Add up all the income, then all the expenses, and subtract the smaller total from the bigger. More income than expenses is a surplus; more expenses is a shortfall.
incomemoney coming in
expensemoney going out
budgeta plan for money coming in and going out
surplusmoney left over
shortfallnot enough money to cover expenses
Watch for: Adding an expense into the income total, or the other way round. Calling it a surplus when the expenses are bigger than the income. Adding a payment to the balance in the record instead of taking it away.
At home: Plan a pretend week with your child: a set amount of money, a list of wants and their prices. Is there a surplus, or what could be cut?
Sample sheet and answer key
Luna's Space Adventure
Grade 5 · Budgets and records · 5.10F
NameDate
Astronaut Luna is exploring a far-off corner of space. Solve each problem to help Luna's mission go smoothly!
Ways to pay
Cash, check, debit, credit or online: true or false?
A credit card is a loan you must pay back.TrueFalse
Paying a credit card bill late can cost extra interest.TrueFalse
A check is a kind of coin.TrueFalse
Keep a record
Take away payments, add deposits, and keep the balance.
Date
What for
Payment
Deposit
Balance
3/1
Start
$135.92
3/7
Deposit: sold a bike
$53.23
3/12
Deposit: birthday money
$32.07
3/14
Debit card: groceries
$14.43
Balance the budget
Luna's money for one month. Is there money left over?
Item
Income
Expense
Allowance
$32
Mowing lawns
$17
Bus fare
$18
Snacks
$29
Total income?
Total expenses?
Surplus or shortfall?
How much?
Close the gap
Max earns $40 a month but spends $64. Do the cuts fix it?
Make a gift ($21) and buy fewer snacks ($9)BalancedStill short
Drop a game app ($14) and cook at home ($6)BalancedStill short
Borrow library books ($22) and pack lunch ($1)BalancedStill short
Sheet
Luna's Space Adventure
Grade 5 · Budgets and records · 5.10F
Answer key
Astronaut Luna is exploring a far-off corner of space. Solve each problem to help Luna's mission go smoothly!
Ways to pay
Cash, check, debit, credit or online: true or false?
A credit card is a loan you must pay back.TrueFalse
Paying a credit card bill late can cost extra interest.TrueFalse
A check is a kind of coin.TrueFalse
Keep a record
Take away payments, add deposits, and keep the balance.
Date
What for
Payment
Deposit
Balance
3/1
Start
$135.92
3/7
Deposit: sold a bike
$53.23
$189.15
3/12
Deposit: birthday money
$32.07
$221.22
3/14
Debit card: groceries
$14.43
$206.79
Balance the budget
Luna's money for one month. Is there money left over?
Item
Income
Expense
Allowance
$32
Mowing lawns
$17
Bus fare
$18
Snacks
$29
Total income?$49
Total expenses?$47
Surplus or shortfall?Surplus
How much?$2
Close the gap
Max earns $40 a month but spends $64. Do the cuts fix it?
Make a gift ($21) and buy fewer snacks ($9)BalancedStill short
Drop a game app ($14) and cook at home ($6)BalancedStill short
Borrow library books ($22) and pack lunch ($1)BalancedStill short
Answer key
New problems every time, three levels (gentle, core and stretch), themes to pick from, a second page if you want one. Each sheet comes with an answer key and a one-page guide for grown-ups.
