Creating a Personal Budget
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Objective
I can create a personal budget that tracks income and expenses.
Part 1 of 4
Warm-up video
Khan Academy · 5:45Vetted channel
We don't generate video — this one is by Khan Academy on YouTube. The practice questions and exit ticket below were drafted by AI for this objective, and every question is editable in the teacher guide.
Part 2 of 4
Key concepts
3 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.
Part 3 of 4
Practice
10 questions
According to the video, what is the initial step in creating a budget?
According to the video, where can you find your after-tax income information?
Part 4 of 4
Exit ticket
Quick comprehension check
“List three categories of needs and three categories of wants that someone might include in their monthly budget.”
Sample answer included in the free materials
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Teacher guide, student handout, and slides — free, in Google Docs format
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