Worksheet
Worksheet: My First Budget
Name: ________________________
Instructions: This worksheet will help you create a simple personal budget. Think about your current money situation or imagine one if you don't regularly earn/spend money.
Part 1: My Income
Income is the money you receive. List all your sources of income and the estimated amount you receive from each.
| Source of Income (e.g., Allowance, Part-time Job, Gifts) | Estimated Amount (per week/month) |
|---|---|
| 1. | |
| 2. | |
| 3. |
Total Estimated Income: ________________________
Part 2: My Expenses
Expenses are the money you spend. List all your expenses, categorizing them as Fixed (usually stays the same) or Variable (changes).
| Expense (e.g., Snacks, Phone Bill, Entertainment, Clothes) | Type (Fixed/Variable) | Estimated Amount (per week/month) |
|---|---|---|
| 1. | ||
| 2. | ||
| 3. | ||
| 4. | ||
| 5. |
Total Estimated Expenses: ________________________
Part 3: My Savings Goals
Savings is money you set aside for future goals. What are you saving for? How much do you hope to save?
| Savings Goal (e.g., New Phone, College, Concert Ticket) | Target Amount | How much can I save (per week/month)? |
|---|---|---|
| 1. | ||
| 2. |
Part 4: Budget Reflection
- Based on your estimated income and expenses, do you currently have money left over, or are your expenses higher than your income?
- What is one change you could make to your spending habits to help you reach your savings goals?
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Answer Key
Answer Key: My First Budget
Note to Teacher: This worksheet encourages personal reflection and planning, so answers for income, expenses, and savings goals will vary significantly among students. The key below provides guidance for evaluating student responses, particularly in the reflection section.
Part 1: My Income
- Evaluation: Check for realistic and varied sources of income. Amounts should be consistent (e.g., all weekly or all monthly).
Part 2: My Expenses
- Evaluation: Look for a good mix of fixed and variable expenses. Students should be able to differentiate between the two. Amounts should be reasonable for a high school student and consistent in their time frame.
Part 3: My Savings Goals
- Evaluation: Goals should be clear, and students should have an estimated target amount and a realistic idea of how much they can save regularly.
Part 4: Budget Reflection
-
Based on your estimated income and expenses, do you currently have money left over, or are your expenses higher than your income?
- Guidance: Students should calculate Total Income - Total Expenses. Their answer should logically follow from their calculations. Encourage students to identify if they have a surplus (money left over) or a deficit (expenses higher than income).
- Example Thought Process: If a student reports $100 income and $80 expenses, their reflection should indicate they have $20 left over.
-
What is one change you could make to your spending habits to help you reach your savings goals?
- Guidance: Look for specific, actionable changes. Answers should demonstrate an understanding of how reducing variable expenses or increasing income can impact savings.
- Example Thought Process:
- Good Answer: