Lesson 17: Creating a Personal Budget

Why Personal Budgets Matter

In Lesson 16, you learned what a budget is and why it helps you understand where your money goes. In this lesson, you will learn how to build your own weekly and monthly budget. You will also learn how to explain your choices.

A personal budget is important because it helps you stay in control of your money. Money choices affect your life every day. When you have a plan, you feel less stressed and more confident. A budget helps you see if you have enough money for things you need, things you want, and things you hope to do in the future.

Budgets matter even more when you live on reserve in southern Saskatchewan. Many students travel into town for school, sports, or groceries. Some help with family needs, buy food at the gas station, or share costs with siblings. These choices affect how much money is left at the end of the week or month.

A budget shows you your whole picture. It helps you ask yourself:

• What do I really need?

• What can I afford?

• What should I save for?

• What do I want my future to look like?

When you build your own budget, you will use ideas from both Lesson 16 and this lesson to explain why you made each choice.

What Goes Into a Weekly and Monthly Budget?

A personal budget has two parts: money you earn and money you spend. A good budget is honest and clear. It shows your real life so it can help you make real decisions.

1. Income

Your income is the money you receive. Grade 10 students may earn money in many ways. Some work part time at a store or restaurant. Some help a family member with chores or childcare. Some do gig work like shoveling walks, mowing lawns, or selling beadwork.

Income may be regular or irregular.

• Regular income comes on a set schedule.

• Irregular income comes at different times and is harder to predict.

When you buy items, sales tax is added. In Saskatchewan, that includes GST and PST. This matters because it changes the true cost of items in your budget.

2. Needs

Needs are the most important part of your budget. Needs are things you must pay for before anything else. For Grade 10 students, this may include:

• Food

• School supplies

• Hygiene items

• Phone plan

• Bus fare or gas money

• Winter clothing

• Shoes for gym or sports

• Costs for travel into town
  
  

If you do not plan for your needs, you may run out of money before the end of the month. This creates stress. In Lesson 16, you learned that a clear tracking system helps you avoid this problem. Your budget will do the same thing.

3. Wants

Wants are things you enjoy but do not need to survive.
Examples include:

• Eating out

• Streaming services

• New clothes that are not needed

• Games

• Fast food

• Movie trips

• Hobbies and crafts

Wants are important because they make life fun. But if wants take up too much of your money, you will not reach your goals.

4. Savings

Saving is a key part of both FL10.5 and FL10.6. Saving is money you keep for later. Saving builds your future. It helps you stay strong when life changes.

People save for many reasons:

• Emergency fund

• Buying a bike, laptop, or phone

• Clothing for sports

• Trips or events

• Future school plans

• Moving for work or education

A savings mindset means you try to save some money each time you earn. Even a small amount matters. You learned in Lesson 16 that tracking your money shows you where savings can fit into your life.

5. Fixed, Variable, and Irregular Expenses

Expenses are everything you pay for.

Fixed expenses stay the same.
Examples:

• Phone plan

• Internet cost

• Monthly ride-share or bus pass

Variable expenses change.
Examples:

• Fast food

• Gas money

• Snacks from the gas station

• Clothing

• Craft supplies

• Sports costs
  
  

Irregular expenses happen less often.
Examples:

• School trips

• Birthdays

• New winter boots

• A band trip to Saskatoon

• Travel to visit relatives

• Emergency travel for illness or family needs

You must think about all three types so your budget is complete.

6. Unexpected Costs

Life does not follow a perfect plan. You may need to replace a broken phone, pay for last-minute travel, or help a family member. When you plan for the unexpected, you protect yourself. This makes your budget stronger and easier to explain.

Budgeting Principles to Guide Your Choices

These budget rules help you make decisions you can defend and explain.

Put needs first.
Needs keep you healthy and safe.

Wants come after needs.
You should enjoy life but stay within limits.

Save before spending.
Many people call this “paying yourself first.”

Plan for irregular income.
If your income changes, keep your budget flexible.

Use tracking tools.
Keep receipts or use a simple note app. Lesson 16 showed how tracking helps you stay on budget.

Review and adjust.
Your life will change. Your budget should change too.

Scenario: Jayden’s Life on Reserve

This example will help you understand how a real budget works.

Jayden is a Grade 10 student living on reserve in southern Saskatchewan. He attends FHQ Virtual School full time. He works six hours a week in town at a small grocery store. He earns fourteen dollars per hour.

Jayden earns:
6 hours x 14 dollars = 84 dollars per week.
He gets paid every two weeks.

Jayden’s costs each month:

• Phone plan: 50 dollars

• Gas money for rides into town: 40 dollars

• Weekend snacks: 20 dollars

• Clothes and shoes: 25 dollars

• School lunches when he forgets food: 20 dollars

• Savings goal for a new bike: 30 dollars

• Emergency savings: 10 dollars

Jayden also has irregular expenses. His basketball team travels once in a while. This costs about 30 dollars every two or three months. He adds a small amount each month to prepare.

Jayden’s choices make sense because:

• He covers his needs first.

• He sets aside savings for both a goal and emergencies.

• He plans for travel and clothing, which are important in Saskatchewan winters.

• He limits snacks and wants so he does not spend everything.

How to Create Your Own Budget

Follow these steps to build a weekly and monthly plan.

Step 1: Write down your income.
Think about all the ways you earn money.

Step 2: List your needs.
Include things that must be paid first.

Step 3: List your wants.
Keep this list honest.

Step 4: Plan your savings.
Choose a small amount you can save each week or month.

Step 5: Look for fixed, variable, and irregular expenses.
This helps you prepare for the whole month.

Step 6: Build your weekly chart.
Add costs, categories, and reasons.

Step 7: Build your monthly chart.
Include taxes when they apply.

Step 8: Check if your plan is balanced.
Income should be equal to or more than expenses.

Step 9: Justify your choices.
Use needs, wants, and saving rules to explain your plan.

Try It Yourself: Your Weekly and Monthly Budget

You will go to Google Classroom and do this as your assignment for this lesson.  Start by filling in Jayden’s numbers. Then replace them with your own.

Check Your Understanding

1. Which item is a need?
a) Ice cream
b) Phone plan
c) Streaming service
d) New hoodie

2. Which item is a fixed expense?
a) Gas money
b) Phone bill
c) Snacks
d) Birthday gift

3. Why is saving important for your future?
Write one sentence.

4. If something costs 10 dollars and sales tax is 1 dollar, what is the total cost?

5. Explain one reason why your budget should include irregular expenses.

Reflection

Write a short paragraph that answers these questions:

• What part of budgeting is easiest for you?

• What part is hardest?

• What is one change you could make to stay within your budget?

• How might a budget help you in your life on reserve?

References (APA)

ChatGPT. (2025). Lesson 17: Creating a personal budget [Educational handout]. OpenAI.

Gobel, K. (2015). The teen money manual: A guide to cash, credit, spending, saving, work, wealth, and more. Zest Books.

Government of Saskatchewan. (2024). Financial Literacy 10 curriculum. Saskatchewan Ministry of Education. https://www.curriculum.gov.sk.ca

Ontario Securities Commission. (2023). Get smarter about money. https://www.getsmarteraboutmoney.ca