Creating a Personal Budget
Grade 11th Grade · Economics · 60 min
What's Included
Learning Objective
I can create a personal budget to track income and expenses.
Warm-Up Video
DollarSprout · 6:21
How to Make a Budget | 50/30/20 Rule of Budgeting Explained
Guided Notes
3 key concepts
- 1
The 50/30/20 budget framework allocates 50% of your income to needs, 30% to wants, and 20% to savings and debt repayment.
- 2
Needs include essential expenses like rent, utilities, and groceries, while wants cover non-essential items such as vacations, eating out, and entertainment.
- 3
The savings category includes contributions to an emergency fund, retirement accounts, and debt payments beyond the minimum required.
Practice Questions
12 questions · Multiple choice & Short answer
Exit Ticket
Quick comprehension check
“Create a monthly budget using the 50/30/20 rule, assuming your monthly income is $1,500. List specific examples of expenses for each category (Needs, Wants, Savings).”
Complete Lesson Package
Get all 3 ready-to-use resources:
