Creating a Personal Budget
Learning Objective
I can create a personal budget that tracks income and expenses.
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 should look back at your spending, budget for fixed expenses, and budget for variable expenses.
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According to the 50-20-30 rule, 50% of your income should go to essential expenses, 20% should go to savings and debt, and 30% is for lifestyle choices.
Practice
12 questions • Multiple choice & Short answer
Exit Ticket
“List three sources of income and three types of expenses that you have (or anticipate having) as a student. Then, estimate the amount for each item on a monthly basis.”
Teacher Guide
Get the complete package:
- Answer keys for all questions
- Differentiation strategies
- Extension activities
- Printable student handouts
