part Five: Revising Your Financial Plan

      5a. A Simple Money Management System to Help Teens Manage Money Better

      Part Six: Credit Repair

      6a How to Help Yourself

      6b. Your Rights

      6c. Do It Yourself

      6d. Paying Down Credit Card Debt

      6e. Keep Credit Card Use Under Control

      6f. Reporting Negative Information

      6g. The Credit Repair Organizations Act

      6h. Report Credit Repair Fraud

      Part Seven - Free Credit Reports

      7a. How do I order my free report?

      7b. Warning About Imposter Websites

      7c. What information do I need to provide to get my free report?

      7d. Why do I want a copy of my credit report?

      7e. How long does it take to get my report after I order it?

      7f. Are there any other situations where I might be eligible for a free report?

      7g. Should I order a report from each of the three nationwide credit reporting companies?

      7h. Should I order my reports from all three of the nationwide credit reporting companies at the same time?

      7i. What if I find errors — either inaccuracies or incomplete information — in my credit report?

      7j. What can I do if the credit reporting company or information provider won’t correct the information I dispute?

      7k. How long can a credit reporting company report negative information?

      7m. Can my employer get my credit report?

      7n. Paying Down Credit Card Debt

      Part Eight: Parents Training

      8a. The Importance of Young Adult Budgeting

      8b. What Your Kids Need To Understand About Money In Order To Be Good With It

      8c. Why You Should Teach Your Teenagers to Shop for Items on Sale Only

      8d. What Can Kids Do In Order To Control Impulse Purchases?

      8e. Teaching Your Teens/Small Kids to Value All Money Even If It’s Pennies on the Ground

      8f. Are You Teaching Your Teens About The Savings They Could Get Using Coupons?

      8g. How Can You Convince Your Kids That It's Good Save Money Rather Than Spending All Of It?

      8h. How to Teach Teenagers Self Control When It Comes To Money

      8i. Teaching Your Teen the Difference Between Wants and Needs

      8j. Teaching Your Teenagers about Comparison Shopping and Resisting Impulse Purchases

      8k. The Importance of Getting Teens to Get the Most Out Of the Items They Purchase

      8l. Getting Teens to Sell Their Old Designer Clothes for Extra Money

      8m. Getting Your Teen a Bank Account Now So They Can Avoid Mistakes as an Adult

      8n. Getting Your Teens Away From Commercial Based Television and How It Can Help Save Money

      8o. Getting Your Teens to Save Money by Introducing Them to Second Hand Stores

      8p. Getting Your Teens to Take Customer Service Surveys At the Places They Shop to Get Savings

      8q. Helping Your Teen Understand About the Risks Associated With Having an ATM Card

      8r. Should You Get A Prepaid Debit Card for You Teen Instead Of a Regular Bank Account Debit Card?

      8s. Should You Hire A Financial Planner For Your Teenagers?

      Part Nine; Financial Tips

      9a. Top Ten Financial Mistakes Young People Make

      9b. Why a Lot of Young Adults Struggle To Save Any Money These Days

      9c. How Does A Young Adult Set Up A Formal Budget?

      9d. Top 10 Tips

      9e. Why are saving and investing so important to your financial plan?

      9f. An Array of Investment Options

      9g. Why Is Using Cash Better For Your Kids Than Using a Credit Card?

      Part Ten: Saving for Retirement

      Appendix I Choosing a Credit Counselor

      Appendix II Understanding Vehicle Financing

      Appendix III Online Coupon Outlets

      Book Review

      About the Author

      Author’s Other Books

      Investing for Profit

      References

      Part One: Introduction

      For a large number of young people today, and that includes both college students and recent graduates, jobs are scarce and generally hard to come by. The global economy had taken a dramatic turn downward towards the end of 2008, essentially threatening the financial stability that millions of Americans had once felt since jobs were nearly impossible to gain and millions were losing their life savings in the crash. Some states fared better than others, but overall there was widespread struggle that was felt throughout the country and even throughout the world, as the economy suffered on more of a global level. As a result of the 2008 crash, it was nearly impossible for recent college graduates to secure positions pertinent to what they had studied in college, unlike previous generations of college graduates who easily found jobs right out of school and not just the traditional blue collar jobs, but professional positions with prominent companies that promised a retirement plan and came with a string of benefits. But this recent wide spread trend of high unemployment has led to various Americans, especially those who have always been part of the working class, to experience, for the first time, abject poverty, the type of poverty that often leads to homelessness and destitution.

      Although this was the reality for some Americans, especially those who were uneducated and usually worked jobs that required only a minimal skill level, those who were from the middle class were forced to adjust to a lower standard of living than what they had been previously accustomed to living as a result of losing either a job or a significant amount of money in the stock market. Some people lost their homes, while others were forced to cash out their 401(K) s, essentially sacrificing their futures in order to pay for the necessities of life in the present, such as rent, mortgage payments, or even food.

      This type of desperation that was experienced by millions of families throughout the country should highlight the importance of saving money, and that it’s not something that should be delayed until a good job is obtained or after buying a first home. In fact, the earlier you start saving the better off you’ll be. But saving money in youth shouldn’t be seen as a way to fulfill a short-term financial goal such as purchasing a used car or buying a new computer, but should also be a way to establish long term goals like saving for retirement or for your first home. This may not be necessarily related to irresponsibility, but rather a reflection of a lack of knowledge of how to save money along with the reality that most young people, particularly teens who haven’t yet earned their college degrees are working for significantly lower wages than older adults who have earned degrees and spent more time in the workforce. In most cases those from younger generations, whether full-time students or not, are making very little money compared to what adults from their parents’ generation are earning or were earning when they graduated from college, factoring in inflation, of course. There are even a wide variety of young people who are going into debt for acquiring student loans for the purpose of funding their education in the hope that an education will provide them with a more financially secure future.

      When taking these factors into account, whether you factor in the wide range of unemployment or the series of college-educated youth who are landing jobs that were previously held mainly by those with only high school diplomas, it’s enough for any young person to wonder how they’ll be able to save any money, since it may seem to most young people that majority of what they made is needed for living expenses in the present. But though there’s an immense importance of saving money and planning for the future, whether one is securing funds in a retirement account or in a separate bank account reserved specifically for future emergencies, there are some disadvantages along with benefits that come with saving money at a young age. For one, among some of the obvious advantages, when a young adult gets into the habit of saving money for the future, particularly if the money is invested rather than just left to sit in a regular savings account, the invested funds will have years to grow, that is, if the money is invested well and is left in the market, and therefore the young adult will have the ability to generate wealth that’s usually found in the equity of an investment.

      The reality of dealing with money, something a fair amount of young people fail to grasp, is that every year, due mainly to inflation, the value of money depreciates. This can translate into the prices of various items, whether it’s food, gas or housing, to rise with every passing year. Although the price of merchandise is bound to increase due to inflation, rarely does one’s income increase at that same rate, meaning that if money is saved smartly and invested in the market starting from the time that a person is young and just starting out in the workforce, the inevitability of inflation will have little impact on the value of the person’s assets. It doesn’t even take an enormous amount of money to have an enormous impact forty years down the road. For instance, if a young working adult pays 25 dollars a week or 100 dollars a month into a Roth IRA from the time they’ve begun their careers following college, contributing the same amount of money for the next forty years or at least until the individual has reached the age of retirement, that working adult should expect to have at least $105,000 that’s ready for withdrawal.

      The advantage of saving money in youth, even if it’s an amount that seems almost insignificant, is that it

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