Making a Personal Budget
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Objective
I can create a personal budget to manage my income and expenses.
Part 1 of 3
Key concepts
3 concepts
- 1
A personal budget is a fundamental tool that acts as a plan for how you spend and save your money.
- 2
Expenses are categorized into two main types: fixed expenses, which are consistent monthly costs, and variable expenses, which fluctuate.
- 3
A well-structured budget helps you make informed financial decisions and achieve goals like saving for college or an emergency fund.
Part 2 of 3
Practice
7 questions
What is the main purpose of creating a personal budget?
Which of the following is an example of a fixed expense?
Part 3 of 3
Exit ticket
Quick comprehension check
“Imagine you have a monthly income of $1,400. Your fixed expenses are rent at $700 and a car payment at $250. Your variable expenses typically include groceries at $300, entertainment at $150, and transportation at $100. Create a simple budget by listing your total income, total fixed expenses, total variable expenses, and then calculate your monthly surplus or deficit. If there is a deficit, suggest one action you could take to balance your budget.”
Sample answer included in the free materials
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Teacher guide, student handout, and slides — free, in Google Docs format
Teacher Guide
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Student Handout
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