Learning How To Budget!
Many of you may have started your first job this summer, or you are already seasoned employees familiar with the excitement and benefits of receiving hard-earned paychecks. Regardless of your working experiences, as we near the end of the summer, some of you may look at your bank account and wonder, “Where has all my money gone?”. While it can be very disappointing to realize that you probably spent too much money on that Harry Styles concert, online shopping, or takeout, don't let it get in the way of learning valuable budgeting skills. Budgeting is a great way to keep track of your income and spending habits and help you reach your financial goals throughout any stage of your life.
To begin budgeting, think about these critical questions:
How much money can I reliably expect to receive weekly/biweekly/monthly?
What are my necessities and fixed expenses?
Fixed expenses are payments you need to make from period to period that does not change in monetary value. For example, you are a student paying for a Spotify membership that charges $4.99 monthly. It’s a fixed expense because you enjoy listening and cannot imagine canceling your membership at any point in the near future, so it’s a bill you have to pay.
What are my short-term and long-term financial goals?
The length of time for each goal can vary from person to person, so you need to define each one for yourself. For example, your short-term goal could be that you hope to save $1,000 for a new iPhone by the end of the year. Meanwhile, your long-term goal is to have enough money to buy a car within five years.
How much money do I want to save weekly/biweekly/monthly?
If you’re starting out, saving money can be challenging. Do not stress; any amount counts, even if it’s just $5 weekly. That money will continue to grow consistently, and you will build good saving habits.
How much money do I want to set aside as spending money?
This is money you can use to treat yourself at any time! Be free from the unnecessary money-spending guilt. By the time you think about setting money aside for spending, you would have already taken care of fixed expenses and savings.
Are there any expenses that I can cut back on to reach my financial goals?
Remember, you can easily modify these questions to fit your financial budgets and goals. Once you have thoroughly reviewed these questions, you can then move forward and select the best budgeting tool for you. There are so many ways to keep track of your income and expenses. (Link to some resources) There are apps on your phone, and even spreadsheets and templates online. Use these tools to ensure all the answers to your questions are addressed. Select your preferred method, and start!
Honorable Mentions
Platinum Edge Tutoring wants to highlight Isaac Hertenstein! He is a sixteen-year-old student from Greencastle, passionate about teaching younger students the basics of financial literacy. Through his nonprofit, Students Teaching Finance, he has created programs for students in kindergarten to 8th grade that provide essential knowledge on spending and saving. Hertenstein hopes to build strong foundations of knowledge to help students make educated decisions in the future. He wants students to begin thinking about substantial financial investments like college and understand the process of committing to those investments.
New School Year, New Me
The start of a new school year means new classes, new friends, new teachers, and much more exciting, but sometimes very stressful, events. Even if you are a student or parent that loves change and thrives in an active environment, at some point, it can get very overwhelming. When you get to that point, do not let it consume you. There are many activities and tools available to you that can help you prioritize your well-being and focus on your goals.
Here are three ways to improve your mental health:
Journal, it can be fun sometimes…
Take the time out of your day to write down your thoughts. This is the perfect opportunity to learn more about yourself and what may be troubling you. Through this method, you’ll be able to express your thoughts freely and gain clarity about your environment, friends, family, and interests. Sometimes when your thoughts solely exist in your head, they can trick you into believing that you have solved your issues. Even worse, negative emotions and feelings associated with a specific problem can continue to resurface and impact the way you behave without realizing it. This can be avoided easily by writing about the issue, analyzing all the relevant factors, and creating a solution. Once you have figured out your next steps, you can approach the situation with a clear mind, hold yourself accountable to enact change, and track your personal growth through every journal entry.
Exercise! (you might even end up liking it)
Incorporating an exercise routine about three to five times per week can improve your mood, release stress, and maintain your physical health. Whether it is weight training, boxing, riding a bike, or simply going on walks, make it an enjoyable time for yourself. Put on your headphones, listen to podcasts and music, or catch up on your favorite show.
Hobbies
When looking for ways to remain calm, cool, and collected, focus on what you love to do. Set aside some time every week to work on your hobbies. Not only will it help you relax, but you will also develop interesting skills and improve on them the more consistent you are. Love to sing and dance? Join a club or take some lessons. Want to learn how to play the guitar or paint? Watch YouTube videos at home and teach yourself!
Honorable Mentions
Platinum Edge Tutoring’s Health & Wellness highlight of the month is the New York State Office of Mental Health (OMH). Only July 18, Mayor Eric Adams announced that OMH had invested 10.8 million dollars in New York City’s free mental health helpline, NYC Well. This program helps provide counseling, crisis intervention, and referrals to treatments for New Yorkers. Through additional funding, NYC Well will increase its capacity by 20%, and counselors will be able to offer up support for over 500,000 calls and texts over the next year. You can access NYC Well by calling 1-888-NYC-WELL, texting WELL to 65173, or going to their online chat.
Crash Course on Career Technical Education
Career Technical Education programs provide students of all ages the opportunity to participate in work-based learning to develop highly sought-after skills. CTE helps students understand how their school learning will be applied in the real world. Whether students pursue higher education or enter the workforce, the knowledge they acquire from CTE programs will help them incorporate technical, academic, and employable skills needed to gain living-wage employment.
CTE programs offer:
Specific career paths across 16 career clusters through specialized finance, marketing, human services programs, and more.
Opportunities to earn industry-recognized certifications
Access to career mentoring, internships, shadowing events
Courses in Career and Financial Management that will help prepare students to manage their money
Honorable Mentions
This month, Platinum Edge tutoring wants to give a spotlight to Dawn Daniels for developing Maritime Careers of New York Harbor, an education program that introduces children to maritime culture and career opportunities. Students from P.S. 31 in St. George, Staten Island, were taken on a trip to visit the Atlantic Salt Company last month. The program was driven by Daniel’s realization that it could serve as a pipeline to local industry. She is motivated to connect children to work opportunities after discovering that about 15 percent of children under 18 in Staten Island live in poverty. This program is one of many career and technical education programs developed to offer students more than just the conventional career path.