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Financial Literacy - Budget Basics

Financial Literacy - Budget Basics

Author: Jennifer Conner

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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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

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Money Management/Budgeting Quiz

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