Creating a Personal Budget
Learning Objective
I can create a personal budget and explain how it helps manage finances.
Lesson Flow
Watch Video
7 Steps on How to Create a Budget
Great Lakes
Guided Notes
Key concepts students will learn:
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The first step in creating a budget is to track your income and expenses using a money journal.
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When determining your expenses, you can look back at past checking or credit card statements, look forward to budget for fixed expenses, and use your money journal to analyze spending.
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The 50-20-30 rule suggests allocating 50% of your income to essential expenses, 20% to savings and debt repayment, and 30% to lifestyle choices.
Practice
12 questions • Multiple choice & Short answer
Exit Ticket
“Create a monthly budget using the 50-20-30 rule, assuming a monthly income of $1000. List the amounts allocated to essential expenses, savings/debt repayment, and lifestyle choices, and briefly explain how this budget can help you manage your finances.”
Teacher Guide
Get the complete package:
- Answer keys for all questions
- Differentiation strategies
- Extension activities
- Printable student handouts
