My Weekly Budget Challenge

Name: _____________________________

Scenario: Imagine you receive $50 each week from allowance and doing chores. Your goal is to create a budget for the week, making sure you don't spend more than you have and ideally save some money!

Part 1: Your Income

1. Weekly Income: $50.00

Part 2: Potential Expenses

Here are some things you might want to spend your money on this week. Decide what you will buy and how much you will allocate for each item. Remember, some items are fixed (you have to pay them if you choose them, and the amount is set), and some are variable (you can choose how much to spend, or if you spend at all).

Needs & Wants List:

• Snacks/Drinks at school: $10.00 (variable - you can choose to pack lunch or buy less)
• New video game download: $25.00 (fixed - if you buy it, it's $25)
• Movie ticket with friends: $12.00 (fixed - if you go, it's $12)
• Art supplies: $8.00 (variable - you can choose to buy less or different items)
• Bus fare for one trip: $2.50 (fixed - if you take it, it's $2.50)
• Donation to a charity: Any amount you choose (variable)
• Savings for a new bike: Any amount you choose (variable)
• Subscription for a mobile game: $5.00 (fixed - if you have it, it's $5)

Part 3: Create Your Budget

Fill in the table below to plan your spending and saving for the week. Make sure your total spending and saving does not exceed your weekly income of $50.

Part 4: Reflect and Explain

1. What was the hardest part about creating your budget this week?
   
   
   
   
   
   
   
   
   
   
   

2. What did you choose to spend money on, and why? What did you decide not to spend money on?
   
   
   
   
   
   
   
   
   
   
   
   

3. How much money did you save this week? What are you saving for?
   
   
   
   
   

4. If you had an unexpected expense of $15 (e.g., your friend needed help with a project and you bought materials), how would that affect your budget? What would you do?
   
   
   
   
   
   
   
   
   
   
   

The Smart Spender Game!

Goal: Be the group with the most savings AND be able to cover all your essential needs at the end of 5 rounds.

Players: 2-4 students per group

Materials:

• One copy of this game guide per group.
• Scratch paper and pencils for each group to track their budget.

How to Play:

1. Starting Capital: Each group starts with $100 in their virtual bank account.

2. Game Rounds: There will be 5 rounds. In each round, your teacher will present a new financial scenario, including income and potential expenses.

3. Budgeting Decisions:

   • Discuss as a group which expenses are essential (needs) and which are optional (wants).
   • Decide what to spend money on and how much to save. Record these decisions on your scratch paper.
   • Keep a running total of your bank balance and savings.
   • You must cover essential needs if they arise in a scenario.

4. Unexpected Events: Sometimes, an unexpected event (good or bad) might happen. These will be announced by the teacher.

5. Winning: The group with the highest amount in their 'Savings' category AND a positive 'Bank Balance' at the end of 5 rounds wins! If multiple groups have the highest savings, the one with the highest bank balance breaks the tie.

Game Scenarios (Teacher will read aloud):

Round 1: Birthday Money & New Gadget Craze

• Income: You received $30 birthday money from your aunt.
• Essential Need: Your school project requires $5 for poster board.
• Wants: A new trendy fidget toy for $10, or a cool sticker pack for $3.
• Decision: How will you spend and save? What do you prioritize?

Round 2: After-School Job & Unexpected Repair

• Income: You earned $25 helping a neighbor with yard work.
• Essential Need: Your bicycle tire went flat and needs a $10 repair to get to school.
• Wants: A new comic book for $7, or a special snack after school for $4.
• Decision: How do you handle the unexpected repair? What gets cut?

Round 3: Rainy Day Savings & Movie Night

• Income: None this round, but you remember you have $15 saved from a previous week.
• Essential Need: You need $6 for school lunch supplies for the week.
• Wants: Your friends are going to the movies, tickets are $12.
• Unexpected Event: You find a $5 bill in an old jacket! (Add to income)
• Decision: Do you dip into your savings for the movie? How does finding extra money change things?

Round 4: Tutoring Session & Game Release

• Income: You tutored a younger student and earned $20.
• Essential Need: You need $3 for bus fare to get to an important appointment.
• Wants: A highly anticipated new video game just came out for $25, or a new outfit for $18.
• Decision: Can you afford the new game or outfit? Do you have to save more?

Round 5: Craft Fair Earnings & Gift for a Friend

• Income: You sold some crafts you made and earned $35.
• Essential Need: You need $8 for materials for your next craft project.
• Wants: Your friend's birthday is coming up, and you want to buy a gift for $15, or go out for ice cream with friends for $6.
• Unexpected Event: You receive a $10 gift card for a store you love! (This can cover $10 of any purchase at that store)
• Decision: How do you balance your gift for a friend with other wants and needs, especially with the gift card?

End of Game:

• Calculate your final bank balance (money not saved, but still available).
• Calculate your total savings.
• Did you cover all essential needs throughout the game? If not, why? (Teacher discretion for penalty).
• Teacher will review scores and declare the winning Smart Spender group!

Smart Spender Solutions: Answer Key and Discussion Points

This answer key provides possible solutions and critical thinking points for the My Weekly Budget Challenge worksheet and debriefing The Smart Spender Game. It's important to remember that there isn't one "right" answer for every budgeting decision, but rather smart choices based on priorities.

My Weekly Budget Challenge - Sample Answers & Discussion

Income: $50.00

Possible Budget Breakdown (Student choices will vary):

Reflection and Explanation - Discussion Points:

1. Hardest part about creating your budget:

   • Making choices between wants when funds are limited.
   • Prioritizing needs over wants.
   • Resisting the urge to buy everything on the list.
   • Estimating how much to spend on variable items.

2. What you chose to spend on and why; what you didn't:

   • Spend: Items that are important for school, social activities (friends), hobbies, or helping others. These align with personal values.
   • Not spend: Expensive wants (video game, subscription) that can be deferred or aren't as high a priority.

3. How much saved and what for:

   • Emphasize that any amount saved is good! Discuss different savings goals (short-term vs. long-term).

4. Impact of an unexpected $15 expense:

   • Students would need to adjust their budget. Possible actions:
     • Reduce spending on variable wants (e.g., fewer snacks, no art supplies this week).
     • Temporarily reduce savings for the week.
     • If no other options, they might have to go into debt (spend more than they have), highlighting the importance of an emergency fund.

The Smart Spender Game - Debriefing & Key Takeaways

After playing the game, facilitate a discussion using these points:

• Prioritization: What strategies did groups use to decide what to spend money on? Did needs always come before wants?
• Flexibility: How did unexpected income or expenses force groups to change their plans? Was it hard to adjust?
• Saving Habits: Did groups consistently try to save, or did they spend everything each round? What was the benefit of saving?
• Teamwork: How did working together help (or hinder) the budgeting process?
• Real-World Connections: How is this game similar to real-life financial decisions that adults (or even students) make?
• Lessons Learned: What is one key lesson about money management each group learned from playing the game?

Winning Strategies often include:

• Consistently saving a portion of income.
• Prioritizing essential needs first.
• Being willing to cut back on wants when funds are low or unexpected expenses arise.
• Taking advantage of extra income to boost savings.