Steps in managing money include identifying the amount of income availableand the expenses that need to be covered, and prioritizing short- and long-term goals. Individuals, households, government, businesses and other organizations all budget with these ideas in mind. Most budgets are developed for a set period of time. A family might develop a monthly household budget; a high school student, a weekly budget based on an allowance. Businesses routinely do quarterly budgets; school districts are mandated to prepare annual budgets. Making a budget for spending and saving can help people reach their goals.
This lesson will focus students on the ins and outs of managing money by learning how to budget. High school students do make decisions each day, although not always consciously, on how to spend or save the income they have. By keeping a simple daily or weekly budget, students become aware of how they might cut an expense and save for something they really want.
- Personal Finance, III. Managing Finances and Budgeting
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