Social Studies: Personal Finance: Budgeting and Saving
Planning spending, setting goals, and building smart money habits
Social Studies: Personal Finance: Budgeting and Saving
Planning spending, setting goals, and building smart money habits
Social Studies - Grade 6-8
- 1
A student earns $20 each week for doing chores. They want to save $8 and spend the rest. How much money can they spend each week?
Subtract the amount saved from the total amount earned.
The student can spend $12 each week because $20 minus $8 equals $12. - 2
List two examples of needs and two examples of wants for a middle school student.
Examples of needs include school supplies and food. Examples of wants include video games and a new pair of trendy shoes. - 3
Maria gets $50 each month. She plans to spend $18 on school supplies, $12 on snacks, and save the rest. How much will she save?
First add the spending amounts, then subtract from the total money.
Maria will save $20 because $18 plus $12 equals $30, and $50 minus $30 equals $20. - 4
Why is saving money over time usually better than spending all your money right away? Give one clear reason.
Saving money over time is usually better because it helps a person prepare for emergencies or afford a larger purchase in the future. - 5
Jordan wants to buy headphones that cost $45. Jordan saves $9 each week. How many weeks will it take to save enough money?
Divide the total cost by the amount saved each week.
It will take Jordan 5 weeks to save enough money because $45 divided by $9 equals 5. - 6
A budget includes income of $60. The planned expenses are $15 for a gift, $20 for a phone card, and $10 for entertainment. Is this budget balanced, or is there money left over? Explain.
There is money left over in this budget. The total expenses are $45, so $60 minus $45 leaves $15 unspent. - 7
Which choice is the better savings habit: saving $2 every week for 10 weeks or saving $5 one time? Explain your answer.
Find the total amount saved in each choice before comparing them.
Saving $2 every week for 10 weeks is the better savings habit because it adds up to $20, which is more than saving $5 one time. - 8
Sam has a monthly budget of $80. Sam wants to save 25% of that money. How much should Sam save?
Sam should save $20 because 25% of $80 is 0.25 times 80, which equals 20. - 9
Write a simple savings goal for something that costs $30. Then explain how you could reach that goal in 5 weeks.
Use the total cost and divide by the number of weeks.
One simple savings goal is to save for a $30 backpack. To reach that goal in 5 weeks, you would need to save $6 each week because $30 divided by 5 equals $6. - 10
Taylor earns $15 from babysitting and $10 from helping a neighbor. Taylor spends $12 and saves the rest. How much does Taylor save?
Taylor saves $13 because $15 plus $10 equals $25, and $25 minus $12 equals $13. - 11
Explain why making a budget before shopping can help a person make better choices.
Think about planning ahead and avoiding overspending.
Making a budget before shopping can help a person make better choices because it sets a spending limit and helps them focus on important purchases first. - 12
A student has $40. They want to save half, spend $10 on a book, and use the rest for snacks. How much money is left for snacks?
There is $10 left for snacks. Half of $40 is $20 saved, and after spending $10 on a book, $10 remains.