“Do not save what is left after spending, but spend what is left after saving.” It is a critical thing that kids start to imbibe the value of money, short-term and long-term saving and budgeting at the earliest age as possible. This task will help us do it. The assignment is to plan a monthly budget.
This monthly budget project is excellent as well as a fun way to help teach kids about budgeting and help them develop personal financial skills that will serve them later in life. Along with this, they will also reinforce math skills and learn to channelize their expenses and desires. This exercise is not only helpful in getting kids confident in money matters, but it also provides an opportunity for parents to have meaningful conversations with their kids about money management.
A-4 size paper, Ruler and Pen
Your task is to design and decide your monthly budget with the following information:
Every week on a Monday you receive $50.00 per week which include traveling to school and lunch cost of every weekday
School days are Monday to Friday
Travel to School One Way is $1.50
Lunch Cost is $5.00
You have to buy a jacket of $30.00 from your savings at the end of this month - not necessary to save for every week
You also have to save for any miscellaneous emergency that may occur - not necessary to save for every week
2. You need to fill the table above, by calculating your travel charge for every week, lunch cost for every week, and how much you would like to put in for jacket and rest save for miscellaneous.
3. You can edit the table as you are comfortable
The money received should be analyzed into three parts: Spending, Saving, and Sharing
A budget tells us where did our money go instead of us wondering where did it go
A budget allows us to see how much money we earn or receive and spend over a period of time, and helps us to make good choices for both spending our money on what we need or want now, and saving our money for what we think we’ll need or want in the future