Budgeting Scenario Worksheets | Twinkl (teacher made) - Free Printable

Here are the solutions for the three budget worksheets shown. I have calculated the totals and answered the questions for each person (Jenna, Diego, and Shreya) step-by-step.

Worksheet 1: Jenna

Step 1: Calculate Totals
* Total Income: Add up all money coming in.
* $400 + $50 = $450
* Total Expenses: Add up all money going out.
* $100 + $20 + $150 + $30 + $40 + $30 + $15 + $15 = $400
* Money Left Over: Subtract expenses from income.
* $450 - $400 = $50

Step 2: Answer Questions
1. How much money does Jenna have left?
* She has $50 left.
2. What is Jenna’s biggest monthly expenditure?
* Looking at the list, the highest number is Rent ($150).
3. What is Jenna’s smallest monthly expenditure?
* The lowest numbers are Entertainment and Phone Bill, which are both $15.
4. If Jenna would like to save more money, what changes could she make?
* She could spend less on "Eating Out" or "Clothing." For example, if she stops eating out, she saves $30.

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Worksheet 2: Diego

Step 1: Calculate Totals
* Total Income:
* $250 + $75 = $325
* Total Expenses:
* $90 + $80 + $100 + $20 + $150 + $20 + $20 + $25 = $505
* Money Left Over:
* $325 - $505 = -$180 (He is short by $180).

Step 2: Answer Questions
1. How much money does Diego have left?
* He has -$180. This means he does not have enough money; he is over his budget.
2. What is Diego’s biggest monthly expenditure?
* The highest cost is Car Repairs ($150).
3. What is Diego’s smallest monthly expenditure?
* The lowest costs are Fuel, Cycling, and Mobile Phone, which are all $20.
4. If Diego would like to save more money, what changes could he make?
* His car repairs are very expensive. He might need to find a cheaper way to travel or fix the car himself. He could also cut out non-essentials like cycling gear or phone upgrades until he fixes his budget.

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Worksheet 3: Shreya

Step 1: Calculate Totals
* Total Income:
* $314 + $120 = $434
* Total Expenses:
* $100 + $100 + $50 + $10 + $120 + $50 + $70 + $30 + $40 = $570
* Money Left Over:
* $434 - $570 = -$136 (She is short by $136).

Step 2: Answer Questions
1. What is Shreya’s biggest monthly expenditure?
* She spends the most on Rent ($100) and Car Repairs ($100). They are tied for the biggest expense.
2. What is Shreya’s smallest monthly expenditure?
* The smallest amount is Petrol ($10).
3. If Shreya would like to save more money, what changes could she make?
* Since her car repairs are high ($100) and petrol is low ($10), she might be driving an old car that breaks down often. She could try to save for a newer car or use public transport to lower repair costs. She could also reduce spending on Clothing ($70) or Eating Out ($50).
4. Shreya is saving very little of her budget each month. In some ways why is this?
* Her total expenses ($570) are much higher than her income ($434). This is likely because of unexpected high costs like Car Repairs ($100) and possibly high Rent relative to her income.

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Final Answer:

Jenna's Worksheet:
* Total Income: $450
* Total Expenses: $400
* Money Left: $50
* Biggest Expense: Rent ($150)
* Smallest Expense: Entertainment / Phone Bill ($15)

Diego's Worksheet:
* Total Income: $325
* Total Expenses: $505
* Money Left: -$180 (Over budget)
* Biggest Expense: Car Repairs ($150)
* Smallest Expense: Fuel / Cycling / Mobile Phone ($20)

Shreya's Worksheet:
* Total Income: $434
* Total Expenses: $570
* Money Left: -$136 (Over budget)
* Biggest Expense: Rent & Car Repairs (Tied at $100)
* Smallest Expense: Petrol ($10)