Activity: Create a Budget

Learn how to budget for expenses and save for the future.

Learn about budgeting by creating a monthly budget for current and upcoming needs. Depending on the youth’s circumstances, categories could include tithes and offerings, school fees, family responsibilities, transportation, entertainment, and saving for education, a mission, or emergencies. Consider the following ideas:

• If the youth have jobs or another source of income, have them use their actual income for their budget. If they are not currently working, give them a realistic estimate of what they might earn at a part-time job.
• If youth have access to online or mobile apps, show them resources that can help them manage their money.
• Even though many expenses are paid for electronically, it may be helpful to visualize how much something costs in a physical form. Use pretend money (from a board game, for example) so youth can organize it into different budget categories.

Please adapt activities as necessary to ensure all individuals are able to participate, belong, and contribute.

• Prepare for the future by creating a monthly budget for a fictional household. You can use this worksheet to make decisions about income and expenses. Make sure you stay within your budget!
• Invite your ward or stake self-reliance specialist to teach the spiritual side of money management.
• For younger or less financially experienced youth, create containers to manage money. For example, you could use envelopes, jars, or bags. You might consider labels for “Tithing and Offerings,” “Savings,” “Education,” and “Other Goals.” Talk about the value and purpose of each category.

• “My Foundation: Live a Balanced Life,” Personal Finances for Self-Reliance (2017), 54–55
• “Tithes and Offerings,” For the Strength of Youth (booklet [2011]), 38–39
• Kristi Linton, “Money Matters,” New Era, Sept. 2004, 34–38
• Robert D. Hales, “Becoming Provident Providers Temporally and Spiritually,” Ensign or Liahona, May 2009, 7–10
• “Secrets of Managing Personal Finances,” Self-Reliance Services, ChurchofJesusChrist.org
• “Budgeting Will Get You Where You Need to Be,” Self-Reliance Services, ChurchofJesusChrist.org
• “How to Manage Your Money,” Self-Reliance Services, ChurchofJesusChrist.org

• The Power of Self-Discipline