CONCEPTS
Expenses
Savings
Random
Real-Life Scenarios
100

What is a budget?

A plan for managing money coming in and going out.

100

What is a fixed expense?

Something I pay every month, like rent or transportation

100

What is savings?

Money you set aside for later.

100

If you earn $100 a month, how much should you try to save?

At least $10 to $20.

100

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.

200

Why is budgeting important?

To avoid spending more than I have.

200

Example of a variable expense.

Going out with friends, fast food

200

Why is it important to save?

For emergencies or future goals.

200

Do I have pets?

Yes, 3 dogs

200

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.

300

What are the 3 parts of a budget?

Income, fixed expenses, variable expenses/savings.

300

What happens if your expenses are higher than your income?

You go into debt or run out of money.

300

Name an easy way to start saving.

Set aside a small part of your allowance or paycheck every week.

300

How do you spell my name?

Jimena

300

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.

400

What should be the first step when starting a budget?

Track your income and expenses.

400

What’s one strategy to reduce spending on variable expenses?

Limit how often you eat out or buy non-essentials.

400

What is an emergency fund, and why is it important?

Money saved for unexpected expenses, like medical bills or job loss.

400

What’s one way teens can earn more money to improve their budget?

Babysitting, selling crafts, doing chores, small jobs.

400

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.

500

What is the 50/30/20 rule in budgeting?

A: 50% needs, 30% wants, 20% savings/debt.

500

Name 3 examples of fixed and 3 of variable expenses.

Fixed: Rent, phone bill, bus pass. Variable: Clothing, snacks, entertainment.

500

If you save $10 a week, how much will you have in 6 months?

$260

500

Name two budgeting apps or tools people can use.

Mint, EveryDollar, Google Sheets, YNAB.

500

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.