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Money Management Skills

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Money Management Skills worksheet preview

Money Management Skills

Money and piggy bank illustration

💰 Part 1: Financial Literacy Knowledge

I can identify smart money management choices and understand the difference between needs and wants.

1. What is the main purpose of saving money?

To buy anything you want immediately

To prepare for future needs and emergencies

To show off to friends

To keep it under your mattress

2. Which of these are NEEDS? (Check all that apply)

Food and water

Video games

Shelter/housing

Designer sneakers

School supplies

3. Sarah earns $20 from doing chores. What is the smartest choice?

Spend all $20 on candy

Save $15 and spend $5 on something fun

Give all the money away

Hide the money and forget about it

4. What does "budget" mean?

Spending money as fast as possible

A plan for how to spend and save your money

Only buying expensive things

Never spending any money

📝 Part 2: Money Management Scenarios

I can explain financial decisions and create a simple spending plan.

5. Explain why it's important to save money for the future. Give at least two reasons.
6. You want to buy a $60 bicycle. You earn $8 per week doing chores. How many weeks will you need to save all your money to buy the bike? Show your work.
7. Your friend wants to borrow $10 but says they might not be able to pay you back. What would you do and why?

💡 Part 3: Create Your Budget

I can create a simple budget that includes saving, spending, and giving.

8. You receive $30 for your birthday. Create a budget by filling in the amounts below. Your total must equal $30.

Saving for future goals: $________

Spending on something fun: $________

Giving to charity or helping others: $________

Emergency fund: $________

Total: $30

9. What is one financial goal you have for the next year? How will you work toward achieving it?

Success Criteria: I can identify needs vs. wants, explain the importance of saving, create a balanced budget, and set realistic financial goals.

Challenge Extension: Research one way kids your age can earn money and write about whether it would work for you.

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