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Second/Budgeting Basics

Budgeting — Word Problems

Word problems about allocating money across budget categories.
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Study Guide

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Quick Tip
Add up what is spent, then subtract from the starting amount to find what is left.
Teacher Resources
Teaching Notes

These are multi-step problems — encourage students to list each expense before subtracting.

Vocabulary
Budget: A plan for how to spend and save a set amount of money.
Allocate: To decide how much money to put toward each category.
Common Mistakes
  • Subtracting only one expense instead of the total of all expenses
Differentiation
SupportList each expense in a column before subtracting the total.
ChallengeAdd a 4th budget category and a percentage-based split.
Discussion Questions
  • Why is it useful to plan spending before you have the money in hand?
  • What would you budget for with $20?
Extension Activities
  • Plan a pretend $20 budget for a weekend outing.
Parent Tip

Give your child a small fixed amount for an outing and let them decide how to split it.

Learning Path
Skill Level

intermediate

Estimated Time

12 minutes

Skills Practiced
Basic budgeting