As we discussed in the introduction video to this series, making a budget to balance your finances is a great way to ensure you have money for the things you want. Financial Literacy—Making a Budget explains how to create a budget based on your income and expenses. This will help your kids learn how to use a spending plan in order to use their money wisely.

Budgeting is a great skill to have that will help you learn how to save for something you want to buy. A budget is a spending plan to based on your income and expenses. In other words, it estimates how much money your earn and spend over time. Expenses can be either fixed or variable. Fixed expenses are the same every time you have to pay them. Variable expenses, well, vary.

To make a budget, you have to look are how much money your earn or receive as gifts (income). Then you look at your expenses. Subtracting your expenses from your income gives you the amount of money you have left over to spend on something you want. You must be careful to watch out for unexpected expenses though, which can put a dent in that budge of yours!

We hope you and your student(s) enjoyed learning about the difference between a need and a want! If you want even more information, head over to our website and download one of our many free lesson plans about financial literacy, full of activities, worksheets, and more!

https://learnbright.org/lessons/math/financial-literacy-making-a-budget/
https://learnbright.org/lessons/math/introduction-to-financial-literacy/

What you will learn in Financial Literacy—Making a Budget:
0:00 Introduction
0:36 What is a budget?
1:34 How to make a budget—income
2:20 How to make a budget—fixed and variable expenses
3:40 Accounting for unexpected expenses and contingencies
4:41 Try it at home!

Thank you for watching and learning with us! We’re constantly releasing new content and videos, so click that “Subscribe” button and you’ll get notified.

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*Teachers and Parents! Did you know? In addition to these great videos, we have also created a library of high-quality and engaging lessons for your elementary aged student(s). Visit us and sign up for a free account, and you’ll instantly have access to thousands of lesson plans, learning materials, teaching instructions, activities, and assignments that your kids will really enjoy! We hope to see you soon!

Browse our entire collection of Math lesson plans:
https://learnbright.org/lessons/?filter_subject=math

#Budgeting
#FinancialLiteracy
#FinancialLiteracyForKids

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In personal finance, it’s common for people to focus on things that they can’t control, like trying to pick a winning investment, while ignoring the things that they can control, like setting the right goals and making a solid long-term plan, often leading to mistakes.

Some mistakes matter more than others, and the biggest mistakes can be the difference between living paycheque to paycheque for life and having a comfortable financial future. In this video I tell you about the biggest mistakes in personal finance, so that you can avoid them.

I probably should have included not paying off high interest debt. Pay off your credit cards!
——————
*Meet with PWL Capital* https://pages.pwlcapital.com/en-ca/contact-us?utm_source=content&utm_medium=youtube&utm_campaign=benfelix_yt

*Chapters*

0:35 Not earning enough money
2:20 Under-saving
4:20 Not setting financial goals
6:15 Over-spending (on the wrong things)
8:35 Not taking enough risk
10:38 Taking the wrong kind of risk
12:23 Missing tax planning opportunities
13:10 Ignoring estate planning
13:45 Marrying a financially incompatible spouse
14:38 Under-insuring catastrophic risks

*References* https://zbib.org/f596ff3c9f984482990aa321a4c523a2

*PWL Goals Survey Summary + Master List”
https://pwlcapital.com/wp-content/uploads/2024/08/PWL_GoalSurveySummary_2022_Final.pdf

*Avoid Online Scams* https://pwlcapital.com/stay-safe-online/

*Check out the Rational Reminder Podcast*
YouTube channel @rationalreminder
Podcast website https://rationalreminder.ca/
Rational Reminder community (forum) https://community.rationalreminder.ca/
Apple Podcasts https://itunes.apple.com/ca/podcast/the-rational-reminder-podcast/id1426530582?mt=2
Spotify https://open.spotify.com/show/6RHWTH9iW7hdnA7eAg7ukO?si=hjZNfLKuSjSeWX38GPqhVA

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