Budgeting Basics

Budgeting Basics

By EBONY BIBBINS-BENSON

• Budget: A plan for your money.

• Deficit: Spend MORE than you have. (Uh oh!)

• Surplus: Spend LESS than you have. (Yay!)

• Balanced: Spend JUST what you have. (Perfect!)

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WHAT DOES IT MEAN?

1. Money Coming In: Add up all the money you get (Income)

2. Money Going Out: Add up all the money you spend. (Expenses)

• More Going Out than Coming In = You spent too much! 😔

• Less Going Out than Coming In = You have extra! 😊

• Going Out = Coming In = Just right! 👍

Angie has 30.50 in Income
Angie has 31.59 in expenses

Her budget is in a deficit, which means she spent to much

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Multiple Choice

This table shows Owen's March budget. What could Owen do to balance his budget?

• decrease spending at the bookfair to $30

• give a guitar lesson to earn an extra $25

• wash his dad's car to earn an extra $5

• increase his donation to the animal shelter to $50

Multiple Choice

This table shows Herman's July budget. What could Herman do to balance his budget?

• save $10 less for a car

• increase spending at the amusement part by $15

• spend only $30 at Twisty Cone ice cream shop

• increase income from mowing lawns to $40

Multiple Choice

Jordan's net income is $725 a month. She has a monthly car payment of $275 and saves $75. How much money can she spend and still have a balanced budget?

• $1,075.00

• $675.00

• $375.00

• $125.00

Multiple Choice

This table shows John's September budget. What could John do to balance his budget?

• decrease spending on the gift for his teacher by $5

• rake leaves to earn an extra $20

• increase spending on the gift for his teacher to $35

• spend $35 less on art supplies

Multiple Choice

This table shows Lauren's October budget. What could Lauren do to balance her budget?

• donate $25 more to the animal shelter, and earn an extra $30 by walking more dogs

• spend only $30 at the harvest festival and $30 more at Blue World Aquarium

• earn an extra $30 by walking more dogs, and spend only $30 at the harvest festival

• spend $30 more at Blue World Aquarium and $15 less on treats from Berryland Bakery