Finance - 01. Budgeting

• The importance of budgeting.
• Ways of budgeting.
• Saving money.

'A budget is telling your money where to go instead of wondering where it went.'

- Dave Ramsey, personal finance expert.

The Importance of Budgeting

Activity 1: Budget Balloons

• You have a budget of £2500 for the month.
• Pop the balloons to discover your expenses.
• One team member should note each expense and add them up.
• Can your expenses be within your budget?

Time to reflect...

• What was the most challenging part of managing your budget in the first round?
• How did having a clear idea of your expenses in the second round help you manage your budget better?

Essential & Non-Essential Items

• Scan the QR Codes to find 3 sources of income and 5 expenses.
• You can choose your outgoings, but the cost will have to match your income limit!

Activity 2: Income vs Expenditure

In pairs, complete the income vs expenditure task.

Time to reflect...

• What can we do to maximise our income?
• What did you learn about balancing income and expenses?
• How can distinguishing between essential and non-essential expenses help you manage your money better?

Budgeting Ideas

50/30/20 Rule

Envelope System

Zero-Based Budgeting

Pay Yourself First

Weekly Allowance

Expense Tracking

TotalTotal Income - Total Expenses = Spare Money£210 - £180 = £30

Here is an example of a simple monthly budget.

Budget Example

Activity 3: Budget your Year

Complete your yearly budget.How can you save for any big expenses?

Time to reflect...

• What can we do to maximise our income?
• What did you learn about balancing income and expenses?
• How can distinguishing between essential and non-essential expenses help you manage your money better?

Further Information & Support

• The importance of budgeting.
• Ways of budgeting.
• Saving money.