Financial Literacy for Kids: Making a Budget

What is a budget?

• A list of things you want to buy

• A type of bank account

• A plan for spending based on income and expenses

• A record of debts only

Why is making a budget important?

• It is required by law

• It is only useful for adults

• It helps in planning purchases only

• It helps in tracking expenses and saving money

What are fixed expenses?

• Unexpected costs

• Optional costs

• Costs that are the same each time

• Costs that change each month

What type of expense is a school lunch for Frankie?

• Unnecessary

• Fixed

• Variable

• Debt

What is the total of Frankie's monthly income?

• $100

• $50

• $70

• $30

Tags

CCSS.3.OA.D.8

How much does Frankie spend on a video game?

• $15

• $20

• $30

• $5

Tags

CCSS.3.OA.D.8

What should a budget be prepared for?

• Only expected expenses

• Only fixed expenses

• Both expected and unexpected expenses

• Only variable expenses

What does Frankie do with the money left after her expenses?

• Buys more games

• Saves it

• Donates it

• Spends it on snacks

Tags

CCSS.RI.2.1

CCSS.RI.3.1

CCSS.RL.1.1

CCSS.RL.2.1

CCSS.RL.3.1

What unexpected expense did Frankie have?

• Video game

• Pet sitting

• School field trip

• Magazine subscription

Why should a budget be flexible?

• To reduce fixed expenses

• To adjust for unexpected expenses

• To allow for more video games

• To increase income