If you're like most teens you've got some cash. Allowances, gift money, maybe even a regular paycheck from a job-it all adds up. All that money and so many places to spend it! Before you head for the mall, set your goals and make a plan. Creating a "budget" or "spending plan" puts you in control of your money. Instead of wondering where it all went, you'll be able to watch your savings grow and reach your goals.

• Step 1: Decide on a Savings Goal - Get in the habit of setting aside a portion of incoming money in a savings or investment account. If you have a job, sign up for payroll deduction so that a certain amount is automatically deposited to savings, that way you won't be tempted to spend it!
• Step 2: Create a Spending Plan - Creating a budget only takes a few minutes, but it can mean the difference between reaching your goals or being broke. Simply make a spreadsheet listing your income. Include allowance money, pay from jobs or any other regular income. Next, list all your expenses. For example, cell phone, entertainment money, clothing expenses, and gas money. If you want more accurate numbers, keep track of your spending for a month, including small cash purchases. You may want to carry a little notepad to keep track of them. This will give you a good idea of where you can realistically cut back to reach your savings goals.
• Step 3: Evaluate and Adjust as Necessary - As you begin to earn more money and/or have more expenses, you'll need to adjust your numbers. Most importantly, remember to always pay yourself first by setting a side a portion of earnings in a savings or investment account at Dover Federal.