Financial Literacy: Budgeting: Planning How to Spend
Making smart plans for saving, spending, and sharing money
Financial Literacy: Budgeting: Planning How to Spend
Making smart plans for saving, spending, and sharing money
Financial Literacy - Grade 4-5
- 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?
Add the planned amounts first, then subtract from the total money.
Mia will have $1 left. She planned to use $5 + $4 + $2 = $11, and $12 - $11 = $1. - 2
A budget is a plan for how to use money. Write one sentence explaining why making a budget before spending can be helpful.
Making a budget is helpful because it lets you plan for needs, wants, and savings before the money is gone. - 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?
Needs and wants can both be in a budget, but you still need to check the total cost.
Jay will have $2 left. The items cost $4 + $6 + $8 = $18, and $20 - $18 = $2. - 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?
The planned amount is $23 because $5 + $8 + $7 + $3 = $23. There is $2 left unplanned because $25 - $23 = $2. - 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?
Find how much more money she needs before counting weeks.
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. - 6
Sort each item as a need or a want: winter coat, video game, pencils for school, movie ticket, lunch.
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. - 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?
Check whether the leftover amount is at least $2.
Yes, Omar can buy all three items and still save $2. The three items cost $6 + $4 + $3 = $13, and $15 - $13 = $2. - 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?
Their budget is under budget. The planned costs are $15 + $10 + $8 + $5 = $38, so they have $2 left. - 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.
There is more than one correct budget as long as the amounts follow the rules and total $30.
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. - 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?
Savings gets the most money. It is $6 more than gifts because $10 - $4 = $6. - 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?
The field trip is a need, so another category may need to be smaller.
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. - 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?
The total amount in the jars is $13. The sum is $6 + $5 + $2 = $13. - 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?
First multiply to find her total earnings for 4 weeks.
Rina will earn $36 in all because $9 x 4 = $36. She should save $18 because half of $36 is $18. - 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.
Add all the costs and compare the total to $50.
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. - 15
Create a budget for $16 of allowance. Include money for saving and money for spending. Explain why your plan is a good choice.
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.