I would like to teach my son of 26 years how to budget his money. Is there a good source for information? A book? A website?
I will give you two distinct approaches — and he will instantly know which works best for him.
There’s a terrific book that I have recommended for many years: The Budget Kit by Judy Lawrence. I highlighted it and made a link to be able to find it on Amazon.com. If he’s a paper and pencil kind of visual guy, this is the perfect approach. In fact, I definitely think this is where he should start to get a basic understanding of the principles — even if he doesn’t use the worksheets.
If he is a typical millennial, you might want to buy him a copy of Quicken (available for download onto his computer or a tablet at www.Quicken.com. The “starter” edition for Windows or Mac costs only $39.95 and certainly will get him going.
And a third, “sexier” approach is to download “Mint” on his smartphone. This will help him track all his spending, in categories, and warn him when he is going over any of those categories. It’s what all his smart friends are using. And it’s FREE at www.Mint.com.