Financial Literacy: Budgeting and Saving Worksheet

Question 1

Maya earns $60 each week from babysitting. She wants to save 25% of her weekly income. How much should Maya save each week, and how much will she have left to spend?

Accepted Answer

Maya should save $15 each week because 25% of $60 is $15. She will have $45 left to spend.

Question 2

Jordan has $120 saved. He wants to buy a bike that costs $300. If he saves $30 each month, how many more months will it take him to reach his goal?

Accepted Answer

Jordan still needs $180 because $300 minus $120 equals $180. If he saves $30 each month, it will take him 6 more months to reach his goal.

Question 3

A student has a monthly allowance of $80. The student spends $20 on snacks, $15 on games, and $10 on school supplies. How much money is left at the end of the month?

Accepted Answer

The student spends $45 total because $20 plus $15 plus $10 equals $45. The student has $35 left at the end of the month.

Question 4

Look at this simple monthly budget: Income: $100. Savings: $20. Food: $25. Entertainment: $30. School supplies: $15. Is the budget balanced, under budget, or over budget? Explain.

Accepted Answer

The budget is under budget because the expenses and savings add to $90. Since income is $100, there is $10 left over.

Question 5

Elena wants to save $150 for a new tablet. She already has $45. She can save $15 each week. Write an equation that shows how many weeks, w, she needs to save, then solve it.

Accepted Answer

An equation is 45 + 15w = 150. Solving gives 15w = 105, so w = 7. Elena needs to save for 7 weeks.

Question 6

Which is a need and which is a want: buying lunch for school, buying a new video game, paying for a bus pass, and buying concert tickets? Sort each item and explain one choice.

Accepted Answer

Buying lunch for school and paying for a bus pass are needs because they help with food and transportation. Buying a new video game and buying concert tickets are wants because they are not necessary for daily life.

Question 7

Sam receives $40 for a birthday. He wants to use the 50-30-20 rule: 50% for needs, 30% for wants, and 20% for savings. How much money should go into each category?

Accepted Answer

Sam should put $20 toward needs, $12 toward wants, and $8 toward savings. These amounts are 50%, 30%, and 20% of $40.

Question 8

A school club is planning a party. The club has $200. Decorations cost $35, snacks cost $85, and games cost $50. How much money will the club have left after paying for everything?

Accepted Answer

The total cost is $170 because $35 plus $85 plus $50 equals $170. The club will have $30 left because $200 minus $170 equals $30.

Question 9

Lena is comparing two savings plans. Plan A saves $10 each week. Plan B starts with $25 and saves $5 each week. After 6 weeks, which plan has more money saved?

Accepted Answer

Plan A has $60 after 6 weeks because 10 times 6 equals 60. Plan B has $55 because 25 plus 5 times 6 equals 55. Plan A has more money saved.

Question 10

A student buys a $14 movie ticket and a $6 snack. The student pays with a $25 gift card. How much money remains on the gift card?

Accepted Answer

The student spends $20 total because $14 plus $6 equals $20. There is $5 remaining on the gift card.

Question 11

Tariq wants to save for a $96 pair of shoes. He plans to save $12 per week. Make a savings table for weeks 1 through 4, then state whether he will have enough after 4 weeks.

Accepted Answer

The table should show week 1 as $12, week 2 as $24, week 3 as $36, and week 4 as $48. Tariq will not have enough after 4 weeks because he needs $96.

Question 12

Nia has $75. She spends $18 on a book and $22 on art supplies. She wants to save the rest. What percent of her original money will she save? Round to the nearest whole percent.

Accepted Answer

Nia spends $40, so she saves $35. The fraction saved is 35 out of 75, which is about 46.7%, so she will save about 47% of her original money.

Question 13

A budget shows $50 for clothing each month. In March, Kai spends $62 on clothing. How much over budget is Kai, and what is one way Kai could adjust next month?

Accepted Answer

Kai is $12 over budget because $62 minus $50 equals $12. Kai could spend $12 less next month, choose a lower-cost item, or use money from a different category if needed.

Question 14

A savings account balance is shown for four months: January $40, February $65, March $90, and April $115. How much is being added each month, and what would the balance be in May if the pattern continues?

Accepted Answer

The balance increases by $25 each month. If the pattern continues, the May balance would be $140.

Question 15

Write a short budget plan for someone who earns $100 in a month and wants to save at least $20. Include at least three spending categories and make sure the total does not go over $100.

Accepted Answer

Answers will vary, but a correct budget must include income of $100, savings of at least $20, at least three spending categories, and a total of $100 or less. For example, savings $25, snacks $20, entertainment $25, supplies $15, and gifts $10 totals $95.

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Financial Literacy: Budgeting and Saving

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