A budget is perhaps the single most important tool for understanding and appreciating the value of money. It's a written plan that helps you keep track of how much you earn (your income) and how much you spend (your expenses). You can also use it to figure out how much you can save and invest. 

Sticking to a budget is an important habit to learn. If your kids start early, when income and expenses are still simple, they’ll be comfortable with the process when they're older and their budgets become more complex.

Helping young people create a budget is critical to their gaining financial insight and independence. It will help your son or daughter:

• See exactly how much money is coming in and going out.
• Plan for, save toward and reach financial goals.
• Avoid overspending.
• Learn a skill that remains relevant throughout life.

The information provided here is for general informational purposes only and should not be considered an individualized recommendation or personalized investment advice. The type of savings and investment strategies mentioned may not be suitable for everyone. Each investor needs to review a security transaction or strategy for his or her own particular situation. The examples mentioned are for informational purposes only and are not intended to represent results you should expect in the future. Data contained here is obtained from what are considered reliable sources. However, its accuracy, completeness or reliability cannot be guaranteed.