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Grade 5 Social Studies · World 4: Hard Times · Level 45
Your Budget
Use income, expenditures, and saving.
Warm-up, learn, try it together, practice, then a quick check. About 15 minutes.
What children learn in Level 45
- People who came through the Depression learned to count every penny. A budget is a plan for using money. It has three parts: income, expenditures, and saving.
- Here's Maya, a made-up kid, with 20 dollars of chore money. Income is the money coming in.
- Expenditures are the money going out. A book costs 8 dollars and a snack 4, so that's 12 dollars.
- Saving is what's left: 20 minus 12 is 8 dollars. Income minus expenditures equals saving.
- Why does it matter? Each dollar can only be used once. Spending now means less for later, and saving now means more for a big goal or a surprise. Every family makes its own choices.
Georgia Standards of Excellence in Social Studies:
- SS5E4 — Identify the elements of a personal budget (income, expenditures, and saving) and explain why personal spending and saving decisions are important.