A budget is a plan for your money.

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Presentation transcript:

A budget is a plan for your money. What is a budget? A budget is a plan for your money. When you leave home you should create a budget to keep track of what you can spend. Imagine the following situation: You earn £250 a week. You have to pay each month: £510 rent £60 for water £80 for gas and electricity £70 for petrol Assume there are 4 weeks in a month. How much money do you have left a week after you have paid your bills? £250 x 4 = £1000 £510 + £60 + £80 + £70 = £720 £1000 - £720 = £280 £280 ÷ 4 = £70

What could you buy for £70 a week? Assume you want to save £40 a week to buy things in the future. What does that leave you with? 70 – 40 = 30 That leaves you with £30 a week. What would you buy and where would you buy it?