Lesson 1: What is a Budget?

 

Overview:

 

A budget is a written plan your parents use to decide how much money they can spend on things, like groceries, rent, clothes for the family, and many other items. Everything we spend money on needs to be in the budget. It should also include a goal to put some money into savings each month to prepare for unexpected emergencies. The goal of a budget is to make sure your parents do not spend more money than they earn from their jobs.

As a kid, you can use a budget to help you decide how to spend money you receive from gifts, allowance, or chores. It is a good idea to SAVE some of your money in a piggy bank or your Cool Kids Savings Account for the future. You can also GIVE some of your money to charity, or to buy something for others in need. After you decide how much to put in those two places, you can also plan to SPEND some of your money on something you would enjoy.

 

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