Our Family Budget
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The best way to teach children about budgeting, is to let them play a part in setting a family budget. Understanding that all budgets have "fixed" expenses and "variable" expenses and knowing the difference is a start. Fixed expenses are those that are the same from month to month. Variable expenses are those that change from month to month.
1. To help your child gain a better understanding of these two types of expenses, work with your child to complete the table below. Read the items in the first column of the table below and decide whether they are fixed or variable, then check the appropriate column.
2. Ask your child to explain which expenses the family could reduce and which they could not reduce in order to pay an unexpected expense, such as a car repair bill.
Our Family Budget
| Item | Fixed Expense | Variable Expense |
|---|---|---|
| Groceries | ||
| Electric Bill | ||
| Newspaper | ||
| Clothing | ||
| Rent/house payment | ||
| Car payment | ||
| Bus pass | ||
| Meals at restaurants | ||
| Movie rentals | ||
| Gasoline | ||
| Doctor's bill | ||
| Phone bill |