As we discussed in the introduction video to this series, making a budget to balance your finances is a great way to ensure you have money for the things you want. Financial Literacy—Making a Budget explains how to create a budget based on your income and expenses. This will help your kids learn how to use a spending plan in order to use their money wisely.
Budgeting is a great skill to have that will help you learn how to save for something you want to buy. A budget is a spending plan to based on your income and expenses. In other words, it estimates how much money your earn and spend over time. Expenses can be either fixed or variable. Fixed expenses are the same every time you have to pay them. Variable expenses, well, vary.
To make a budget, you have to look are how much money your earn or receive as gifts (income). Then you look at your expenses. Subtracting your expenses from your income gives you the amount of money you have left over to spend on something you want. You must be careful to watch out for unexpected expenses though, which can put a dent in that budge of yours!
We hope you and your student(s) enjoyed learning about the difference between a need and a want! If you want even more information, head over to our website and download one of our many free lesson plans about financial literacy, full of activities, worksheets, and more!
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What you will learn in Financial Literacy—Making a Budget:
0:00 Introduction
0:36 What is a budget?
1:34 How to make a budget—income
2:20 How to make a budget—fixed and variable expenses
3:40 Accounting for unexpected expenses and contingencies
4:41 Try it at home!
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