How to create a budget – Every high school senior needs to know how to create and stick to a budget. Start with the basics – learn how to analyze your spending habits, create financial goals, and set spending priorities. Ask your parents or grandparents to teach you how to develop a budget, estimate your monthly income as well as your monthly expenses. Those expenses need to include everything from entertainment, gasoline, insurance, cell phone, food, rent, you name it. If you are moving into an apartment with a roommate, you need to consider what would happen if that roommate suddenly leaves – how will you handle the bills on your own?