Planned and Unplanned Spending

Front

What is planned spending?

Back

Planned spending is when you decide in advance how much money you will spend on certain things, like groceries, rent, or vacations.

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What is unplanned spending?

Back

Unplanned spending is when you buy something without planning for it, like buying a toy you see while shopping.

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Give an example of planned spending.

Back

Going on a vacation for summer break is an example of planned spending.

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Give an example of unplanned spending.

Back

Buying a toy you saw while your parents were grocery shopping is an example of unplanned spending.

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How can we avoid unplanned spending?

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We can avoid unplanned spending by making a plan on what we will spend our money on.

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What are some examples of planned expenses?

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Examples of planned expenses include entertainment, groceries, and rent.

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Why is it important to plan your spending?

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Planning your spending helps you manage your money better and avoid running out of money unexpectedly.

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What happens if you don't plan your spending?

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If you don't plan your spending, you might end up buying things you don't need and run out of money.

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What is a budget?

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A budget is a plan that shows how much money you have and how you will spend it.

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What is the difference between needs and wants?

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Needs are things you must have to live, like food and shelter. Wants are things you would like to have but can live without.