Money Planning and Budgets
Ages 16–18Difficulty adapts to you
Money Planning and Budgets
A budget is a plan for where money will go. Start with income, subtract essential spending, set a savings target, and leave a realistic amount for flexible spending. A useful budget is balanced: planned money in equals planned money out.
Your goals
- ✓You can build a realistic budget from income, needs, wants, savings, and unexpected costs.
- ✓You can use Money Planning and Budgets, model correctly.
- ✓You can use the definitions, units, assumptions, and examples to check your answer.
Words to know
- Money Planning and Budgets:
- Build a realistic budget from income, needs, wants, savings, and unexpected costs.
- model:
- A rule or representation used to describe a situation and make a prediction.
Examples
- 1Income ₦180,000 − fixed costs ₦95,000 − food and transport ₦45,000 − savings ₦20,000 leaves ₦20,000 for flexible spending.
- 2A zero-based budget assigns every naira a job, including an emergency fund and giving.
Check these
- • Do not skip the meaning of a term or give a result without explaining what it means.
- • Keep every number, symbol, label, and unit in its correct place.
- • Show enough working to check how you reached your answer.
Helpful habits
- • Read the whole question before choosing what to do.
- • Show one clear step at a time and check each step.
- • If you are stuck, draw a model, try smaller numbers, or revisit the example.
Now try your own
Create your own money planning and budgets example, solve it, and explain how you checked it.
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Helpful Hints“Look for patterns — maths is full of them!”