Money 101

What is budgeting?

• keeping track of your earning

• keeping track of your gifts

• keeping track of your spending

• all the above

Define income

• Money you get from a paycheck or as a gift

• Money you spend on necessities (food, house)

• Money you spend on jewelry

Tags

CCSS.L.11-12.4C

CCSS.L.6.4C

CCSS.L.7.4C

CCSS.L.8.4C

CCSS.L.9-10.4C

Define need

• Item you really would like to have

• Item that is necessary to survive

Tags

CCSS.RI.8.2

CCSS.RL.11-12.2

CCSS.RL.8.1

CCSS.RL.9-10.2

CCSS.RL.7.1

Define want

• Item you would like to have

• Item necessary to survive

Tags

CCSS.RI.8.2

CCSS.RL.11-12.2

CCSS.RL.8.1

CCSS.RL.9-10.2

CCSS.RL.7.2

Can you spend more money than you have?

• Yes

• No

Tags

CCSS.7.NS.A.1B

Define expenses

• Money coming into your wallet.

• Money exiting your wallet.

Tags

CCSS.6.NS.C.6A

You are at the mall to buy your Mom a birthday gift. You find a video game that has been sold out for weeks. You only have enough money for the gift or the video game. What should you do?

• Get the video game

• Get the gift

Your friends invite you out to dinner. Your rent is due in 2 days. You do not have enough money in your checking account. What would you do?

• Go out to dinner and pay your rent late

• Not pay your rent

• Pay your rent and politely decline the dinner