Creating a Personal Budget
Grade 11th Grade · Economics · 60 min
What's Included
Learning Objective
I can create a personal budget and explain how it helps manage finances.
Warm-Up Video
Great Lakes · 4:21
7 Steps on How to Create a Budget
Guided Notes
3 key concepts
- 1
The first step in creating a budget is to track your income and expenses using a money journal.
- 2
When determining your expenses, you can look back at past checking or credit card statements, look forward to budget for fixed expenses, and use your money journal to analyze spending.
- 3
The 50-20-30 rule suggests allocating 50% of your income to essential expenses, 20% to savings and debt repayment, and 30% to lifestyle choices.
Practice Questions
12 questions · Multiple choice & Short answer
Exit Ticket
Quick comprehension check
“Create a monthly budget using the 50-20-30 rule, assuming a monthly income of $1000. List the amounts allocated to essential expenses, savings/debt repayment, and lifestyle choices, and briefly explain how this budget can help you manage your finances.”
Complete Lesson Package
Get all 3 ready-to-use resources:
