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Objective: Students will learn the importance of budgeting and practice creating a simple budget.

Instructions:
1. Read the following introduction to budgeting:

Budgeting is a crucial skill for managing personal finances. It helps you track your income and expenses, set financial goals, and make informed decisions about spending and saving.

2. Create a monthly budget for a fictional high school student named Alex. Use the following information:

- Alex earns [tex]$200 per month from a part-time job.
- Alex receives $[/tex]50 per month as an allowance from parents.

3. Allocate Alex's income into the following categories:
- Savings
- Entertainment
- Food
- Transportation
- Clothing
- Miscellaneous



Answer :

GinnyAnswer

Final answer:

Budgeting is essential for managing personal finances by tracking income, expenses, and setting financial goals through creating a monthly budget.


Explanation:

Importance of Budgeting and Creating a Budget

Budgeting is a crucial skill for managing personal finances as it allows you to track income, expenses, set financial goals, and make informed decisions about spending and saving. Creating a monthly budget involves allocating income into categories like savings, entertainment, food, transportation, clothing, and miscellaneous.

  1. Savings: Allocate a portion of income for future financial goals.
  2. Entertainment: Set aside a specific amount for leisure activities.
  3. Food: Budget for groceries and dining expenses.
  4. Transportation: Include funds for commuting or travel.
  5. Clothing: Budget for apparel and related expenses.
  6. Miscellaneous: Account for any other miscellaneous expenses.

Learn more about Budgeting and Personal Finance here:

https://brainly.com/question/33034035


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