Financial Literacy 10 (2026 FINAL)
FL10.6
Examine how personal budgets contribute to effective financial planning.
Indicators for this outcome
| (a) | Define budgeting and describe the intent of a personal budget. |
| (b) | Explore the concepts of needs and wants and how they impact financial decisions. |
| (c) | Identify and justify information that may be in a personal budget, including income, savings, and expenses. |
| (d) | Explain key considerations when developing a budget, including regular (e.g., biweekly, monthly), irregular, and unexpected income and expenses. |
| (e) | Discuss how personal goals (e.g., buying a car, saving for a major purchase, moving away for education) impact a budget. |
| (f) | Develop a plan to make a major expense (e.g., trip, musical instrument, vehicle). |
| (g) | Discuss how budgeting decisions vary at different stages of life to reflect shifting personal goals. |
| (h) | Create and justify a personal budget that includes income and expenses based on a real or hypothetical situation. |
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