Student Worksheet

My Monthly Budget - Activity Instructions

In this activity you’ll create a simple budget to help you save for some things on your wishlist. At the end of the month, you’ll reflect on your actual income and expenses and whether you were able to save enough for the things you wanted.

In order to buy the things you want, you may need to save money. (If you want to create a wishlist of things you want, complete My Wants And Needs first.)

Part A: Sample Budget

Developing a well-planned budget is the best way to help you save. Read this example budget and complete the Income - Expenses sum:

In the example above, how much money was:

1. Earned? $

2. Spent? $

3. Saved? $

If this was your budget, how long would it take you to save the money needed to purchase the first item on your wishlist?

What other things could you do to save money? (E.g. does everything you buy need to be new? Can you think of any new ways of making income?)

Part B: My Monthly Budget

You can use the table below to create your own budget at home. Begin this process by making a ‘projection’ (or prediction) of your income and expenses for the next month. Then complete the ‘actual’ income and expenses column as you receive income and spend your money throughout the month.

Hint: Since a budget often contains personal information about your income and spending patterns, you might like to keep it private from those outside your family.

While creating this budget, use these tips for effective budgeting:

Set goals for how much you want to save each month.
If your predicted expenses are greater than your predicted income, you might need to think of other ways to save money.

Notes:

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Reflection

Did creating a budget help you get the things you wanted? Why or why not?

What about the things you can't buy, like time with family and friends, or time doing things you love? (Other than shopping!) Can a budget help you get these things? Why or why not?

Why can't we have everything we want?

What do you think is the role of choice in planning a budget around your wishlist?

Are things with monetary value more important than things without monetary value? Explain your answer:

Do you agree or disagree with the quote below? Explain your answer:

"Measure your wealth by what you’d have left if you lost all your money." - H. Jackson Brown, Jr.

My Monthly Budget

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