Budgeting

Math

• The seventh-grade child has learned how to create a budget by listing income and expenses.
• They have learned how to categorize expenses into fixed and variable expenses.
• The child has learned how to calculate the total income and total expenses and determine if they have a surplus or a deficit.
• They have also learned how to make adjustments to their budget to meet their financial goals.

Continued development can be done by encouraging the child to track their actual expenses and compare them to their budgeted amounts. They can also explore different budgeting strategies and techniques, such as the envelope system or the 50/30/20 rule. Additionally, they can research and learn about different types of investments and how they can grow their money over time.

Book Recommendations

• The Kids' Money Book by Jamie Kyle McGillian: This book provides practical tips and advice on managing money, including budgeting, saving, and making smart financial decisions.
• How to Turn $100 into $1,000,000 by James McKenna and Jeannine Glista: This book introduces young readers to the concept of investing and explains how they can start building wealth from an early age.
• Money Sense for Kids by Hollis Page Harman: This book teaches children about money management, budgeting, and the importance of saving through fun and engaging activities and exercises.