1. 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
£ £720 = £280
£280 ÷ 4 = £70

2. 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?