Making a Budget

Learning Target: I can explain the difference between an income and an expense and give examples. 

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Income: "money received, especially on a regular basis, for work or through investments." 

Expense: "the cost required for something; the money spent on something." 

Learning Target: I can calculate how much money I would need to save and for how long to purchase items that I want.

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Fill out the attached “Saving my money sheet” to see how much money you would need to save to buy the various things you may want to purchase.

Learning Target: I can 

7

Figure out your monthly income from your allowance/job based on a 4 week month. Find out how much money you have after the expenses that you had on your cards. You can choose to spend any remaining money on the additional expenses or you can save all or part of the remaining money.

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Getting $15 for moving the neighbor's lawn.

Going to the movies and purchasing a ticket for $10.

Buying school lunch for $3.50 in the cafeteria.

Getting your weekly $10 allowance.

Deciding to get the new video game for $20

Selling your old video game for $15

Think of 3 additional ways to get income.

Think of 3 additional expenses you may have.

Fill out the attached “Saving my money sheet” to see how much money you would need to save to buy the various things you may want to purchase.

Figure out your monthly income from your allowance/job based on a 4 week month. Find out how much money you have after the expenses that you had on your cards. You can choose to spend any remaining money on the additional expenses or you can save all or part of the remaining money.

Why is it important to create a budget?