Teen Budgeting Packet Worksheet
Financial Literacy • Level 1
Teen Budget Blueprint
Mastering Money Skills for High School Life
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Student Packet
Student Name:
Date:
Class Period:
The Golden Rule of Budgeting
Income (Money In) − Expenses (Money Out) = Money for Savings
1. Income
Money you receive. For high schoolers, this includes part-time job paychecks, babysitting, lawn mowing, gifts, or allowance.
2. Expenses
Money you spend. Anything you pay for, like food, bus fare, gas, phone plans, clothes, or hanging out with friends.
3. Needs
Things you must have to get to school, do homework, or stay healthy (e.g., bus pass, basic phone service, school lunch).
4. Wants
Things that are fun to have, but you can live without (e.g., brand-name hoodies, boba tea, video games, concert tickets).
Worked Example: Meet Maya (High School Sophomore)
Study This First
Maya works 6 hours a week at an ice cream parlor ($60) and walks her neighbor's dog on Sunday ($20). Here is her weekly budget plan:
Total Income (IN): $60 + $20 = $80
Total Expenses (OUT): $15 (Bus) + $15 (Phone) + $20 (Pizza) = $50
Savings (LEFT OVER): $80 − $50 = $30 saved!
Part 1: Quick Practice Warm-Up
Read each item. Check whether it is an Income or an Expense, and whether it is a Need or a Want.
| High School Situation | Money Direction | Category |
|---|
| 1. Weekly paycheck from bagging groceries ($75) | [ ] Income [ ] Expense | — |
| 2. Monthly student bus pass to get to school ($20) | [ ] Income [ ] Expense | [ ] Need [ ] Want |
| 3. Buying a brand-new video game skin ($15) | [ ] Income [ ] Expense | [ ] Need [ ] Want |
| 4. Cash received for tutoring an 8th grader ($25) | [ ] Income [ ] Expense | — |
| 5. Iced caramel latte after class with friends ($6) | [ ] Income [ ] Expense | [ ] Need [ ] Want |
Teen Budget Blueprint • Student Packet Turn to Page 2 for Marcus's Budget Activity →
Application Practice
Activity 1: Building Marcus's Weekly Budget
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Guided Scenario
Student Name: ____________________________________
Date: ________________
The Real-Life Scenario
Marcus is a 16-year-old junior. Each week, he earns $70 stocking shelves at a bookshop and $30 mowing his aunt's lawn. Marcus has several weekly expenses: he pays $15 for his school bus card, $20 to his parents toward his phone plan, spends $15 on Friday night tacos with friends, and spends $10 on energy drinks and vending snacks. Marcus is also saving up for a $160 pair of athletic sneakers.
Step 1: Calculate Marcus's Total Income (Money In)
| Income Source | Weekly Amount ($) |
|---|
| Bookshop Part-Time Job | $70.00 |
| Lawn Mowing for Aunt | $30.00 |
| TOTAL WEEKLY INCOME: | $ ____________ |
Step 2: Categorize & Calculate Marcus's Expenses (Money Out)
| Expense Item | Type (Circle One) | Cost ($) |
|---|
| School Bus Card | Need | Want |
| Phone Plan Share | Need | Want |
| Friday Night Tacos | Need | Want |
| Snacks & Drinks | Need | Want |
| TOTAL WEEKLY EXPENSES: | $ ____________ | |
Step 3: Calculate Money Remaining for Savings
Total Income $ __________
−
Total Expenses $ __________
=
Weekly Savings $ __________
Question 1: Marcus wants to save for $160 sneakers. If he saves his remaining weekly money calculated above every single week, how many weeks will it take him to buy the sneakers? (Show your math work!)
Question 2: Marcus wants to buy the sneakers faster! What is one specific want he could cut or reduce, and how much extra money would he save each week?
