Creating a Budget for Financial Literacy

The video tutorial on financial literacy for kids focuses on budgeting. It explains what a budget is, its importance, and how it helps in managing finances. The tutorial introduces Frankie, who demonstrates how to create a budget by calculating income and expenses. It emphasizes the need for flexibility in budgeting to handle unexpected expenses and encourages saving. The video concludes by inviting viewers to practice budgeting using resources available on learnbrite.org.

What is a budget?

• A plan for spending based on income and expenses

• A record of debts only

• A calculation of savings only

• A list of all purchases made in a year

What is the purpose of a budget?

• To record past expenditures

• To impress friends

• To plan shopping trips

• To ensure financial stability

What are the two types of expenses mentioned?

• Fixed and flexible

• Variable and constant

• Predictable and unpredictable

• Fixed and variable

How much does Frankie earn from pet sitting each month?

• $70

• $20

• $30

• $15

What is the total of Frankie's fixed expenses?

• $35

• $40

• $25

• $30

How much money does Frankie have left after her expenses?

• $5

• $15

• $20

• $10

Why is it important for a budget to be flexible?

• To allow for more spending on entertainment

• To adjust for unexpected expenses

• To increase income automatically

• To fix all expenses

What unexpected expense did Frankie have?

• Field trip contribution

• School lunch increase

• Video game price hike

• Magazine subscription renewal

What should you do to become a budgeting pro according to the video?

• Spend all your income

• Ignore unexpected expenses

• Practice making budgets

• Only focus on fixed expenses

Where can you download the lesson plan for further practice?

• budgetkids.com

• learnbrite.org

• financefun.org

• learnbrite.com