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    Party With Prudence - Independence Day
    Party With Prudence - Independence Day
    Party With Prudence - Independence Day
    Ebook210 pages1 hour

    Party With Prudence - Independence Day

    By Dave Ward

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    About this ebook

    Party with Prudence Independence Day is an introduction to budgeting for teenagers. It is a reference book and is designed to assist young people that are around the age of 15 to learn how to manage their money. The book is a story of a teenage girl named Prudence who is planning for her independence day. She plans to move out on her own after she finishes high school. Prudence wants to be able to move out and still have fun. She decides to devise strategies on how she is going to do both and develops plans and worksheets that help her accomplish her goal of independence. The worksheets Prudence developed and uses will be available on the website.
    LanguageEnglish
    PublishereBookIt.com
    Release dateApr 26, 2016
    ISBN9781456605919
    Party With Prudence - Independence Day

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      Book preview

      Party With Prudence - Independence Day - Dave Ward

      978-1-4566-0591-9

      INTRODUCTION

      For the purpose of this book, Party does not mean abusing drugs or alcohol, it simply means having fun.

      So you are getting close to turning eighteen years old and will soon be graduating high school, with a new life in front of you. If you have already been working part time jobs through high school, what do you have to show for all your hard work? Maybe a car, the latest in video, phone, and computer technology, lots of great times that you’ll always remember, and nothing in the bank. That’s ok, you are having fun. But, what if it is 20 years later and you still have a car, the latest in video, phone, and computer technology, a lot of great times that you’ll always remember, lots of credit card bills, and still nothing in the bank, then that’s not ok. This book is a guide to make sure that you will have something to show for all your hard work, have been able to party, and still can. The time to start using this guide is now. You are getting close to being on your own and need to start thinking about how you are going to manage your money and your life.

      Right now you are probably thinking about:

      How much do I put away for:

      • the down payment on my first house?

      • my future children’s college?

      • my retirement?

      Ya, right!

      You’re thinking about:

      • What can I buy at the mall?

      • When are we going to the amusement park (Cedar Point, Disney World, etc.)

      • Who do I take to the concert?

      • That new car, motorcycle, snowmobile, Jet Ski, etc.

      However, if you are going on to college, you should be thinking about how you are going to pay for:

      • Your tuition

      • Your books

      • Your room and board

      • Your nights out (when you should be studying!)

      • And all that pizza you’ll be eating!

      These are things that your parents have been thinking about since the day you were born. If they have planned correctly and had good luck throughout your life, then they probably have most of this covered for you. But, you’ll still want that extra spending money and probably want to move out of the dorm as soon as you can. To do this you’ll be working a part time job again.

      If you’re not going to college, then you’re probably planning to be in a job with a training program, learning a trade, or going into the service. If this is the case you should at least plan on considering college on a part time basis in your future. You do not want to reach the top of your career early and then have your opportunities limited.

      Whatever your plans, this book is intended on helping you meet your goals and challenges that you will encounter throughout the rest of your life. The last thing that you want is to look at where you are now 20 years down the road and come to the realization that you have not made any financial headway in your life. Your goals and challenges at that point of your life will be 100 times harder then what you face right now. You might not have your health. You might have additional mouths to feed. You might have alimony and/or child support. You might have illness in your family to take care of. In all probability, you will have some type of unexpected set back (DRAMA) to deal with in your life. Very few people make it through their whole life without some type of drama. When you have drama, learn from it. But for right now, prepare for it. It will make life easier and happier, not only for you, but for those that are part of your life as well.

      No matter what your feelings are about money, the reality is that money is needed to survive. The old adage money cannot buy happiness is true, however, being able to manage your money correctly, will allow you to be happy with the choices you make throughout your life. Sacrifices made today will help you avoid frustration, depression, and financial worries tomorrow.

      This book is not only a work book to assist you in preparing for your financial future, but it is also a story about Prudence. Prudence uses the concepts in this book to overcome the different obstacles she faces.

      There will be worksheets (that are available at www.partymoneybudget.com) throughout the book for you to complete along with examples of how Prudence uses these worksheets to meet her goals. This book includes general information on taxes, student loans, investing, and even purchasing a car.

      In addition, you will have access to the web site www.partymoneybudget.com which will have updates and additional information for you to use throughout your life.

      The guidelines that are on the following pages will help you get on the right track. This book assumes you are still living with your parents and have time to prepare yourself to move out on your own. It isn’t easy, no matter where you are in your life. There will be sacrifices no matter what you do. Remember that you do not build a house by building the roof first. You plan it and start building a strong foundation. Building your financial future is the same. You start by planning, building a strong financial foundation and building your life on that. It takes hard work and it takes discipline. No matter what, though, smile; hold your head up and get ready to PARTY WITH PRUDENCE!

      Chapter 1: The Bare Necessities

      Prudence is thinking about getting out on her own. She wants to be independent from her parents. She is thinking about her freedom, but realizes nothing is free. Everything comes with some type of cost involved. She knows that along with independence come sacrifices, responsibilities, and the need for money. Her first thought is about what she will need in order to move out. She is thinking about the bare necessities she will need to be independent and not just her freedom to party? Even if she is going away to college or getting a place of her own, the bare necessities are the same. She knows that she will need money for:

      • Food & Clothing

      • Rent/Shelter

      • Utilities

      • Transportation

      • And Party money

      But she has not thought about the other things she will need to pay for:

      • Insurance

      • Retirement

      • Reserves

      • Taxes and Social Security

      • And her Needs and Wants

      Prudence will have to make sure each and every category is covered just to be independent so she starts to think about each category. Before she starts to research each category she remembers overhearing her parents complain about a dispute they had with their cell phone company when they were changing their cell phone plan. She heard her father tell her mother that he called last month and was given a quote of $220 if they canceled their plan early. Her mother informs him that the cell phone company now wants $450 now which includes this month’s bill. She asks him if he wrote down the name of the person he spoke with, the time he called, and any other information so they can dispute the phone charges. Her father said that he did not write down any information, so they paid the bill. In order to avoid this problem, Prudence decides to draft a call log to use during her research to keep track of all her conversations with creditors, insurance companies, utility companies, and landlords along with any other personal business she has to take care of. The call log she drafted looks like this:

      Call Log

      Prudence is now ready to start her preparation and research for her independence day.

      Food & Clothing

      Prudence realizes that The Food & Clothing category will include not only food needed to survive, but munchies, health and beauty items, cleaning supplies, toiletries, beverages, and clothes. She begins by making a grocery list of everything that she is going to need. She determines what items on the list she will have to buy frequently and occasionally. Then she goes to the grocery store to get prices of everything on the list.

      Here is Prudence’s grocery list:

      Grocery List

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