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Smart Money Budgeting Game

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Smart Money Budgeting Game

You are planning a month of spending and saving. Use the fictional scenario and budget below to make decisions. All amounts are in New Zealand dollars (NZ$). Show calculations where asked.

The monthly money challenge

Tevita is 17 and works part-time at a café. For this budgeting challenge, her monthly take-home pay is $720 and she receives $40 pocket money. She has no debt. Her plan is to cover needs, set aside savings, and still have some money for fun.

Money in

Amount

Take-home pay

$720

Pocket money

$40

Money out

Amount

Bus fares

$90

Phone plan

$25

Food and snacks

$85

Entertainment

$60

Clothing

$40

Savings goal

$150

1.Add Tevita’s two income sources. What is her total monthly income?

2.Which item in Tevita’s draft budget is most clearly a need for getting to work or other places?

Entertainment
Bus fares
Clothing
Savings goal

3.Calculate the total of the six listed spending and savings amounts. How much money remains from Tevita’s income after these allocations?

4.Tevita decides to put all of the remaining $310 into an emergency fund. What will she save in total this month, including her $150 savings goal allocation?

5.Tevita’s bus fares rise by $18 next month. If she keeps every other budget amount the same, how much remains after all listed allocations and the higher bus cost?

6.Tevita wants to save $900 for a laptop in 6 months. If she saves the same amount each month, how much must she set aside monthly?

7.True or false: In New Zealand, GST is generally included in the displayed price consumers pay in shops.

TrueFalse

8.Tevita sees a jacket advertised for $120 including GST. GST is 15%. Calculate the GST amount included in the $120 price. (Because $120 already includes GST, divide by 1.15 to find the pre-GST price.)

9.Tevita’s income falls by $50 for one month. Name one sensible change she could make to balance her budget, and explain why it is more suitable than borrowing for non-essential spending.

10.Tevita is comparing two phone plans. Plan A costs $25 each month with no extra charges. Plan B costs $18 each month, but she expects $10 of extra data charges each month. Which plan costs less over 6 months, and by how much?