Budget Worksheet

Name: ____________________________

Part 1: My Money In (Income)

What are some ways you receive money? List at least 3 sources of income.

Part 2: My Money Out (Expenses)

What do you typically spend money on? List at least 3 things.

Part 3: My Financial Goal

What is one short-term financial goal you have? (Something you want to save up for in the next few weeks or months?)

My Goal:

How much money do you think you need to reach this goal?

Amount Needed: $\underline{\hspace{3cm}}$

Part 4: Building My Simple Budget

Let's imagine some numbers for a typical month. Fill in the blanks.

Total Estimated Monthly Income: $\underline{\hspace{3cm}}$

Estimated Monthly Expenses:

• Food/Snacks: $\underline{\hspace{3cm}}$
• Entertainment (movies, games, apps): $\underline{\hspace{3cm}}$
• Clothing: $\underline{\hspace{3cm}}$
• Other (specify): $\underline{\hspace{3cm}}$

Total Estimated Monthly Expenses: $\underline{\hspace{3cm}}$

Budget Calculation:

Total Income: $\underline{\hspace{3cm}}$

- Total Expenses: $\underline{\hspace{3cm}}$

= Money Left Over: $\underline{\hspace{3cm}}$

Part 5: Reflection

Based on your budget calculation, do you have enough money left over to put towards your financial goal? What might you need to adjust?

My First Budget Answer Key

Name: (Student Name)

Part 1: My Money In (Income)

What are some ways you receive money? List at least 3 sources of income.

1. Allowance: Money received regularly from parents/guardians.
   
2. Part-time Job: Earnings from working a job (e.g., retail, food service).
   
3. Odd Jobs/Chores: Money earned from specific tasks (e.g., babysitting, yard work).
   
4. Gifts: Money received for birthdays, holidays, etc.

Part 2: My Money Out (Expenses)

What do you typically spend money on? List at least 3 things.

1. Snacks/Drinks: Daily purchases from school or stores.
   
2. Entertainment: Movies, streaming subscriptions, video games, concert tickets.
   
3. Clothing: New clothes, shoes, accessories.
   
4. Transportation: Bus fare, gas money.
   
5. Hobbies: Supplies for art, sports equipment, musical instruments.

Part 3: My Financial Goal

What is one short-term financial goal you have? (Something you want to save up for in the next few weeks or months?)

My Goal: To buy a new video game (e.g., new pair of sneakers, concert tickets, saving for a school trip)

How much money do you think you need to reach this goal?

Amount Needed: $\underline{\text{Example: } $60.00}$ (Answers will vary depending on the goal)

Part 4: Building My Simple Budget

Let's imagine some numbers for a typical month. Fill in the blanks.

Total Estimated Monthly Income: $\underline{\text{Example: } $100.00}$

Estimated Monthly Expenses:

• Food/Snacks: $\underline{\text{Example: } $20.00}$
• Entertainment (movies, games, apps): $\underline{\text{Example: } $30.00}$
• Clothing: $\underline{\text{Example: } $15.00}$
• Other (e.g., School supplies): $\underline{\text{Example: } $10.00}$

Total Estimated Monthly Expenses: $\underline{\text{Example: } $75.00}$

Budget Calculation:

Total Income: $\underline{\text{Example: } $100.00}$

- Total Expenses: $\underline{\text{Example: } $75.00}$

= Money Left Over: $\underline{\text{Example: } $25.00}$

Part 5: Reflection

Based on your budget calculation, do you have enough money left over to put towards your financial goal? What might you need to adjust?

Example Answer: Yes, I have $25 left over. My goal is $60 for a video game. I can put this $25 towards my goal. To reach my goal faster, I could try to save more by reducing my entertainment expenses (maybe go to fewer movies) or by finding another way to earn more income (like doing extra chores). If I had a negative amount left over, I would definitely need to cut down on expenses or find more income.

Budgeting Check-Out: Cool Down

Name: ____________________________

Reflect on Your Learning

1. What is one new thing you learned about budgeting today?
   
   
   
   
   
   
   

2. Why do you think it is important for teenagers to learn about budgeting?
   
   
   
   
   
   
   

3. What is one small step you can take this week to start thinking about your own money and how you spend it?
   
   
   
   
   
   
   
   
   
   
   
   
   

Budget Battle: Income vs. Expenses Game

Objective: Students will quickly identify various financial scenarios as either sources of income or types of expenses.

Materials:

• Two large labels: "INCOME" and "EXPENSES" (can be written on a whiteboard or printed).
• Sets of "Scenario Cards" (one set per small group, or one large set for whole-class activity):
  • Income Cards:
    • Allowance
    • Money earned from chores
    • Part-time job pay
    • Birthday money
    • Selling old items online
    • Cash gift from a relative
  • Expense Cards:
    • Buying a new video game
    • Snacks at school
    • Concert ticket
    • Subscription to a streaming service
    • New pair of shoes
    • Phone bill
    • Bus fare

Instructions:

1. Preparation (Teacher):
   • Print and cut out the Scenario Cards. Create enough sets for small groups (3-4 students per group).
   • Write "INCOME" and "EXPENSES" clearly on the board or on two separate large sheets of paper.
2. Introduction (2 minutes):
   • Explain to students that they will play a quick game to practice distinguishing between income and expenses.
   • Divide the class into small groups.
3. Gameplay (5-7 minutes):
   • Give each group a shuffled set of Scenario Cards.
   • On your signal, each group will work together to sort their cards under the correct heading ("INCOME" or "EXPENSES") as quickly and accurately as possible.
   • Circulate around the room, observing and offering guidance.
4. Review (2 minutes):
   • Once most groups are done, review the answers as a whole class. Ask groups to share how they categorized specific cards and discuss any tricky ones.
   • Reinforce the definitions of income and expenses.