We’ve heard from a ton of people who’ve found our resume template and job interview tips for teens useful, so we created a companion piece—an interactive budget calculator to help teens to figure out if they can afford to live on their own.
Here’s how it works:
- Download the PDF onto your own computer or device.
- Enter your hourly wage and the number of hours worked each week where shown. The calculator creates a rough estimate of your monthly income.
- Enter your estimated expenses, including rent, utilities, food, entertainment, and more. The calculator totals up these expenses.
- The calculator subtracts your expenses from your income, giving you a “moment of truth” where you see if you truly can afford to live the lifestyle you’re hoping to live.
- If the end result is a negative number, you can’t afford it! Make adjustments to your projected income and expenses to find ways to create a positive number. Some examples: How would it reduce expenses if you find a roommate to split the rent with? Maybe you could work more hours? What if you stopped buying clothes or canceled a gaming subscription? Keep making reasonable changes until your budget shows you have enough income to pay for everything you need.
That’s all there is to it! The second page of the calculator has a pre-filled sample budget you can look at. Please share the calculator with anyone who might find it useful!