Financial Literacy: Budgeting and Saving
Practice making budgets, tracking spending, and building savings habits
Financial Literacy: Budgeting and Saving
Practice making budgets, tracking spending, and building savings habits
Financial Literacy - Grade 6-8
- 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?
Find 25% by dividing the amount by 4.
Maya should save $15 each week because 25% of $60 is $15. She will have $45 left to spend. - 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?
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. - 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?
Add all expenses first, then subtract from the allowance.
The student spends $45 total because $20 plus $15 plus $10 equals $45. The student has $35 left at the end of the month. - 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.
The budget is under budget because the expenses and savings add to $90. Since income is $100, there is $10 left over. - 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.
Start with what she already has, then add the same amount for each week.
An equation is 45 + 15w = 150. Solving gives 15w = 105, so w = 7. Elena needs to save for 7 weeks. - 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.
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. - 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?
Change each percent into a decimal or use common fractions.
Sam should put $20 toward needs, $12 toward wants, and $8 toward savings. These amounts are 50%, 30%, and 20% of $40. - 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?
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. - 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?
Find the total saved in each plan after 6 weeks, then compare.
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. - 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?
The student spends $20 total because $14 plus $6 equals $20. There is $5 remaining on the gift card. - 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.
Add $12 for each week.
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. - 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.
Find the amount saved first, then divide by the original amount.
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. - 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?
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. - 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?
Subtract one month from the next to find the pattern.
The balance increases by $25 each month. If the pattern continues, the May balance would be $140. - 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.
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.