Let's go through the worksheet
"Planning My Budget" step by step and solve each part with clear explanations.
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Scenario:
You just got a job and earn
$50 per week. You need to plan how to spend, save, and possibly donate your money.
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1. What do you like to spend money on?
Answer (example):
I like to spend money on snacks, video games, and going to the movies.
> *Explanation:* This is an open-ended question meant to help students think about their personal spending habits. There’s no right or wrong answer—just reflect on what you enjoy.
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2. Name something you want to buy. About how much does it cost?
Answer (example):
I want to buy a new video game. It costs about $60.
> *Explanation:* Again, this is personal. The goal is to think about goals and prices. A video game often costs around $60, so that’s a realistic estimate.
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Then read the budgets below:
Here are the five budget options:
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Budget #1: Each week, put $50 in savings →
Spend $0, Save $50
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Budget #2: Spend $10, save $40 → Total: $50
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Budget #3: Spend $25, save $25 → Total: $50
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Budget #4: Spend $40, save $10 → Total: $50
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Budget #5: Spend $20, save $25, donate $5 → Total: $50
> All budgets add up to $50, which matches the weekly income.
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3. If you had to choose one budget, which one would it be? #______ Explain why.
Answer (example):
I would choose
Budget #5.
Explanation:
I like Budget #5 because it lets me spend $20 on things I enjoy, like snacks or games. I also save $25, which helps me reach my goal of buying a $60 video game. Plus, donating $5 helps others and teaches me to give back. This balance feels fair and responsible.
> *Why this is good:* It shows spending, saving, and giving—all important parts of financial health.
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4. Write another budget for someone earning $50 a week.
Answer (example):
Each week, spend
$15, put
$30 in savings, donate
$5.
> *Explanation:* This adds up to $50 ($15 + $30 + $5 = $50). It balances fun (spending), future security (savings), and generosity (donation). You can adjust based on your priorities.
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✔ Summary of Key Financial Concepts:
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Spending: Use money for needs and wants.
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Saving: Set aside money for future goals (like a video game).
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Donating: Giving to help others builds empathy and responsibility.
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Budgeting: Planning how to use money wisely so you don’t overspend.
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Final Answer Sheet (Example):
1. I like to spend money on snacks, video games, and movies.
2. I want to buy a video game. It costs about $60.
3. I would choose
Budget #5 because it lets me spend, save, and give back—balancing fun, goals, and kindness.
4. Each week, spend
$15, put
$30 in savings, donate
$5.
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This exercise teaches
financial literacy—how to manage money responsibly while still enjoying life! 💰📊
Parent Tip: Review the logic above to help your child master the concept of financial literacy worksheet.
