Budgeting Your Money

What is a budget? A budget is written plan for how you plan to spend your money. A balanced budget means you don’t spend more money than you make.

Elementary & Middle School Budget 10% Offering 50% Savings For Christmas Gifts 40% Spending

High School Budget 10% Offering 50% Savings For Car 40% Spending

College Budget Monthly Budget for April 1994 Expected Income: $400.00 Expenses Budgeted Actual Amount Offering $40.00 Savings (College) $100.00 Car Insurance Gas $80.00 Spending (Food, Clothes, Entertainment) Other: $0 Total: $400.00

Changes to College Budget Monthly Budget for April 1994 Expected Income: $400.00 Expenses Budgeted Actual Amount Offering $40.00 Savings (College) $100.00 $0 Car Insurance Gas $80.00 Spending (Food, Clothes, Entertainment) $60.00 Other: Replace Car Window $120.00 Total: $400.00

Today’s Budget

Envelope Budgeting Divide your money into envelopes Once the money is gone, you are done spending Gas Entertainment

What is Envelope Budgeting? Running Time: 4:51 https://www.youtube.com/watch?v=hLXk0Y7Y6UI

Budget Simulation Randomly choose one jobs from the deck of cards provided by your teacher. The side you see should be blank. The other side will look like the sample below. SAMPLE

Prepare a Budget Prepare a monthly budget using the monthly salary printed on the card you drew. Choose housing, transportation, and leisure items from the sheets provided.