Life Taught Clearly
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Life Taught Clearly

Money Basics That Actually Matter

Module 1 Worksheet

Part 1 - Foundations check

Mark each statement as Solid, Needs work, or Not yet.

Understands checking versus savings.
☐ Solid☐ Needs work☐ Not yet
Understands debit versus credit.
☐ Solid☐ Needs work☐ Not yet
Understands income versus spending money.
☐ Solid☐ Needs work☐ Not yet
Can separate needs from wants.
☐ Solid☐ Needs work☐ Not yet
Understands fixed versus variable expenses.
☐ Solid☐ Needs work☐ Not yet
Can build a simple monthly budget.
☐ Solid☐ Needs work☐ Not yet

Part 2 - Needs, wants, or depends?

Click or mark the label that fits best.

Groceries
☐ Need☐ Want☐ Depends
Rent
☐ Need☐ Want☐ Depends
Eating out
☐ Need☐ Want☐ Depends
Gas
☐ Need☐ Want☐ Depends
New shoes
☐ Need☐ Want☐ Depends
Netflix
☐ Need☐ Want☐ Depends
Car insurance
☐ Need☐ Want☐ Depends
Coffee runs
☐ Need☐ Want☐ Depends
Phone bill
☐ Need☐ Want☐ Depends
Concert ticket
☐ Need☐ Want☐ Depends

Part 3 - Fixed or variable?

Click or mark the best fit.

Rent
☐ Fixed☐ Variable
Groceries
☐ Fixed☐ Variable
Gas
☐ Fixed☐ Variable
Phone bill
☐ Fixed☐ Variable
Gym membership
☐ Fixed☐ Variable
Eating out
☐ Fixed☐ Variable
Utilities
☐ Fixed☐ Variable
Car payment
☐ Fixed☐ Variable

Part 4 - Filled-out sample budget

Use this example so you do not have to invent your own from scratch.

Example: teen with a $420 monthly take-home paycheck

  • • Income: $420
  • • Savings: $40
  • • Investing / Roth IRA bucket: $20
  • • Gas / transportation: $80
  • • Food / snacks: $45
  • • Phone: $40
  • • Future car / bills fund: $50
  • • Church / giving / generosity: $20
  • • Fun / extras: $125
  • • Leftover: $0
  • • Teaching note: if fun spending gets hit first, gas and future bills usually become the stress point.
  • • If the teen has earned income, a custodial Roth IRA may be worth considering. Contributions generally cannot exceed the teen's earned income for the year or the annual IRS limit, whichever is lower.
  • • YOUR TURN — fill in your teen's budget:
  • • Your teen's income: $___
  • • Savings: $___
  • • Gas: $___
  • • Phone: $___
  • • Food: $___
  • • Fun: $___
  • • Leftover: $___
What category would get tight fastest for your teen?
What category would be easiest for them to overspend on?
What should always be planned for before fun money?
Would saving and investing be separate buckets for your teen, or one bucket for now?
What percentage split would fit your teen's current reality best: 50 / 20 / 30, 60 / 20 / 20, or something else?

Part 5 - Example of a simple teen pay stub

Use this to help your teen understand what a real paycheck can look like.

Mock pay stub

  • • Employee: Jordan Example
  • • Hours worked: 20
  • • Hourly rate: $14.00
  • • Gross pay: $280.00
  • • Federal / state / payroll deductions: example only
  • • Net pay / take-home pay: lower than gross pay
  • • Teaching point: the number earned on paper is not always the number that lands in the account.
  • • YOUR TURN — fill in your teen's pay stub:
  • • Employee name: ___
  • • Hours worked: ___
  • • Hourly rate: $___
  • • Gross pay: $___
  • • Take-home pay: $___
What is the difference between gross pay and take-home pay?
If your teen saw a smaller deposit than expected, what should they look at first?

Next action

This week, match the worksheet to the exact Module 1 lesson you just covered, then make one money move right away: sort spending, map a simple budget, or start a real savings target.

Write the commitment here