From the desk of our Foster Youth Resource Concierge

So you landed the job. Congrats! Earning your own money feels amazing, but before you go on a spending spree, let’s talk about something important: budgeting. It might sound boring, but it’s worth it, and your future self will thank you.

Budget Like a Boss

The first step to managing your money is creating a budget. It’s easier than it sounds. Start by listing your income (your paycheck) and your expenses (things you need to pay for). Break it down like this:

• Income: What you’re earning each month.

• Savings: Try to save at least 20% of your paycheck.

• Needs: Essentials like transportation and phone bills.

• Wants: Fun stuff like snacks, clothes, and entertainment.

Save, Save, Save

Saving is key, even if it’s tempting to spend your money right away. Open a savings account if you don’t have one, and aim to set aside a small percentage of each paycheck. Can’t save 20%? That’s okay—start small and work your way up. Pro tip: Setting a savings goal, like a new phone or a trip, makes saving more motivating and fun.

Be a Smart Spender

When you do spend, spend wisely. Think twice before making big purchases and always look for deals. Check your favorite stores online for discounts, coupons, and sales before making purchases. The goal isn’t to be cheap, but to be smart with your money.

Learn About Credit

You might not have a credit card yet, but learning about credit is super important. Your credit score will affect things like renting an apartment or getting a car loan in the future. Start building good credit habits now by paying bills on time and not borrowing more than you can pay back.

Emergency Fund FTW

Life is unpredictable, so having an emergency fund can be a lifesaver. Aim to save enough to cover at least three months of expenses. This fund is for true emergencies, like unexpected car repairs or medical bills.

Treat Yourself (Responsibly)

It’s totally okay to treat yourself every now and then—just make sure it fits into your budget. If you’ve saved up for something special, go ahead and enjoy it! You’ve earned it. Money management is a lifelong skill, so keep learning and stay curious. For a more in-depth look at mastering your finances check out our article on financial literacy.

If you know a young adult or you are a young adult preparing to age out of foster care who needs more personalized support with money management fill out our referral form to work one-on-one with our Foster Youth Resource Concierge.