Financial Literacy: Budgeting: Planning How to Spend Worksheet

Question 1

Mia gets $12 for helping with chores. She wants to save $5, spend $4 on a book, and donate $2. How much money will she have left after following her plan?

Accepted Answer

Mia will have $1 left. She planned to use $5 + $4 + $2 = $11, and $12 - $11 = $1.

Question 2

A budget is a plan for how to use money. Write one sentence explaining why making a budget before spending can be helpful.

Accepted Answer

Making a budget is helpful because it lets you plan for needs, wants, and savings before the money is gone.

Question 3

Jay has $20. He needs to buy a school notebook for $4 and lunch for $6. He wants to buy a toy car for $8. If he buys all three items, how much money will he have left?

Accepted Answer

Jay will have $2 left. The items cost $4 + $6 + $8 = $18, and $20 - $18 = $2.

Question 4

Look at this weekly budget: Income $25, snack $5, gift for friend $8, savings $7, art supplies $3. How much money is planned for spending and saving altogether, and how much is left unplanned?

Accepted Answer

The planned amount is $23 because $5 + $8 + $7 + $3 = $23. There is $2 left unplanned because $25 - $23 = $2.

Question 5

Lena wants to buy a soccer ball that costs $18. She has $6 now and can save $4 each week. How many weeks will it take her to have enough money?

Accepted Answer

It will take Lena 3 weeks to have enough money. She needs $12 more, and saving $4 each week for 3 weeks gives her $12.

Question 6

Sort each item as a need or a want: winter coat, video game, pencils for school, movie ticket, lunch.

Accepted Answer

Winter coat, pencils for school, and lunch are needs. A video game and a movie ticket are wants because they are enjoyable but not necessary.

Question 7

Omar has $15 to spend at the school fair. Ride tickets cost $6, a snack costs $4, and a game costs $3. He also wants to save at least $2. Can he buy all three fair items and still meet his savings goal?

Accepted Answer

Yes, Omar can buy all three items and still save $2. The three items cost $6 + $4 + $3 = $13, and $15 - $13 = $2.

Question 8

A class is planning how to use $40 for a small party. They budget $15 for snacks, $10 for drinks, $8 for decorations, and $5 for games. Is their budget balanced, over budget, or under budget?

Accepted Answer

Their budget is under budget. The planned costs are $15 + $10 + $8 + $5 = $38, so they have $2 left.

Question 9

Nora has $30. Plan a simple budget that includes at least $5 for savings, at least $3 for giving, and some money for spending. Your amounts must add to $30.

Accepted Answer

One possible budget is $10 for savings, $5 for giving, and $15 for spending. These amounts add to $30 and meet the savings and giving rules.

Question 10

A bar graph shows how Ben plans to use $24: $10 for savings, $6 for games, $4 for snacks, and $4 for gifts. Which category gets the most money, and how much more is it than the gift category?

Accepted Answer

Savings gets the most money. It is $6 more than gifts because $10 - $4 = $6.

Question 11

Tasha planned to spend $7 on a craft kit and save $5 from her $14 allowance. Then she found out she must pay $4 for a field trip. How can she change her budget so she does not spend more than $14?

Accepted Answer

One possible change is for Tasha to buy the craft kit for $7, pay $4 for the field trip, and save $3. The total is $14, so she does not spend more than she has.

Question 12

Eli uses three jars labeled Spend, Save, and Share. He puts $6 in Spend, $5 in Save, and $2 in Share. What is the total amount of money in the jars?

Accepted Answer

The total amount in the jars is $13. The sum is $6 + $5 + $2 = $13.

Question 13

Rina earns $9 each week for 4 weeks. She wants to save half of her total earnings. How much will she earn in all, and how much should she save?

Accepted Answer

Rina will earn $36 in all because $9 x 4 = $36. She should save $18 because half of $36 is $18.

Question 14

A school club has $50. They must spend $20 on supplies. They want to spend $18 on posters and $15 on snacks. Are the posters and snacks both possible after buying supplies? Explain.

Accepted Answer

No, the posters and snacks are not both possible after buying supplies. Supplies, posters, and snacks would cost $20 + $18 + $15 = $53, which is $3 more than the club has.

Question 15

Create a budget for $16 of allowance. Include money for saving and money for spending. Explain why your plan is a good choice.

Accepted Answer

One possible budget is $6 for saving and $10 for spending. This is a good choice because it lets the student enjoy some money now while still saving for the future.

Financial Literacy: Budgeting: Planning How to Spend

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