Let’s be honest: budgeting doesn’t sound exciting. For a lot of people, it feels like a chore—or worse, a restriction. But the truth is, budgeting isn’t about saying “no” to everything. It’s about learning how to say “yes” to the things that actually matter to you.
A good budget helps you take control of your money instead of wondering where it all went. It gives you the confidence to spend wisely, save for the future, and still enjoy the things that make life fun. And here’s the best part—it doesn’t have to be complicated.
What Budgeting Really Means
Think of a budget as a plan for your money. Not a set of rules, but a tool that helps you make smart choices. Whether you’re working a part-time job, getting a monthly allowance, or managing your first full-time paycheck, budgeting helps you stay on track and avoid stress later.
It starts by asking a few simple questions:
- How much money do I have coming in?
- What are the most important things I need to pay for?
- What do I want to save for or spend on?
From there, you’re just organizing your money into different categories that reflect your priorities.
The Spend-Save-Share Approach
One of the simplest ways to start budgeting is with the Spend, Save, Share method. It’s easy to remember, flexible, and works no matter how much you’re earning.
- Spend: This is for your everyday purchases—food, clothes, gas, entertainment, school supplies, etc.
- Save: This bucket is for short- or long-term goals. Maybe you’re saving for a car, a trip, or just trying to build a little emergency cushion.
- Share: This is money you use to give back—whether it’s donating to a cause, helping a friend, or treating someone to coffee. Even a few dollars can make a difference and reminds you that money has the power to do good.
There’s no perfect formula, but a common breakdown is:
- 70% Spend
- 20% Save
- 10% Share
You can adjust the percentages depending on your needs and goals—but having these three buckets creates balance.
Needs vs. Wants: Making Smart Choices
Another important part of budgeting is understanding the difference between needs and wants. It sounds simple, but it’s not always clear in the moment.
- A need is something essential—like food, rent, school supplies, or transportation.
- A want is something that’s nice to have—like takeout, new clothes, subscriptions, or concert tickets.
Both are okay! Wants aren’t bad. The goal is just to be intentional. When you can tell the difference, you’re less likely to overspend on things that don’t really matter to you.
Before you make a purchase, try asking yourself:
- Do I really need this right now?
- Will I still want this in a week?
- Is there something I’d rather use this money for?
Sometimes the answer is still yes—and that’s totally fine. The point isn’t to cut out fun, it’s to choose your fun.
The Trade-Offs Are the Secret Sauce
Every spending decision comes with a trade-off. If you spend $50 going out this weekend, that’s $50 you’re not putting toward your spring break trip or new headphones. That doesn’t mean it’s the wrong choice, it just means it’s a choice.
When you start thinking about money in terms of trade-offs, you’re budgeting like a pro. You’re making decisions based on what matters to you, not what everyone else is doing.
Take Control, One Step at a Time
You don’t have to build the perfect budget overnight. Start by tracking your spending for a week. See where your money is going, and whether it lines up with what’s most important to you. Then try setting a weekly or monthly limit for yourself in each category—Spend, Save, Share—and test it out.
There are even budgeting apps designed for students and young adults (like Mint, Rocket Money, or YNAB), or you can keep it simple with a spreadsheet or notes app.
The goal is progress, not perfection.
This Week’s Question:
What do you think is a smart purchase—and why?
There’s no one right answer. What matters is your reasoning. Try talking to someone older in your life about a purchase they were proud of—and one they regret. You might be surprised by what you learn.
Challenge for the Week
- Try tracking every dollar you spend for one week. What patterns do you notice?
- Set a short-term savings goal—something fun, meaningful, or useful.
- Start your own version of Spend, Save, Share and see how it feels.