Real-world examples of kids planning their spending money.

📚 Quick Study Guide

• 💰 Budgeting Basics: Understanding income (allowance, gifts) and expenses (toys, snacks, entertainment).
• 🎯 Goal Setting: Saving for a specific item or experience. Breaking down larger goals into smaller, achievable steps.
• 📝 Tracking Spending: Keeping a record of what money is spent on. Using a notebook, app, or simple spreadsheet.
• 🤔 Needs vs. Wants: Differentiating between essential items and non-essential desires.
• 🤝 Making Choices: Evaluating different options and prioritizing spending based on available funds and goals.
• 💡 Delayed Gratification: The ability to resist the temptation for an immediate reward and wait for a later reward.

Practice Quiz

1. What is the first step in planning your spending money?
   1. Buying the coolest toy you see.
   2. Tracking your expenses.
   3. Setting a budget.
   4. Asking your parents for more money.
2. Lily wants to buy a new video game that costs $60. She gets $10 allowance each week. How many weeks will it take her to save enough money if she saves all her allowance?
   1. 4 weeks
   2. 5 weeks
   3. 6 weeks
   4. 7 weeks
3. Which of the following is an example of a "need"?
   1. A new video game
   2. A pack of trading cards
   3. Lunch at school
   4. A fancy toy
4. Tom wants to buy a comic book that costs $5. He has $2. How much more money does he need?
   1. $1
   2. $2
   3. $3
   4. $4
5. Sarah is saving for a new bike that costs $100. She has already saved $40. How much more does she need to save?
   1. $50
   2. $60
   3. $70
   4. $140
6. What is "delayed gratification"?
   1. Spending all your money at once.
   2. Waiting to buy something you really want.
   3. Asking your parents to buy you everything.
   4. Never buying anything.
7. Which of these is the best way to track your spending?
   1. Guessing how much you spent.
   2. Writing it down in a notebook.
   3. Asking a friend to keep track for you.
   4. Ignoring your spending.