Teen Budget Blueprint • Student Packet Turn to Page 3 for the Budget Rescue Challenge →
Critical Thinking & Personal Plan
Activity 2: The Budget Rescue Challenge
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Independent Work
Uh-Oh! Chloe is in the Red (Over Budget)
Chloe earned $90 this week working shifts at a movie theater. But when she checked her bank app on Sunday, she spent $115! Here is what Chloe bought:
Needs:
- Gas for carpool to school: $25
- School project supplies: $10
Wants:
- Fast food & drinks with friends: $35
- Concert t-shirt purchase: $30
- Gaming music streaming subscription: $15
1. Overspending Calculation: How much more did Chloe spend than she earned? Write the math problem and answer.
Expenses ($115) − Income ($90) = $ ____________ over budget!
2. Fix Chloe's Budget: You are Chloe's financial coach. Choose at least two changes to her "Wants" so she spends $70 or less, leaving at least $20 for savings from her $90 income.
Cut / Change 1:
Cut / Change 2:
New Total Expenses: $ _________ New Savings Left Over ($90 − New Expenses): $ _________
Activity 3: Your Own High School Mini-Budget
Create a realistic weekly budget for your current high school life (or a high school persona). Make sure your Total Income is equal to or greater than your Total Expenses!
Income Sources (Money In) Est. $
1. _______________________ $ ______
2. _______________________ $ ______
TOTAL INCOME: $ ______
Expenses & Savings (Money Out) Est. $
1. Need: _________________ $ ______
2. Want: _________________ $ ______
TOTAL EXPENSES: $ ______
What is one goal you want to save for this semester?
Teen Budget Blueprint • Student Packet Completed Packet • Turn in to Teacher
Teen Budgeting Packet Answer Key
Teacher Resource • Answer Key
Teen Budget Blueprint: Answer Key
Comprehensive Solutions & Teacher Grading Guide (Pages 1 & 2)
Key • Page 1 of 2
Instructor Guide
Page 1: Part 1 Quick Practice Warm-Up Answers
| Item | Direction | Category | Teacher Note |
|---|
| 1. Paycheck from bagging groceries ($75) | ✓ Income | — | Earned wages |
| 2. Student bus pass for school ($20) | ✓ Expense | ✓ Need | Essential transit |
| 3. Video game skin ($15) | ✓ Expense | ✓ Want | Pure entertainment |
| 4. Cash from tutoring 8th grader ($25) | ✓ Income | — | Gig/service income |
| 5. Iced caramel latte ($6) | ✓ Expense | ✓ Want | Discretionary food |
Page 2: Activity 1 (Marcus's Weekly Budget) Complete Solutions
Step 1: Total Weekly Income
Bookshop job: $70.00
Lawn mowing: $30.00
Total Income: $100.00
Math: $70 + $30 = $100
Step 2: Total Weekly Expenses
Bus Card (Need): $15.00
Phone Plan (Need): $20.00
Friday Tacos (Want): $15.00
Snacks/Drinks (Want): $10.00
Total Expenses: $60.00
Needs = $35 | Wants = $25
Step 3 Equation: $100.00 (Income) − $60.00 (Expenses) = $40.00 Savings per Week
Question 1 (Sneakers Goal Math):
Answer: Marcus will take 4 weeks.
Work: $160 (Goal) ÷ $40 (Weekly Savings) = 4 weeks (or repeated addition: $40 + $40 + $40 + $40 = $160).
Question 2 (Faster Savings Strategies):
Sample Acceptable Answers:
• Cut "Snacks & Drinks" ($10 savings) → Weekly savings becomes $50. Reaches goal in 3.2 weeks (~4 weeks).
• Cut "Friday Tacos" ($15 savings) → Weekly savings becomes $55. Reaches goal in ~3 weeks ($160 ÷ 55 = 2.9 weeks).
• Cut both wants ($25 savings) → Weekly savings becomes $65. Reaches goal in under 2.5 weeks!
Teen Budget Blueprint • Teacher Guide Turn to Page 2 for Budget Rescue Solutions & Rubric →
Teacher Resource • Answer Key
Teen Budget Blueprint: Answer Key
