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Financial Literacy - Budget Basics

Financial Literacy - Budget Basics

Author: Jennifer Conner
Description:

To introduce students to the concept of budgeting, and explain the reasons that it is important to create, and stick to, a budget.

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Tutorial

Money Management Vocabulary

 

  • Budget
    • an estimate of income and spending for a set period of time.
    • a comparison of what you earn (income) to what you spend (expenses).

 

  • Financial Goals - plans you have for the future.  They can be short, medium or long-term.
  • Income - money that you make or earn.

 

  • Expenses - money that you spend or owe (bills, for example).
  • Balanced Budget - when you have no debt, but you are not saving money either; breaking even.

 

  • Wants vs. Needs:
    • Want - something that you desire, but is not needed to survive.
    • Need - something that is necessary for survival.

 

  • Record-Keeping - a history of financial activities kept in a record or journal.

 

Money Management/Budgeting Video

Please click here and watch the video about Money Management/Budgeting from econedlink.org.

  • To do this click "Play" then "Play Video." 
  • After you have finished watching the video, click the "back" button to return to this page. 
  • Please continue to the Quiz below...

Source: econedlink.org

Money Management/Budgeting Quiz

Click here to answer some questions about the video you just watched.  

Source: econedlink.org