Today, we're going to learn about something super important—budgets! What's a budget, you ask? Well, let's find out together! This video is perfect to learn how to manage their money wisely. Let's dive in and discover budgeting!
In this video, you’ll learn:
What is a Budget? - A budget is like a plan that helps you manage how much money you make and spend over a year. It helps you stay on track with your money, making it easier to plan, save, and control your expenses.
Needs vs. Wants - Understand the difference between needs (things you can't live without like food and shelter) and wants (things that make life fun like games and movies).
Creating a Budget - Learn how to set up a budget starting with your income (money you get from allowances, birthday gifts, or chores), your expenses (things you spend money on like snacks and toys), and your savings (money you keep aside for the future).
The 50/30/20 Rule - Discover a simple way to manage your budget: 50% of your money goes to needs, 30% to savings and investments, and 20% to wants.
By the end of this video, you'll know how to create a simple budget that helps you spend wisely and save for the future
Today, we're going to learn how to create a budget using Excel. A budget helps us plan how we spend and save our money. This video is perfect for kids who want to learn how to manage their money better. Let's get started!
In this video, you’ll learn:
Opening Excel - First, open Excel on your computer. You'll see a blank spreadsheet with rows and columns.
Setting Up Income - In cell A1, type 'Income' and in cell B1, type 'Amount'. This helps us keep track of where our money comes from and how much we have. Then, in cell A2, type 'Allowance' and in cell B2, type '$10'.
Listing Expenses - Next, we'll list our expenses. In cell A4, type 'Expenses' and in cell B4, type 'Amount'. Expenses are things we spend money on. For example, in cell A5, type 'Candy' and in cell B5, type '$2'.
Planning Savings - Now, let's plan our savings. In cell A6, type 'Saving' and in cell B6, type '$3'.
Calculating Net Income - To find out how much money we have left after spending and saving, in cell A8, type 'Net Income'. In cell B8, type the formula =B2-B5-B6 and press Enter.
Adjusting Your Budget - If you decide to save more, you might spend less on candy. Change the amount in cell B6 to '$5' and see how your Net Income changes.
Saving for a Goal - Imagine you want to buy a toy that costs $20. In cell A10, type 'Toy Cost' and in cell B10, type '$20'. In cell A11, type 'Weekly Saving' and in cell B11, type '$3'. In cell A12, type 'Weeks to Save' and in cell B12, type =B10/B11 and press Enter.
By the end of this video, you'll know how to create a simple budget in Excel and understand how to plan for your spending and saving.
