Budgeting Basics Workbook: Plan Your Path to Financial Freedom!

This workbook will help you understand your income and expenses, and start building a simple budget. Use it to gain control over your money!

Part 1: Your Income

Think about all the ways you currently get money, or how you expect to get money in the near future (e.g., part-time job, allowance, gifts, savings from previous work).

1. List your sources of income and the estimated amount you receive from each per month:

   • Source 1:
     
     
     Amount:
     
     
     
   • Source 2:
     
     
     Amount:
     
     
     
   • Source 3:
     
     
     Amount:
     
     
     

2. Total Monthly Income: Add up all your estimated income sources.
   
   
   
   
   
   
   

Part 2: Your Expenses

Now, let's think about where your money goes. List your typical monthly expenses. Try to identify if they are 'fixed' (usually the same every month) or 'variable' (can change).

1. List your fixed expenses:

   • Expense 1 (e.g., phone bill):
     
     
     Amount:
     
     
     
   • Expense 2 (e.g., subscription):
     
     
     Amount:
     
     
     
   • Expense 3:
     
     
     Amount:
     
     
     

2. List your variable expenses:

   • Expense 1 (e.g., food/snacks):
     
     
     Amount:
     
     
     
   • Expense 2 (e.g., entertainment):
     
     
     Amount:
     
     
     
   • Expense 3 (e.g., clothes/shopping):
     
     
     Amount:
     
     
     
   • Expense 4:
     
     
     Amount:
     
     
     

3. Total Monthly Expenses: Add up all your estimated expenses (fixed and variable).
   
   
   
   
   
   
   

Part 3: Create Your Budget!

Now, let's see how your income and expenses compare.

1. Income - Expenses = What's Left?

   • Total Monthly Income:
     
     
     
   • Total Monthly Expenses:
     
     
     
   • Money Remaining (or deficit):
     
     
     
     
     
     

2. Reflection:

   • Is your income higher than your expenses? What does this mean for your financial goals?
     
     
     
     
     
     
     
     
     
     
     
     
   • If your expenses are higher, what are some ways you could adjust your spending or increase your income?
     
     
     
     
     
     
     
     
     
     
     
     

Part 4: Setting Savings Goals

Even if you don't have a lot left over, setting aside a little for savings is important!

1. What are 1-2 things you would like to save for in the next year or two (e.g., a specific item, college, a trip, an emergency fund)?

   • Goal 1:
     
     
     Estimated Cost:
     
     
     How much can you save per month?
     
     
     
   • Goal 2:
     
     
     Estimated Cost:
     
     
     How much can you save per month?
     
     
     

2. How does creating a budget help you work towards these savings goals?
   
   
   
   
   
   
   
   
   
   
   
   

Student Loan Savvy Debate: To Borrow or Not to Borrow?

Objective: To critically examine the role of student loans in funding higher education, considering both their benefits and potential drawbacks.

Time Allotment: 20 minutes

Debate Structure

1. Introduction (2 minutes): Briefly introduce the topic of student loans. Explain that students will be debating whether student loans are a necessary and beneficial tool for higher education or a potential financial burden.

2. Team Formation: Divide the class into two teams:

   • Team A: Pro-Student Loans (Advocates for the benefits and necessity of student loans)
   • Team B: Anti-Student Loans (Highlights the risks and disadvantages of student loans)

3. Opening Statements (4 minutes - 2 minutes per team):

   • Each team presents their strongest arguments for their assigned stance.
     
     
     
     
     
     
     

4. Rebuttals & Discussion (10 minutes):

   • Open the floor for a structured debate. Each team can respond to the other's points, provide counter-arguments, and elaborate on their own stance.
   • Teacher Prompts:
     • To Team A: "What are the primary reasons students need to take out loans for higher education? How do loans open doors that might otherwise be closed?"
       
     • To Team B: "What are the biggest dangers of student loan debt? How might students avoid or minimize the need for loans?"
       
     • "Are there situations where student loans are unequivocally a good investment? When might they be a poor one?"
       
     • "How do federal loans compare to private loans in terms of risk and benefits?"
       
     • "What role do scholarships and grants play in reducing the need for student loans?"

5. Closing Remarks (4 minutes - 2 minutes per team):

   • Each team summarizes their main points and provides a final statement.
     
     
     
     
     
     
     

Reflection Questions (Optional - for individual or class discussion after the debate)

• What was the most convincing argument you heard from the opposing side?
  
  
  
  
  
  
  
• How has this debate changed or reinforced your perspective on student loans?
  
  
  
  
  
  
  
• What steps can you take now to make informed decisions about funding your future education?
  
  
  
  
  
  
  

Student Loan Savvy Debate: To Borrow or Not to Borrow?

Objective: To critically examine the role of student loans in funding higher education, considering both their benefits and potential drawbacks.

Time Allotment: 20 minutes

Debate Structure

1. Introduction (2 minutes): Briefly introduce the topic of student loans. Explain that students will be debating whether student loans are a necessary and beneficial tool for higher education or a potential financial burden.

2. Team Formation: Divide the class into two teams:

   • Team A: Pro-Student Loans (Advocates for the benefits and necessity of student loans)
   • Team B: Anti-Student Loans (Highlights the risks and disadvantages of student loans)

3. Opening Statements (4 minutes - 2 minutes per team):

   • Each team presents their strongest arguments for their assigned stance.
     
     
     
     
     
     
     

4. Rebuttals & Discussion (10 minutes):

   • Open the floor for a structured debate. Each team can respond to the other's points, provide counter-arguments, and elaborate on their own stance.
   • Teacher Prompts:
     • To Team A: