Budgeting | Baamboozle - Baamboozle | The Most Fun Classroom Games!

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What is a budget?

a plan to spend your money.

Mr. Berger bought new clothes because he wanted to impress a girl. Is this a want or a need?

Want

Mr. Berger bought foof for his dog, Walter. Is this a want or a need?

Need

Mr. Berger went to coffee shop for his coffee in the morning. Is this a want or a need?

Want

Mr. Berger wants to play the new WWE video game, so he bought the game and a PS5. Is this a want or a need?

Want

What are the two components to set up your Budget?

Income and Expense

Mr. Berger upgraded his Smartphone because old phone is not working. Is this a want or a need?

Need

Mr. Berger went to J Crew to buy new pants because his pants have a hole in the butt. Is this a want or a need?

Need

Mr. Berger purchasesd a notebook and pen for school. Is this a want or a need?

Need

What are expenses?

Money that you spend

Mr. Berger pays his mortgage on the first of the month. Is this a want or a need?

Need

What is the first step to set up a budget?

Determine your income

What are three examples of fixed expenses?

...

What are flexible expenses?

Necessary Spending and amount is changing month to month or year to year

Are Fixed expenses usually needs or wants?

needs

What are Fixed Expenses?

Necessary spending and amount is same month to month or year to year

What is income?

Money that you earn (work & government)

Mr. Berger adopted a dog. Is this a want or a need?

Want

What are three examples of variable expenses?

...

Mr. Berger upgraded his smartphone because the new iPhone came out. Is this a want or a need?

Want

When budgeting, how do you make sure you don't run out of money each month?

Compare you income and expenses

Are variable expenses usually needs or wants?

Wants