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3

Mastering the Art of Budgeting and Managing Your Finances like a Pro (Budgeting)

Kids with Backpacks

Hey savvy students! Welcome back to smart start financial literacy program. Today we will be completing Module 3. Get ready to dive deep into the world of Mastering the Art of Budgeting and Managing Your Finances like a Pro.
 

 In this module, we're going to learn some seriously cool stuff about how to take control of your money and make it work for you.
1. We'll discover that successfully managing your personal income starts with having a solid plan in place.
2. We'll explore how your values and goals play a key role in creating a budget that works for you.

Throughout this module, we'll learn how to balance the income we earn with what we want to save and spend, and how to ensure our budgets are accurate and achievable. We'll also learn that budgets aren't set in stone – they should be regularly evaluated and adjusted to meet changing circumstances. And most importantly, we'll discover the importance of holding ourselves accountable when monitoring our budgets. So get ready to become budgeting pros and take charge of your financial future! Let's dive in and start mastering the art of budgeting together!
 

a

Budget Master

 Watch and learn how everyone can make a bit of money! We need to understand that in order for us to have spending money, let’s learn the different ways we can earn money.

b

Now that you know the value of money, we can start earning money in order for us to have fun in the future. This is only one technique of budgeting your income (learnt in module 2) but remember 30, 60, 10!

 

·   Saving 30%

·   Spending 60%

·   Share 10%

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c

Budgeting is your new super power!

Budgeting is like having a superpower that helps you manage your money wisely, especially when you're saving up for something special like a new video game or a fun day out with friends.

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Imagine having a set amount of money to put away each week or month in your piggy bank or savings account. This money adds up over time, and before you know it, you've reached your goal! But budgeting isn't just about saving; it's also about having a set amount of money to spend on things you enjoy, like treats, toys, or activities.

 

By budgeting, you can make sure you have enough money for the things you need and want, while also learning valuable skills that will help you manage your money responsibly as you grow older. So, grab your superhero cape and start budgeting like a pro!

Let’s help Smart Steve gain his powers by choosing the best financial decision! No decision is incorrect but some may be better than others!

 

Let’s put our new technique to use!

 

You have been given $100 for your birthday from your grandparents, how will you budget your money?

 

Put your answers down in a list and give a small description on why you decided to make this financial decision.

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d

Class Pet Budgeting Adventure!

Welcome to the world of pet care, where you get to be the financial wizard for our beloved class pet! Get ready to budget like a boss with this exciting activity.

 

Below you will find a table that has two columns. In the first column, jot down all the things your class pet needs to survive, like food, water, and a cozy bed. In the second column, let your imagination run wild and list items that aren't necessary but would make our pet's life extra awesome, like toys or a fancy collar.

 

Now, it's time to dive into the world of budgeting! Imagine you have a weekly and monthly allowance to spend on our furry friend. How much will you allocate for their essential needs each week and month? And don't forget to set aside some money for unexpected expenses, like a surprise trip to the vet or a new chew toy.

 

Once you've set your budget, it's time to get creative! How can you save money on pet supplies without sacrificing quality? Maybe you can find deals online or make DIY toys and accessories. And remember, it's all about balancing spending and saving to ensure our class pet lives their best life while staying within our budget.

 

Get ready to unleash your inner financial guru and make our class pet's world a little brighter with your savvy budgeting skills!

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Congratulations, Savy money savers!

You've completed the budgeting Workshop and gained valuable insights into how to split your income and make informed financial decisions to save your money. Keep exploring and implementing your new saving technique, and you'll be on your way to financial success! 

 

Thank you for participating in today’s module! This is what you have learnt today,

  • Can recognise the use and value of a budget 

  • Prepare and consider the role of short-term and long-term goals in the budgeting process 

  • The importance of visualisation of goals 

  • Can identify the resources available when creating realistic goals 

  • Recognise the importance of savings in a budget 

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