Budget Basics
$100: What is a budget?
Answer: A plan for how you earn and spend money.
$100: Name one common spending category for kids.
Answer: Snacks and food (or Video games & apps, Clothes & gifts, School supplies).
$100: What is a short-term goal?
Answer: A goal that takes less than 1 year to save for (e.g., field trip, snacks).
$100: What is a fixed expense?
Answer: An expense that stays the same each time (e.g., Netflix, phone bill).
$100: What is one thing adults budget for?
Answer: Rent, bills, groceries, or emergencies.
$200: Why is budgeting important?
Answer: It helps you track money coming in and going out and avoid running out of money.
$200: Which spending category often surprises people by adding up fast?
snacks and food
$200: What is a long-term goal?
Answer: A goal that takes more than 1 year to save for (e.g., bike, summer camp).
$200: What is a variable expense?
Answer: An expense that changes depending on how much you use or want (e.g., snacks, school supplies).
$200: Why do adults budget?
Answer: To avoid running out of money or getting into debt.
$300: What is the main benefit of making and sticking to a budget?
Answer: It helps you spend wisely, save money, and reach your financial goals.
$300: What activity helps you become aware of your personal spending habits?
Answer: Writing down the last three things you bought.
$300: How should you save for a short-term goal?
Answer: Save quickly and soon.
$300: Name one step in making a budget.
Answer: Add up your monthly income.
$300: What is a benefit of learning to budget early?
Answer: You’ll have money skills ready when you start earning more.
What does budgeting give you control over?
Your spending and your future.
$400: If you spend a lot on one category, what does a budget help you do?
Answer: Decide if you want to change your spending habits.
$400: How should you save for a long-term goal?
Answer: Save little by little over time.
$400: Name another step in making a budget.
Answer: List your expenses (fixed + variable).
Why is saving a portion of a $100 monthly budget important?
It ensures you're prepared for future needs and emergencies.
$500: What is the balance a budget tries to achieve?
Answer: A balance between wants, needs, and savings.
$500: Why is recognizing your spending categories important?
Answer: It helps you understand where your money goes so you can budget better.
$500: What is one way to start saving for your goals?
Answer: Set aside a small amount of money regularly, like a few dollars a week
$500: What is one tip to stick to your budget?
Answer: Wait 24 hours before impulse buys (or track all spending, compare prices, keep a savings wish list, celebrate wins)
$500: What should you do after creating a budget?
Answer: Track your spending each week to stay on track.