Budget Basics Reference Sheet
Budget Basics Reference Sheet
Guía Práctica: Ingresos, Gastos y Presupuesto Personal
Name:
Date:
Completed Reflection / Texto Completado
“It is important to track my income and expenses because it helps me see where my money goes and avoid debt. When creating a budget, I must use my net pay instead of my gross pay because net pay is the actual money I receive after taxes are taken out. By basing my budget on actual take-home pay, I can ensure that my essential needs like rent, food, and electricity are covered before spending on wants like games, clothes, and dining out.”
En español sencillo: El presupuesto se basa en el dinero real que recibes (salario neto), asegurando que pagues primero lo básico (comida y techo) antes de gastar en diversión.
Key Terms / Palabras Clave
1. Income vs. Expense In vs. Out
Income: Money you earn or receive.
Expense: Money you spend on bills or items.
2. Gross Pay vs. Net Pay Taxes
Gross Pay: Total pay before deductions.
Net Pay: Real take-home money after taxes.
3. Essential Needs Must-Haves
Things required to live safely: housing, groceries, medicine, water, and heat.
4. Non-Essential Wants Extras
Things that are fun but not required: streaming services, snacks, video games.
Budget Rule: Needs First, Wants Second
Pay First (Needs / Necesidades)
- ✓ Rent or mortgage payment
- ✓ Healthy groceries for meals
- ✓ Essential utilities (electricity, water)
Pay Later (Wants / Deseos)
- ✓ Restaurant food & takeout
- ✓ Video games & hobby gear
- ✓ Designer shoes & impulse shopping
Practice: Complete With Your Own Words
Write simple words on the lines below
1. Why must you track what you spend?
I need to track my spending because .
2. Which amount do you use for your budget: gross pay or net pay?
I always budget with my pay because it is the cash I actually receive.
3. List two needs and two wants from your daily life:
My Needs:
My Wants:
Golden Budget Rule: Income − Needs − Savings = Money for Wants.
Financial Literacy 101
Money Magic Reflection Guide
Money Magic: Reflection Guide
Part II: Reflection Questions & Strategic Analysis
Name:
Date:
Game Simulation: Balancing Enzo’s budget, show investments, happiness meters, and Vegas savings goal. Model Responses
1
Zero-Based Budget: Advantages & Disadvantages
What are the advantages of allocating all money until balance equals $0? What disadvantages did you encounter?
Advantages: It gives every single dollar a specific purpose, preventing mindless impulse spending. Forcing the balance to $0 makes you deliberately decide how much goes toward savings and essential show costs before touching non-essentials.
Disadvantages: It offers very little margin for unexpected expenses if you do not create a dedicated emergency/buffer fund. If earnings fluctuate from show to show, you have to recalculate every allocation from scratch each round.
2
Budgeting Process & Strategic Evolution
Describe your process for splitting money across categories and how it evolved as you gained experience.
Initial Strategy: In the first few rounds, I split money equally across all categories or overspent on fun props and flashy items without checking meters or saving enough for the Vegas trip.
How It Evolved: As I gained experience, I shifted to a strict three-step priority: (1) Fixed Essentials (venue, basic living), (2) Vegas Savings Goal (putting a steady 20–30% away first), and (3) Targeted Reinvestment into props and marketing only when the audience feedback or meters demanded it.
3
Was Your Budgeting Strategy a Success? Why or Why Not?
Yes, it was a success. My strategy succeeded because I reached the final rounds with consistent savings growth while maintaining Enzo’s meters above the danger line. Whenever an unexpected cost hit, my disciplined savings cushion prevented Enzo from taking on debt or failing shows. Balancing show quality with steady savings allowed steady progress toward the $50,000 goal.
4
Critic Reviews & Star Ratings Impact
Did you read the reviews and ratings after each show? How did they impact your next round?
Yes, I read the critic reviews and star ratings after every single show. They served as essential customer feedback. When critics wrote that the magic tricks were becoming repetitive or the venue looked cheap, star ratings dropped—leading directly to lower ticket sales. In response, I allocated more funds into new illusion props and stage improvements the very next round to boost ratings and restore higher revenue.
Personal Finance Simulation • Money Magic Reflection Guide Page 1 of 2
