badically im 16 having a succesful business making abt 5k profit a month all to myslef but i spend so much on stupid stuff i mean i give money to my family but kime i spend 650 a month on takeout and its js making me fat how do i budget do i take out cash or put it into a fund or sum
stop eating so much take out, it will affect your health and financial stability. try to minimize that to once a week maybe, on a certain day and look forward to that day?
@Jas
How are you making 5k a month?
Save for a vehicle, school costs, and an emergency fund. Automate deposits into a separate account so you only spend what’s in your main account—out of sight, out of mind.
@Jas if you’re a visual person, making a budget spreadsheet can help bring attention to where you’re spending too much on stupid shit. definitely open a high yield savings right away and start stashing your extra cash there until you have a better plan
Don’t spend impulsively—it leads to bad habits. Plan for what you truly want, like a car, and save for it. Stick to a daily budget, and rethink your diet—it can impact your health. We’re natural carnivores, and agriculture changed us. Focus on cutting carbs and sugar!
hey…What kind business?
If you’re 16, I would focus on putting as much as possible into savings and/or investing.
Not sure where you’re located, but in the US you can open a bank account under 18 with adult permission, and you can have a Roth IRA as long as you have earned income.
You can definitely spend on yourself, but I would give yourself a certain allowance so you’re not spending all your money!
Set up auto transfers on payday—30% goes to a high-yield savings. Use money buckets for goals like a car or emergency fund. For takeout, use a set cash budget.
Read some books like the millionaire next door and watch The Minimalist Documentry. Both will put you on the right path.
Open a savings account, deposit half your money and spend the rest