Instructions
Answer the following questions about budgeting. Write your answers in the spaces provided.
Understanding Budget Basics
- What is a budget? How does it help in managing money?
- What are some common sources of income for teenagers?
- What are three things you spend money on regularly?
- Why is it important to save money? What are some ways to save?
- What is the difference between "needs" and "wants"? Provide one example of each.
- What are some tips for creating a successful budget?
- Imagine you have $100 to spend. How would you allocate it? (e.g., 50% on X, 30% on Y, etc.)
- What are some common budgeting methods people use?
- What is an emergency fund? Why is it important?
- Imagine you have a part-time job earning $15/hour and work 10 hours a week. How would you budget your monthly earnings?