Financial Literacy: Budgeting

Drag and Drop

A plan for how to spend your money is a ​ ​

Placeholder

Drag these tiles and drop them in the correct blank above

budget

income

expenses

Drag and Drop

Money you spend on things you need or want: ​

Placeholder

Drag these tiles and drop them in the correct blank above

Expenses

Saving

income

Drag and Drop

The money you earn or receive is called ​

Placeholder

Drag these tiles and drop them in the correct blank above

income

debt

savings

Categorize

Options (6)

Pay from a job

Money from allowance

Money from Christmas or Birthday

Paying bills

Buying food

Buying a new game

Identify each as an income or an expense

Income

Expense

Math Response

Calculate your total income:

You earn $100 from working a part time job

You get $15 for allowance

You get $20 for your birthday

Type answer here

Correct Answer: 135

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Math Response

Calculate your total Expenses:

You want to buy snacks at a Basketball Game:

$10

You have to pay for your cell phone:

$45

You need to buy a birthday gift for a friend:

$25

You need to pay a friend back for money you borrowed last month:

$15

Type answer here

Correct Answer: 95

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Math Response

Calculate your Budgeted Savings:

Income - Expenses = Savings

Income: $135

Expenses: $ 95

Type answer here

Correct Answer: 40

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Math Response

Now calculate your ACTUAL income:

You got $15 in allowance as expected.

You got $100 from your job as expected.

You got $25 for your birthday, which was more than you expected!

Type answer here

Correct Answer: 140

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Math Response

Now calculate your ACTUAL Expenses:

You spent more than you expected at the basketball game: $13.89

You paid more than expected for your cell phone: $55.69

You paid less than expected for a birthday gift: $22.50

You paid the $15 that you borrowed back to your friend.

Type answer here

Correct Answer: 107.08

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Math Response

Now calculate your ACTUAL Savings:

Income - Expenses = Savings

Income: $140

Expenses: $107.08

Type answer here

Correct Answer: 32.92

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Open Ended

What could you adjust to make sure you save the full $40 you budgeted?

Multiple Choice

Which is a WANT

• Snacks at the basketball game

• Cell Phone

• Paying back a friend

Open Ended

What is one of your short term financial goals?

Open Ended

What is one of your long term financial goals?

Math Response

Scenario 1:

Income: $400 per month from a part-time job.

Expenses:

$100 for a monthly phone bill.

$50 for snacks and eating out.

$30 for gas or bus fare.

$20 for a school sports fee.

$80 for saving toward a new video game console.

$150 for clothes shopping

CALCULATE YOUR TOTAL EXPENSES?

Type answer here

Correct Answer: 430

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Multiple Choice

Can you afford these expenses ($430) with your current income ($400)

• Yes

• No

Open Ended

How can you adjust your spending to make this budget work?

Math Response

Scenario 2:

Income: $50 per week in allowance.

Expenses:

$15 for snacks at school.

$10 for streaming subscriptions (like Netflix).

$5 for a class fundraiser.

Savings Goal:

$60 for saving toward a new phone.

CALCULATE YOUR EXPENSES

Type answer here

Correct Answer: 30

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Math Response

How much do you have left for Savings?

Income of $50, Expenses of $30

Income - Expenses = Savings

Type answer here

Correct Answer: 20

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Math Response

How many months would it take you to save up enough for your new phone ($60)?

Hint: You are saving $20 a month.

Type answer here

Correct Answer: 3

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Math Response

Scenario 3:

Income: $300 from babysitting for the month.

Expenses:

$80 for a prom ticket 

$150 for a dress or tuxedo

$30 for transportation 

$40 for prom dinner

CALCULATE YOUR EXPENSES

Type answer here

Correct Answer: 30

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Math Response

Scenario 4:

Income: $200 from selling handmade bracelets.

Expenses:

$50 for materials to make more bracelets.

$30 for a craft fair table fee.

$70 for personal spending (wants).

Savings Goal:

$50 for savings.

CALCULATE YOUR EXPENSES

Type answer here

Correct Answer: 150

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Math Response

INCOME: $1,500

Your Bills: 

Car Payment: $250

Gas: $150

Phone: $50

Your Share of Rent: $400

Your Share of

Groceries: $200

Your Share of Electricity, Water, etc: $200

Other Expenses:

Eating out $150

Streaming Services (Netflix etc): $80

Game Console: $300

CALCULATE YOUR TOTAL BILLS AND EXPENSES

Type answer here

Correct Answer: 1780

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Multiple Choice

Can you afford this lifestyle? Reminder:
Income = $1,500
Expenses = $1,780

• Yes

• No

Open Ended

What changes could you make to your expenses to be able to afford this situation?