Making A Budget

Worksheet Description

This Life Skills worksheet is designed to educate students on the practicalities of personal finance through the exercise of making a budget. It outlines the concept of a budget as a detailed plan that helps track income, planned expenditures, and savings, ensuring financial responsibilities are met without running out of money before the next paycheck. The worksheet succinctly defines the equation that income minus budgeted expenses equals savings, laying the foundation for students to understand the basics of budgeting.

The worksheet includes directions for completing a budget, with a table provided for students to list their expected monthly expenses alongside the actual amounts spent, and calculate the difference. This hands-on approach allows students to actively engage with the process of monitoring their financial outgoings. As students fill in the worksheet over time, they are encouraged to adjust their budget for accuracy and to ensure their income covers their expenses. This exercise is not only a critical skill for young adults preparing for independence but also an invaluable tool for teaching mathematics in a real-world context. By completing this budget worksheet, students gain insight into financial responsibility and the importance of managing money wisely.