Create your own financial statement

Take out four big blank sheets of paper.
Label each one: Income, Expenses, Assets, and Liabilities.

List down your income.
Do you have a job after school or on weekends? That'll be the number one item on your income sheet. Add anything else that represents money coming in, like your allowance or any cash gifts. Put the monthly amounts you earn beside each item.

List down your expenses.
Make a list of absolutely everything that you spend money on monthly. Group them into categories like food, clothing, entertainment, beauty and grooming, pet supplies, transportation, etc. If you don’t know how much you spend on these items, make an estimate for now, but begin keeping the receipts of your purchases so you can do this more accurately next time.

List down your assets.
This includes stocks, bonds, or bank accounts of any kind. You’ll also need to fill in their currency value. It’s easy to know exactly how much you have in a bank account, but you may need to estimate the value of your stocks and bonds.

List down your liabilities.
An example of this is a car loan or any debt you might be owing others. Anything that takes money out of your pocket every month should go on this list.

Calculate your net worth.
Subtract the liabilities from the assets. Your net worth should be a positive number. If you have more liabilities than assets, your net worth will be negative. In this case, consider getting on a budget.