Creating a Personal Budget
Learning Objective
I can create a personal budget to track income and expenses.
Lesson Flow
Watch Video
How to Make a Budget | 50/30/20 Rule of Budgeting Explained
DollarSprout
Guided Notes
Key concepts students will learn:
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The 50/30/20 budget framework allocates 50% of your income to needs, 30% to wants, and 20% to savings and debt repayment.
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Needs include essential expenses like rent, utilities, and groceries, while wants cover non-essential items such as vacations, eating out, and entertainment.
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The savings category includes contributions to an emergency fund, retirement accounts, and debt payments beyond the minimum required.
Practice
12 questions • Multiple choice & Short answer
Exit Ticket
“Create a monthly budget using the 50/30/20 rule, assuming your monthly income is $1,500. List specific examples of expenses for each category (Needs, Wants, Savings).”
Teacher Guide
Get the complete package:
- Answer keys for all questions
- Differentiation strategies
- Extension activities
- Printable student handouts
