Budgeting Practice

Budgeting Practice

A budget is a plan for your money. How much do you earn (income)? What do you spend (expenses)?

Pretend you have a job mowing the grass. You make $20 every week.

Multiple Choice

How much do you make in a month mowing lawns, if you assume a month has four weeks?

• $20

• $40

• $100

• $80

In addition to your regular income ($80 a month), your grandma gives you $5 a week just because she loves you.

Multiple Choice

How much do you earn in a month if you make $20 a week mowing grass and your grandma gives you $5 a week because she loves you?

• $30

• $40

• $100

• $80

Your total income for the month is $100 because $20 x 4=$80 and $5 x 4=$20 and $80 + $20= $100

Now let's talk about expenses. If you spend $10 buying chips and candy for your friends at the store EVERY week, how much do you spend in a month?

Multiple Choice

You spend $10 each week, how much do you spend in a month?

• $40

• $10

• $20

• $100

Ok, so now you know that your income is $100 each month and your expenses are $40. Your savings is the money you have left.

Multiple Choice

If your income is $100 each month and your expenses are $40, what is your savings?

• $66

• $60

• $40

• $100

Multiple Choice

If you save $60 each month, and you want to buy a pair of shoes for $100, how many months do you have to save?

• 1

• 2

• 3

• 4

Multiple Choice

If your savings each month is $60, and you want to buy a new $200 TV for your room, how long will you have to save?

• 2

• 4

• 6

• 10

Multiple Choice

What is the term for the money you earn?

• income

• savings

• gifts

• money

Multiple Choice

What is the term for the money you have left after expenses?

• taxes

• savings

• income

• pocket money

Open Ended

In your opinion, why is it important to have a budget?