Personal Budgeting

Needs vs Wants

100

Is water a need or a want?

Need

200

Is buying new clothes for a concert a need or a want?

Want

300

is your phone bill a need or a want 

need.

400

A new gaming console, need or want 

Want

500

give three examples of wants.

snacks, video games, fast food, brand-name clothes, apps, etc.

Fixed vs Variable

100

s rent fixed or variable?

Fixed

200

Eating out (restaurants) — fixed or variable?

Variable 

300

Is your gym membership fixed or variable?

Fixed

400

Gas for your car — fixed or variable?

Variable 

500

Explain the difference between fixed and variable expenses.

Fixed stays the same each month; variable changes month to month.

Budget Math

100

You earn $100 and save 10%. How much is saved?

10$

200

You make $500 a month and spend $20 a week. What’s left at the end of the month?

$420

300

Your income is $1,000. Your expenses are $1,200. What is this called?

A deficit (overspending)

400

You save $40 out of $200. What percent is that?

20%

500

you make 50K a year, your rent is $950/month and you spend $110 on groceries each week. How much money do you have left for other expenses and savings each year?

$32,880

Vocabulary

100

Money you earn from a job is called…?

Income

200

Money you spend is called…?

Expenses 

300

The amount you ear before taxes is called…?

Gross income

400

What is net income 

The amount you earn after taxes.

500

what is the difference between Net,Gross, and disposable Income?

gross= amount before taxes

Net= amount after taxes

disposable= net income minus essential expenses