Budgeting Basics

Subject: Financial Literacy  ·  Grade level: 8th

Income, fixed vs variable expenses, the 50/30/20 rule, and emergency funds. A budget isn't about restricting yourself — it's about telling your money where to

In this lesson

• Start with income and expenses
• The 50/30/20 rule
• Why emergency funds come first

Key terms

Net income

What lands in your account after taxes.

Fixed expense

Same amount each month (rent, phone).

Variable expense

Changes month to month (food, gas, fun).

Discretionary

Wants you can cut if needed (subscriptions, eating out).

Budgeting Basics lesson on BrightPath

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