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Budgeting your

Money

WHAT IS A BUDGET?
Budgeting is the process of creating a

plan to spend your money. This spending


plan is called a budget. Creating this
spending plan allows you to determine in
advance whether you will have enough
money to do the things you need to do or
would like to do.

IMPORTANCE OF A
BUDGET
lanning orientation. The process of creating a budget takes
P

management away from its short-term, day-to-day management of


the business and forces it to think longer-term.
Cash allocation. There is only a limited amount of cash available and

a budget allows money to be used and allocated for specific reasons.


Organization of expenses and income. A budget makes you aware

which category of expenditure takes which portion of your money

IMPORTANCE OF A
BUDGET
Financial Control. A budget is a way of being intentional about

the way you spend and save your money.


Aware. A budget allows a person to know how much money

they have available


Prevents debt. A budget can aid in helping detect if there is

going to be any financial difficulties

Estimation of Savings of
students
Charlottes Budget
Estimated allowance per day= $24.00
Estimated expenditure per day= $16.00
Estimated savings per day= $8.00
Income in Week 1 & 2

Estimated
Allowance

Estimated Expenses

Estimated Savings

Daily Allowance

$24.00

$16.00

$8.00

Savings in Week 1 & 2= $8.00x14


=$112.00

Estimation of Savings of
students
Shania S.s Budget
Estimated allowance per day= $20.00
Estimated expenditure per day= $15.00
Estimated savings per day= $5.00
Income in Week 1 & 2

Estimated
Allowance

Estimated Expenses

Estimated Savings

Daily Allowance

$20.00

$15.00

$5.00

Savings in Week 1 & 2= $5.00x14


=$70.00

Estimation of Savings of
students
Shania R.s Budget
Estimated allowance per day= $20.00
Estimated expenditure per day= $12.00
Estimated savings per day= $8.00
Income in Week 1 & 2

Estimated
Allowance

Estimated Expenses

Estimated Savings

Daily Allowance

$20.00

$12.00

$8.00

Savings in Week 1 & 2= $8.00x14


=$112.00

Estimation of Savings of
students
Solanges Budget
Estimated allowance per day= $20.00
Estimated expenditure per day= $15.00
Estimated savings per day= $5.00
Income in Week 1 & 2

Estimated
Allowance

Estimated Expenses

Estimated Savings

Daily Allowance

$20.00

$15.00

$5.00

Savings in Week 1 & 2= $5.00x14


=$70.00

Estimation of Savings of
students
Alishas Budget
Estimated allowance per day= $20.00
Estimated expenditure per day= $15.00
Estimated savings per day= $5.00
Income in Week 1 & 2

Estimated
Allowance

Estimated Expenses

Estimated Savings

Daily Allowance

$20.00

$15.00

$5.00

Savings in Week 1 & 2= $5.00x14


=$70.00

Estimation of Savings of
students
Adriannas Budget
Estimated allowance per day= $20.00
Estimated expenditure per day= $10.00
Estimated savings per day= $10.00
Income in Week 1 & 2

Estimated
Allowance

Estimated Expenses

Estimated Savings

Daily Allowance

$20.00

$10.00

$10.00

Savings in Week 1 & 2= $10.00x14


=$140.00

Comparison between
estimated and actual
savings

Charlottes Savings

Estimated Savings
Income in Week 1 & 2

Estimated Allowance

Estimated Expenses

Estimated Savings

Daily Allowance

$336.00

$224.00

$112.00

Actual Savings

Income in Week 1 & 2

Allowance

Expenses

Estimated Savings

Daily Allowance

$530.00

$379.00

$151.00

Comparison between
estimated and actual
savings
Shania S.s Savings

Estimated Savings
Income in Week 1 & 2

Estimated
Allowance

Estimated Expenses

Estimated Savings

Daily Allowance

$280.00

$210.00

$70.00

Income in Week 1 & 2

Allowance

Expenses

Savings

Daily Allowance

$280.00

$200.00

$80.00

Actual Savings

Comparison between
estimated and actual
savings
Shania R.s Savings

Estimated Savings
Income in Week 1 & 2

Estimated
Allowance

Estimated Expenses

Estimated Savings

Daily Allowance

$280.00

$168.00

$112.00

Income in Week 1 & 2

Allowance

Expenses

Savings

Daily Allowance

$270.00

$121.00

$149.00

Actual Savings

Comparison between
estimated and actual savings
Solanges Savings

Estimated Savings
Income in Week 1 & 2

Estimated
Allowance

Estimated Expenses

Estimated Savings

Daily Allowance

$280.00

$210.00

$70.00

Income in Week 1 & 2

Allowance

Expenses

Savings

Daily Allowance

$250.00

$188.00

$62.00

Actual Savings

Comparison between
estimated and actual savings
Alishas Savings

Estimated Savings
Income in Week 1 & 2

Estimated
Allowance

Estimated Expenses

Estimated Savings

Daily Allowance

$280.00

$210.00

$70.00

Income in Week 1 & 2

Allowance

Expenses

Savings

Daily Allowance

$200.00

$113.00

$87.00

Actual Savings

Comparison between
estimated and actual savings
Adriannas Savings

Estimated Savings
Income in Week 1 & 2

Estimated
Allowance

Estimated Expenses

Estimated Savings

Daily Allowance

$280.00

$140.00

$140.00

Income in Week 1 & 2

Allowance

Expenses

Savings

Daily Allowance

$480.00

$367.00

$113.00

Actual Savings

How we tracked our


Expenditure?
We tracked our expenditure using a ledger.
On weekends, we kept our sales receipts.

WAYS TO MAKE WISER DECISIONS


WHEN SPENDING MONEY.
Shop wisely-Have a list of items you need when you go into a store and don't buy

on impulse.
Budget-Create a budget in order to plan what you spend.
Pay cash-Don't use a credit card. Follow this simple rule: If you don't have the

money, don't buy it.


Use discount cards-If you have store cards that gives you points and/or discount

when shopping can reduce the amount spent. Eg. Wonderful World Discount
Cards.4
Resist wasteful habits-Little indulgences add up fast. Here are some ways you

may save some money: Buy a water filter and fill a water bottle instead of buying
bottled water and pack your lunch and save $25 a week.