Spending Choices in a Household Budget
Written by Adi Ackerman, Head Teacher
"Spending Choices in a Household Budget" is written for 7th Grade (Ages 12-13), and it covers C3 Framework D2.Eco.1.6-8. A 6th grader who is already steady on Economics and Money can use it too, and an older student can use it as a short review.
2 pages in this set
7th grade social studies worksheet: sort a sample family budget into needs, wants and savings and compare it with a guideline. Answer key included. Part of our personal finance economics and money collection. Aligned to C3 Framework standards.
How do I use this worksheet?
Run the budget sheet first, then the ledger and expense sheets. Use the pay stub last, because it connects to taxes and deductions.
What students will practice
- Students will sort 12 budget lines into needs, wants and savings.
- Students will find each line's percent of income.
- Students will draw bars to compare a budget with a guideline and propose one change.
Curriculum Links
C3 Framework for Social Studies State Standards
Social Studies · 7th Grade
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Browse the grade, subject, and topic this belongs to.
FAQ
How do I use this personal finance worksheet?
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Run the budget sheet first, then the ledger and expense sheets. Use the pay stub last, because it connects to taxes and deductions.
What does this worksheet teach?
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Sort a sample family budget into needs, wants and savings and compare it with a guideline. The directions on the page read: Sort each sample budget line as a need, want or savings. Find its percent of income. Then fill in the totals. An answer key is included.
Can I use this personal finance worksheet for homeschool or classroom?
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Yes, both. We made it for 7th grade Economics and Money, and it works the same at home or at school. At home, a student can work through it alone and then go over it with you, which shows quickly what is solid and what needs another look. In class it works as independent practice, homework or a warm-up, and you can print one copy or a full set.
What is the 50, 30, 20 guideline?
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It is a sample guideline of 50 percent of income for needs, 30 percent for wants and 20 percent for savings. The household budget sheet compares a family's bars to it.
What is a fixed expense?
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A fixed expense stays the same each month, like rent. A variable expense changes from month to month, like groceries.
What is net pay?
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Net pay is what is left of gross pay after deductions such as taxes, Social Security and Medicare.
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Worksheet Details
| Grade | 7th Grade |
| Subject | Social Studies |
| Topic | Economics and Money |
| Standard | D2.Eco.1.6-8 |
| Pages | 2 pages |
| Difficulty | Medium |
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