Budgeting Basics

Amber Henry

Tier 1

Lesson Plan

Budgeting Basics

Learn the importance of budgeting

This lesson introduces 9th-grade students to the basics of budgeting and saving money through interactive activities. It aims to build foundational financial literacy skills, which are crucial for managing personal finances effectively. By understanding budgeting, students can make informed financial decisions and develop habits that will benefit them throughout their lives.

Audience

9th Grade Students

Time

45 mins

Approach

Learn the importance of budgeting

Materials

Whiteboard and markers, Budgeting Basics PowerPoint, Budgeting Basics Worksheet, Budgeting Scenarios Printable Cards, and Weekly Budgeting Worksheet

Step 1

Introduction

10 mins

Begin with a PowerPoint presentation on budgeting basics to introduce key concepts.
Include real-life examples of personal budgeting for students, such as saving for a school trip or managing a weekly allowance.
Discuss what budgeting means and why it's important.
Ask students if they have ever saved money for something and how they managed it.

Step 2

Interactive Activity: Budgeting Scenarios

15 mins

Divide students into small groups and distribute the 'Budgeting Scenarios Printable Cards'.
Each group discusses their scenario and decides how they would budget their money.
Groups present their scenarios and budgeting decisions to the class.

Step 3

Guided Practice: Budgeting Basics Worksheet

10 mins

Hand out the 'Budgeting Basics Worksheet'.
Guide students through the worksheet, explaining each section and providing examples.
Allow students to work individually or in pairs to complete the worksheet.

Step 4

Weekly Budgeting Exercise

10 mins

Distribute the 'Weekly Budgeting Worksheet'.
Instruct students to create a weekly budget using a $500 allowance.
Encourage them to consider categories like savings, entertainment, necessities, and other expenses.
Discuss their budgeting choices and strategies as a class.

Step 5

Closure

5 mins

Summarize the importance of budgeting and saving.
Encourage students to apply these skills in their daily lives and consider setting a personal savings goal.

Worksheet

Budgeting Basics Worksheet

This worksheet helps students practice budgeting by providing scenarios and questions to guide their understanding.

Define budgeting in your own words.

Think about how budgeting helps manage money.

List three reasons why budgeting is important.

Consider how budgeting affects financial decisions.

Create a simple budget for a $50 weekly allowance.

Include categories like savings, entertainment, and necessities.

Worksheet

Budgeting Scenarios Printable Cards

These cards present different budgeting scenarios for group discussion and decision-making.

Scenario 1: You have $100 to spend on a friend's birthday gift and a weekend outing. How do you budget?

Scenario 2: You want to save for a new video game that costs $60. You earn $20 a week. How do you plan your budget?

Scenario 3: You receive $50 for chores. You need to buy school supplies and want to save for a concert ticket. How do you allocate your money?

Worksheet

Weekly Budgeting Worksheet

This worksheet challenges students to create a weekly budget using a $500 allowance, considering various expense categories.

Allocate your $500 weekly allowance into different categories such as savings, entertainment, necessities, and other expenses. Provide a brief explanation for each allocation.

Think about your priorities and how you can balance saving with spending.

What challenges might you face when sticking to your budget, and how can you overcome them?

Consider unexpected expenses or changes in your priorities.

Reflect on your budgeting choices. What did you learn about your spending habits?

Think about areas where you might need to adjust your spending.