Grade 1 Lesson 3: What is #budgeting
One thing that all of us should do is #create and #manage a #budget. A budget is a means of keeping track of exactly how much #money you #earn (#earnings or #income) and how much money you spend (#expense). You can earn money by several means such as allowances or salaries.
At all points in time, you should know how much money you have. You don't want to spend everything you have and not have any money for #urgent #needs. Conversely, you don't want to assume that you don't have #money when you actually do have it.
What is the easiest way to create a budget? Take a paper and a pen and write down everything you earn and everything you spend. You can also use a #computer to this. See image below for an example of how to do this (courtesy: Etsy and #homeschoolify).
Have your kids do this exercise starting today...
ayu ecosystem #finance #financialliteracy #kids #education