Workshop One
🕵️ Mission One: Budget Basics
Watch the mission briefing below. Once the video finishes, your quiz will unlock automatically.
📘 What You’ll Learn
What is a Budget?
A budget is a plan for how to use your money wisely. It helps you avoid overspending and prepares you for future needs.
1. Understand Income
Income is the money you receive (paychecks, allowance, freelance work). Knowing your total income helps you set a realistic budget.
2. Track Expenses
Expenses are your costs. They include:
- Fixed: Rent, phone bill, subscriptions
- Variable: Groceries, entertainment, gas
3. Balance It Out
Income should be more than expenses. If not, reduce spending or increase income to stay financially healthy.
4. Save for the Future
Always pay yourself first! Save a portion of your money for emergencies and future goals.
5. Use the 50/30/20 Rule
- 50% for Needs (rent, food, bills)
- 30% for Wants (fun, gadgets)
- 20% for Savings & Goals