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Lesson 2: Building a Budget

About 30 minutes — Activity-based lesson

What You Will Learn

This lesson covers:

What a budget is: a plan for your money

This section covers the key ideas about what a budget is: a plan for your money. Discuss with your group or family and explore the concepts together.

Budget categories: saving, spending, giving

This section covers the key ideas about budget categories: saving, spending, giving. Discuss with your group or family and explore the concepts together.

The idea of dividing money into portions

This section covers the key ideas about the idea of dividing money into portions. Discuss with your group or family and explore the concepts together.

Building a mock budget with a $40/month allowance

This section covers the key ideas about building a mock budget with a $40/month allowance. Discuss with your group or family and explore the concepts together.

Check Your Understanding

1. What is a budget?

Answer: A budget is a plan for how you will use your money. It divides your income into categories so you know where every dollar goes.

2. Name three common budget categories.

Answer: Saving, spending (needs and wants), and giving. Some people also add categories for specific goals.

3. If you had $40/month, how might you divide it?

Answer: One example: $15 saving, $15 spending on wants, $5 needs (school supplies), $5 giving. But there are many right answers — the key is having a plan.

4. Why is it better to budget before you spend rather than after?

Answer: Because once money is spent, you cannot get it back. Budgeting first ensures your most important priorities get funded.

Key Takeaways

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Continue to Lesson 3: When the Budget Breaks

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