Lesson 1: Budgeting

What is a Budget?

• A list of things you want to buy with your allowance.

• A random collection of numbers that show how much money you have.

• A plan for spending money wisely and reaching financial goals.

  
  

• A story about saving money for a future adventure.

What is a want?

• Something you wish to have but can live without.

• Something you need for survival.

• Something your parents tell you to get.

• Something you get as a gift on your birthday.

What is a need?

• Something you want for fun.

• Something you wish to have but can live without.

• Something you buy with extra money.

• Something essential for survival and well-being.

Tags

CCSS.RL.4.3

CCSS.RL.5.3

CCSS.RL.6.3

CCSS.RL.7.3

CCSS.RL.8.3

What is a fixed income?

• Money you receive as a gift on special occasions.

• Income that varies each month based on your spending.

• Income that stays the same regularly, like an allowance.

• Money that you earn from doing chores.

What is a variable income?

• Income that changes or varies each month based on different factors.

• Money that you save for the future.

• Income that stays the same regularly, like an allowance.

• Income that changes or varies each month based on different factors.

What is a expense?

• Money saved in a piggy bank.

• Money spent on goods or services.

• Money you receive as a gift.

• Money earned from doing chores.

What is income?

• Money spent on goods or services.

• Money saved in a piggy bank.

• Money earned or received, often as a salary or allowance.

• Money you receive as a gift.