Budgeting Basics
This is a plan for your money that helps you decide how much to spend, save, and give.
What is a budget?
Money set aside for something you want later, like a phone, car, or concert tickets.
What is savings?
Putting money into something hoping it grows is called this.
What is investing?
This habit separates people who struggle with money from people who build wealth.
What is planning and discipline?
Property like houses or apartments is called this.
What is real estate?
If you earn $200 babysitting and spend $50 on food and $30 on clothes, this is what you have left.
What is $120?
This type of savings helps when your phone breaks or you need unexpected car repairs.
What is an emergency fund?
This number affects whether you can get a car loan, apartment, or credit card.
What is a credit score?
Viral TikTok “hauls” often encourage teens to do this with their money.
What is impulse spending
Money you pay every month to live in someone else’s property.
What is rent?
What is the 50/30/20 rule?
This popular rule suggests spending 50% on needs, 30% on wants, and 20% on savings.
Putting money into savings before spending it on anything else is called this.
What is paying yourself first?
Buying something now and paying for it later—often with interest.
What is debt?
Touring artists and major concerts make tickets expensive because of this economic concept.
What is supply and demand?
Buying part of a company is owning this.
What is a stock?
Tracking your money using apps like Mint or spreadsheets helps prevent this common problem.
What is overspending?
Saving $10 a week instead of $70 once a year shows the power of this habit.
What is consistency?
Paying bills on time helps your credit do this.
What is increase?
Inflation makes this everyday expense—like fast food or gas—cost more over time
What is the cost of living?
When housing prices go up faster than wages, teens and young adults struggle with this issu
housing affordability
When teens blow their whole paycheck on Starbucks, Shein, or DoorDash, they’re ignoring this key budgeting skill.
What is prioritizing needs over wants?
When influencers show luxury lifestyles online, saving money instead of copying them requires this skill.
What is self-control (or delayed gratification)?
Instead of paying rent, homeowners usually pay this each month.
What is a mortgage?
The most important money skill teens can learn before adulthood.
What is financial literacy?
Owning property that someone else pays to live in is an example of this.
Athletes and YouTubers often earn money beyond their main job through this.
What is passive income?
multiple streams of income?