Budget | Practical Money Skills

NEEDS

WANTS

Build a Budget
Monthly Income
Money Earned/ month
Allowance/ month
Gifts/ month
Other/ month
Total monthly income%AMOUNT% / Month
Monthly Expenses
Movies, music and entertainment/ month
Clothes and accessories/ month
Games/ month
Snacks/ month
Transportation/ month
School supplies/ month
Charity/ month
Other/ month
Total monthly expenses%AMOUNT% / Month
Calculate
Results
Total income%AMOUNT% / Month
Total expenses%AMOUNT% / Month
Savings%AMOUNT% / Month

SHORT-TERM GOAL

A new notebook for school

MEDIUM-TERM GOAL

A new winter coat

LONG-TERM GOAL

A new smartphone

1
True or False? It's important to prioritize a want over a need when creating a budget.
Correct!
Not quite. You should take care of the necessities before you buy things you want.
2
True or False? When you budget, you want to have more income than expenses.
Correct!
Not quite. Money you’ve spent is an expense, income is money you’ve earned. You shouldn’t spend more than you earn.
3
True or False? A budget tracks where your money goes.
Correct!
Not quite. A budget is a record of how you spend and earn your money.
4
True or False? Focusing on saving for your goals is more important than budgeting for a need.
Correct!
Not quite. Your needs come first. Once those are taken care of, save for your goals.
5
True or False? You should set aside savings in your budget for emergencies.
Correct!
Not quite. You should always have money set aside for a rainy day.
NOW YOU HAVE A BUDGET AND A PLAN!