Lesson Plan
My First Budget Blueprint
Students will be able to define income and expenses, identify different types of each, and create a basic personal budget to manage their money effectively.
Understanding how to manage money is a critical life skill for independence. This lesson will equip students with the tools to track their finances, make informed spending decisions, and build a strong foundation for their financial future.
Audience
10th Grade Group
Time
75 minutes
Approach
Through guided instruction, interactive activities, and practical application, students will develop essential budgeting skills.
Materials
Money Matters Simplified (slide-deck), Income and Expense Log (worksheet), and My Dream Budget Scenario (project)
Prep
Teacher Preparation
30 minutes
- Review the Budget Boss Lesson Plan and all linked materials: Money Matters Simplified Slide Deck, Income and Expense Log Worksheet, and My Dream Budget Scenario Project Guide.
- Print copies of the Income and Expense Log Worksheet for each student.
- Prepare presentation equipment for the Money Matters Simplified Slide Deck.
- Gather any optional supplementary materials for student engagement (e.g., sample budget templates, play money).
Step 1
Introduction: What's Your Money Story?
10 minutes
- Begin with a brief discussion: "What does 'budget' mean to you?" or "Why is managing money important?"
- Introduce the lesson objectives using the Money Matters Simplified Slide Deck (Slide 1-2).
- Explain that today's lesson will help them become 'Budget Bosses.'
Step 2
Understanding Income
15 minutes
- Use the Money Matters Simplified Slide Deck (Slides 3-5) to define income.
- Discuss different sources of income (e.g., allowance, part-time jobs, gifts).
- Engage students with examples and ask them to brainstorm their own potential income sources.
Step 3
Exploring Expenses
15 minutes
- Transition to expenses using the Money Matters Simplified Slide Deck (Slides 6-8).
- Define fixed vs. variable expenses and provide real-world examples relevant to teenagers.
- Facilitate a class discussion about common expenses students might have (e.g., snacks, entertainment, phone bill).
Step 4
Budgeting Basics & Tracking
20 minutes
- Introduce the concept of creating a budget using the Money Matters Simplified Slide Deck (Slides 9-11).
- Distribute the Income and Expense Log Worksheet.
- Guide students through filling out a simplified budget scenario on their worksheets, emphasizing tracking income and expenses.
- Provide time for students to ask questions and clarify understanding.
Step 5
Dream Budget Scenario Introduction
10 minutes
- Introduce the My Dream Budget Scenario Project Guide using the Money Matters Simplified Slide Deck (Slide 12).
- Explain the project: creating a budget for a hypothetical future event or goal.
- Clarify expectations and answer any initial questions about the project.
Step 6
Wrap-up & Reflection
5 minutes
- Briefly recap key budgeting terms and concepts.
- Ask students to share one new thing they learned or one way they plan to apply budgeting in their lives.
- Conclude by reinforcing the importance of financial literacy.
Slide Deck
Budget Boss: Your Money, Your Future!
Ever wonder where your money goes?
Today, we'll become budget bosses and learn to take control of our finances!
Welcome students and introduce the topic of budgeting. Ask a warm-up question to gauge their prior knowledge and interest.
What We'll Learn Today
- Define income and expenses.
- Identify different sources of income.
- Distinguish between fixed and variable expenses.
- Create a basic personal budget.
- Understand the importance of tracking money.
Introduce the learning objectives for the lesson. Read through them with students and ask if they have any initial questions or thoughts.
What is Income?
Income is the money you receive, usually regularly, from work or investments.
Think of it as money 'coming in'!
Transition to the concept of income. Start with a simple definition and then open it up for student examples.
Where Does Your Money Come From?
- Allowance
- Part-time job earnings
- Gifts (birthday money)
- Babysitting/Yard work
- Selling items online
What other ways can you earn money?
Provide examples of common income sources for teenagers and ask students to brainstorm other possibilities.
Income: Not Just a Paycheck!
Income can come from many places!
It's any money that adds to your total finances.
Emphasize that income can be from various sources and is not just about a traditional job.
What are Expenses?
Expenses are the money you spend to buy things or services.
Think of it as money 'going out'!
Introduce the concept of expenses. Explain that these are the 'outgoing' moneys.
Fixed vs. Variable Expenses
Fixed Expenses: Stay the same each month (e.g., phone bill, subscription).
