Budget for Fun

Purchasing concert tickets, buying electronics, and dining out can become expensive.

Why should you budget for entertainment?

Lesson Objective Compare the amount budgeted to actual expenditures.

Content Vocabulary

expense summary

emergency fund

expense summary

A monthly report that compares the amounts that you have spent to the amounts that you have budgets.

expense summary

A monthly report that compares the amounts that you have spent to the amounts that you have budgets.

emergency fund

Extra money set aside to be used for unpredictable expenses, such as medical bills and vehicle repairs.

emergency fund

Extra money set aside to be used for unpredictable expenses, such as medical bills and vehicle repairs.

Expense Summary

Once you have completed a budget sheet outlining your past expenditures, you can use it to plan for future spending.

At the end of March, the Zornows prepared an expense summary. They had planned to spend $220 on groceries. They actually spent $231.85.

How much more or less did they spend on groceries than they had budgeted for?

Example 1Example 1

Compare.

Is the amount spent more or less than the amount budgeted?

Is $231.85 more or less than $220.00? More.

Example 1 Answer: Example 1 Answer: Step 1Step 1

Find the difference.

$231.85 – $220.00 = $11.85 more than the amount budgeted

Example 1 Answer: Example 1 Answer: Step 2Step 2

At the end of September, the Escobars prepared an expense summary. They had planned to spend $210 on transportation. They actually spent $197.80.

How much more or less did they spend on transportation than they had budgeted for?

Example 2Example 2

Is the amount spent more or less than the amount budgeted?

Is $197.80 more or less than $210? Less.

Example 2 Answer: Example 2 Answer: Step 1Step 1

Find the difference.

$210 – $197.80 = $12.20 less than the amount budgeted

Example 2 Answer: Example 2 Answer: Step 2Step 2

The Murrays’ electricity bill for July was budgeted for $88. They actually spent $124.

How much more or less did they spend than they budgeted?

Practice 1Practice 1

$36 more

Practice 1 AnswerPractice 1 Answer

The Zieglers’ entertainment expenses for August were budgeted for $110. They actually spent $104.62.

How much more or less did the Zieglers spend than they budgeted?

Practice 2Practice 2

$5.38 less

Practice 2 AnswerPractice 2 Answer