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What do young people think of budgeting, what do they know and how can it help them?
See what these people had to say.
What does budgeting mean to you?
Budgeting to me means that you decide exactly what you're going to spend your money on and try to keep to that so you don't go over budget.
Giving up certain luxuries so that you can save for something you really might need in the future.
Just to keep an eye on how much you're spending and just not to go over a certain amount of money at one time.
Saving money and sometimes if you're struggling, to cut down on things, you're keeping it to your own budget and, yeah, looking after your money more, so it's really just taking care.
For example, if you're having a - planning a birthday party or something and you've got an amount of money that you can spend, like, say, two hundred pounds, then you can't go over that amount of money 'cause that's how much money you have to spend.
It's just managing your money correctly to me, I mean, knowing when to spend and knowing how to spend correctly.
How would you save for a holiday?
I'd save up each month and I'd count how many months I'd have to save up for and any money I get even if I have got 1p, I still save it up and I'd count it each money.
I'd probably try and put a bit of money aside in my account every week so that I'd have enough money to go on holiday with.
I'd probably use a bank account, savings account.
Get a job, just a part-time job and just save the cash and put it in my bank account.
How do you know if you can afford something?
I just check my bank if I need to pay something, literally the money's there.
I usually check my bank statements, but if I'm not sure, I go to an ATM and check my balance.
I'd probably speak to my parents and I'd look at how much money I've got in my bank and then decide whether it was financially a good idea to do it.
I tend to know fairly well my balance in my account and you know, I tend to think, well, can I really afford this? I tend to think twice before I buy a product and I may even if I'm not sure go back and check and then come back and buy it or not buy it if that be the case.
What are your top tips for budgeting?
My top tip for budgeting is make sure you think of essentials first and not luxuries.
Don't go spending your money on rubbish or anything, just keep it for stuff, something you really want.
Just keep a track, you just have to keep a record of what you spend.
Write everything down that you are spending is a good way to budget efficiently.
You have to always think about what you're aiming for and now give you some, like, encouragement on to budget to think it's going to get me somewhere one day.