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Boss Your Budget!

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Lesson Plan

Boss Your Budget

Students will be able to identify key components of personal finance and create a basic budget.

Understanding how to manage money is a critical life skill. This lesson will empower students to make informed financial decisions now and in the future, fostering independence and confidence.

Audience

7th Grade Students

Time

30 minutes

Approach

Interactive discussion, slide presentation, and a hands-on budgeting activity.

Materials

Prep

Prepare Materials

10 minutes

Step 1

Warm-Up: Money Talk (5 minutes)

5 minutes

  • Begin with a quick class discussion to gauge students' current understanding and thoughts on money.
    - Ask questions like: "What comes to mind when you hear the word 'budget'?" or "Why is it important to know how to manage your money?"

Step 2

Introduction to Budgeting (10 minutes)

10 minutes

  • Present the Boss Your Budget Slide Deck.
    - Go through slides explaining income, expenses (fixed vs. variable), and savings.
    - Use real-life examples relevant to 7th graders (allowance, saving for a game/clothing, snacks, school supplies).
    - Encourage questions and participation.

Step 3

Hands-On Budgeting Activity (10 minutes)

10 minutes

  • Distribute the Budgeting Basics Worksheet.
    - Explain the scenario on the worksheet (e.g., managing an allowance for a month).
    - Guide students through filling out their budgets, emphasizing the difference between needs and wants.
    - Circulate around the room to provide individual support and answer questions.

Step 4

Share & Reflect (5 minutes)

5 minutes

  • Invite a few students to share a small part of their budget or one thing they learned.
    - Facilitate a brief discussion on the challenges and benefits of budgeting.
    - Conclude by reinforcing the idea that budgeting is a powerful tool for achieving financial goals and independence.
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Slide Deck

Boss Your Budget!

Ever wonder where your money goes? Let's take control!

Welcome students and introduce the topic of money management. Ask a warm-up question to get them thinking. Refer to the Boss Your Budget Lesson Plan Warm-Up section.

What's a Budget?

A plan for how you spend and save your money.

Explain what a budget is in simple terms. Emphasize it's a plan, not a restriction.

Income: Money In!

Money you receive, like an allowance or earnings from chores.

Define income with examples relevant to 7th graders (allowance, small jobs, gifts).

Expenses: Money Out!

Money you spend on things you need and want.

  • Fixed Expenses: Stays the same every time (e.g., subscription for a game)
  • Variable Expenses: Changes each time (e.g., snacks, movie tickets)

Introduce expenses. Differentiate between fixed (stays the same) and variable (changes) expenses. Give examples for each.

Saving: Future You!

Setting aside money for future goals.

  • What are you saving for?

Explain the importance of saving. Ask students what they might be saving for.

Needs vs. Wants

Needs: Things you must have to live (food, water, shelter).
Wants: Things you desire but can live without (new game, trendy clothes).

Briefly introduce the concept of needs vs. wants. This will be explored more in the worksheet.

Time to Budget!

Let's create your own spending and saving plan using the worksheet!

Introduce the Budgeting Basics Worksheet and explain that students will now create their own budget plan.

You're a Budget Boss!

Budgeting helps you:

  • Understand where your money goes.
  • Reach your financial goals.
  • Feel confident about your money!

Summarize the key takeaways and encourage students to apply what they've learned. Reiterate the power of budgeting. Refer to the Boss Your Budget Lesson Plan Share & Reflect section.

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Warm Up

Money Talk Warm-Up

Instructions: Take a few moments to think about the following questions. Be ready to share your thoughts with the class.

  1. What comes to mind when you hear the word "budget"?





  2. Why do you think it is important to know how to manage your money?





  3. What is one thing you would like to save up for in the future?





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Worksheet

Budgeting Basics: Your Money, Your Plan!

Scenario: Imagine you receive a $40 allowance at the beginning of the month. You also did a few extra chores and earned an additional $10. Your goal is to make your money last and save for something special!

Part 1: Your Income

  1. How much money do you have in total for the month?



Part 2: Your Expenses (Money Out!)

Think about what you need to spend money on and what you want to spend money on. Try to make sure your needs are covered first!

ItemNeed or Want?Estimated Cost
Example: New video gameWant$15

Total Estimated Expenses: $


Part 3: Your Savings Goal

  1. What is one thing you are saving up for?



  2. How much money will you try to save this month towards your goal?



Part 4: Your Budget Balance

Now, let's see how you did!

Starting Income: $

Minus Total Expenses: -

Minus Savings: -

Money Remaining (or how much more you need):


Part 5: Reflection

  1. Was it easy or hard to decide between needs and wants? Why?





  2. What is one thing you learned about managing money today?





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Discussion

Budget Boss Discussion Guide

Instructions: After completing the Budgeting Basics Worksheet, let's discuss our experiences and insights as a class.

Discussion Questions:

  1. What was one new thing you learned about your own spending habits or money management today?


  2. What was the most challenging part of creating your budget? (e.g., deciding between needs and wants, sticking to a plan)


  3. Why do you think it is important for young people to learn about budgeting and financial planning?


  4. How might having a budget help you achieve a personal goal you have (like saving for something special, or even planning a small event)?


  5. What is one practical step you can take this week to start becoming more of a "Budget Boss" in your own life?


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Boss Your Budget! • Lenny Learning