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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This is Braden's complete financial record for March. In March, how much money did Braden spend?

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This is Ed's complete financial record for December. How much money did Ed spend in December?

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This is Zoe's complete financial record for June. On June 2, how much money did Zoe make?

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This table shows Abigail's August budget. How much money can Abigail spend on a new video game system to keep her budget balanced?

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This table shows Tyrone's December budget. How much money can Tyrone spend on a present for his brother to keep his budget balanced?

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This table shows Hakim's April budget. How much money does he need to earn tutoring to keep his budget balanced?

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This table shows Tommy's August budget. How much money can Tommy spend at the state fair to keep his budget balanced?

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This is Steve's complete financial record for June. How much money did Steve spend in June?

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