Variable Expenses: Change from month to month (e.g., snacks, entertainment, new clothes).
Explain the difference between fixed and variable expenses using clear examples. Encourage students to think of their own examples.
Where Does Your Money Go?
- Snacks & Drinks
- Entertainment (movies, games)
- Clothes & Accessories
- Transportation
- Hobbies
What are some things you spend money on regularly?
Facilitate a discussion about common expenses students might encounter. This helps them relate to the concept.
Budgeting: Your Money Plan!
A budget is a plan for how you will spend and save your money.
It helps you see where your money comes from and where it goes!
Now, combine income and expenses to introduce the idea of a budget. Explain it's a plan for your money.
Why Track Your Money?
- Helps you know exactly how much you have.
- Shows you where you can save.
- Helps you reach your financial goals.
- Makes you a real 'Budget Boss'!
Introduce the idea of tracking. Explain that the worksheet will help them put this into practice.
Time to Practice! Your Income and Expense Log
We'll use the Income and Expense Log Worksheet to:
- List your income sources.
- Track your expenses.
- See your money in action!
Explain that they will now work on the Income and Expense Log worksheet to create a simple budget. Circulate and assist as needed.
Your Dream Budget Scenario!
Now that you're a budgeting pro, you'll create a budget for a future dream!
Check out the My Dream Budget Scenario Project Guide for details!
Introduce the project. Emphasize creativity and applying what they've learned to a fun, future scenario.
Worksheet
Income and Expense Log
Name: _____________________________
Date: _____________________________
Part 1: My Income
Income is any money you receive. List all your sources of income for a typical month.
| Source of Income | Amount (
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| Total Monthly Income |
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Part 2: My Expenses
Expenses are the money you spend. List all your typical expenses for a month. Try to categorize them as Fixed (F) or Variable (V).
| Expense Item | Fixed (F) / Variable (V) | Amount (
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| :----------- | :----------------------: | :-----------: |
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| Total Monthly Expenses | |
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Part 3: My Monthly Summary
Now, let's see how your income and expenses compare.
Total Monthly Income:
Total Monthly Expenses:
Money Remaining (Income - Expenses):
Reflection Question:
Based on your log, what is one thing you learned about your spending habits or potential income?
Project Guide
My Dream Budget Scenario
Goal: Imagine your future! You will create a budget for a hypothetical scenario or a dream goal. This project will help you apply what you've learned about income, expenses, and financial planning.
Project Options (Choose ONE):
- Dream Vacation Budget: Plan a one-week dream vacation for yourself and one friend. Research transportation, accommodation, food, and activities. Create a budget to show how you would fund this trip.
- First Apartment Budget: Imagine you're moving into your first apartment after high school. Create a monthly budget that includes rent, utilities, groceries, transportation, and personal expenses.
- Entrepreneurial Startup Budget: You want to start a small business (e.g., selling handmade crafts, dog walking service, tutoring). Create a startup budget that outlines initial costs (materials, marketing) and projected monthly income and expenses.
Project Requirements:
Your project should include the following sections:
1. Scenario Description
- Clearly describe the dream scenario you chose (vacation, apartment, or business).
2. Income Plan
- Identify your realistic income sources for this scenario. How will you earn the money? (e.g., part-time job, savings, loans, projected business revenue).
* Estimate your total monthly or project income.
3. Expense Breakdown
- List all anticipated expenses related to your chosen scenario. Be specific!
- Categorize expenses as either Fixed (F) or Variable (V).
- Estimate the cost for each expense item.
4. Budget Summary
- Create a clear summary showing your total income, total expenses, and the difference (money remaining or deficit).
- You can present this as a table, a chart, or a clear written summary.
5. Reflection
- What challenges did you face while creating your budget?
- What did you learn about financial planning from this project?
- What adjustments might you need to make to achieve your dream scenario within your budget?
Deliverables:
- A written report (2-3 pages) or a digital presentation (e.g., Google Slides, PowerPoint) detailing all the sections above.
- Be creative and organized in your presentation!
Assessment Criteria:
Your project will be assessed on:
- Completeness: All required sections are included and thoroughly addressed.
- Accuracy: Realistic estimates for income and expenses based on research (if applicable).
- Organization: Clear, well-structured, and easy-to-understand budget.
- Reflection: Thoughtful and insightful answers to the reflection questions.
- Creativity/Presentation: Engaging and well-presented project.