Creating a Personal Budget
Grade 9th Grade · Math · 45 min
What's Included
Learning Objective
I can create a personal budget that tracks income and expenses.
Warm-Up Video
Khan Academy · 5:45
How do you build a budget? | Budgeting | Financial Literacy | Khan Academy
Guided Notes
3 key concepts
- 1
When creating a budget, it's important to start with your after-tax income, which is the amount you actually have to spend each month.
- 2
According to the video, needs are essential expenses like housing, transportation, and food, while wants are non-essential items such as restaurant meals and entertainment.
- 3
The video references the 50/30/20 rule, which suggests allocating 50% of your income to needs, 30% to wants, and 20% to savings.
Practice Questions
10 questions · Multiple choice & Short answer & True/false
Exit Ticket
Quick comprehension check
“List three categories of needs and three categories of wants that someone might include in their monthly budget.”
Complete Lesson Package
Get all 3 ready-to-use resources:
