Balancing a Budget
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Balancing a Budget
Balancing a budget worksheet: two monthly budgets of income and expenses. Add each side, find the money left over and what it saves, then mend a budget that spends more than it earns. Grade 5, with an answer key.
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Teach it first
Balancing a BudgetA teaching handout to hand out before this sheet: the rule, worked examples and common mistakes.- Pages
- 1
- Last updated
- Time
- About 15 minutes
- Answer key
- Included
- Printing
- Black and white
- Related curriculum
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Tell fixed expenses from variable ones, work out profit, the total cost of a few things and the change, gross and net pay, a budget that balances, sales tax on a purchase, and which of two packs is the better buy.
Reviewed by Mrs. Catherine Reynolds, Teacher. How we check worksheets
How to use this sheet
- Use real numbers where you can, such as a grocery receipt or a family bill, after the sheet.
- Have the child write each step with its label: income, expenses, what is left.
- Estimate first: is the total more or less than the money there is?
Common mistakes
- Mixing up gross and net income. Net is what is left after taxes and deductions.
- Mixing up fixed and variable expenses. A fixed expense stays the same each month.
- Forgetting to add sales tax to a total, or adding it to the change.
