What is a budget?
A plan for managing money coming in and going out.
What is a fixed expense?
Something I pay every month, like rent or transportation
What is savings?
Money you set aside for later.
If you earn $100 a month, how much should you try to save?
At least $10 to $20.
You want to buy a video game, but it costs more than your monthly allowance. What do you do?
Save for it over time or find extra income.
Why is budgeting important?
To avoid spending more than I have.
Example of a variable expense.
Going out with friends, fast food
Why is it important to save?
For emergencies or future goals.
Do I have pets?
Yes, 3 dogs
You spent all your money on snacks and can’t afford bus fare. What budgeting mistake did you make?
You didn’t prioritize your fixed/essential expenses.
What are the 3 parts of a budget?
Income, fixed expenses, variable expenses/savings.
What happens if your expenses are higher than your income?
You go into debt or run out of money.
Name an easy way to start saving.
Set aside a small part of your allowance or paycheck every week.
How do you spell my name?
Jimena
You have a summer job and earn $300/month. You want to save for a concert in 3 months. How much do you need to save per month?
Divide the ticket cost by 3 and save that amount monthly.
What should be the first step when starting a budget?
Track your income and expenses.
What’s one strategy to reduce spending on variable expenses?
Limit how often you eat out or buy non-essentials.
What is an emergency fund, and why is it important?
Money saved for unexpected expenses, like medical bills or job loss.
What’s one way teens can earn more money to improve their budget?
Babysitting, selling crafts, doing chores, small jobs.
You have $50 left for the week. You need $20 for lunch, $10 for transport, and you want to buy a $30 hoodie. What should you do?
Prioritize lunch and transport; wait on the hoodie or find extra income.
What is the 50/30/20 rule in budgeting?
A: 50% needs, 30% wants, 20% savings/debt.
Name 3 examples of fixed and 3 of variable expenses.
Fixed: Rent, phone bill, bus pass. Variable: Clothing, snacks, entertainment.
If you save $10 a week, how much will you have in 6 months?
$260
Name two budgeting apps or tools people can use.
Mint, EveryDollar, Google Sheets, YNAB.
You’re managing your budget well, but suddenly your pet gets sick and needs $150 in vet care. What budgeting habit helps in this case?
Having an emergency fund.