Budgeting Basics
Learn fundamentals of creating a budget
In this lesson, students will learn the essentials of budgeting, including how to track income and expenses. They will apply these skills by creating a budget for a hypothetical scenario. This lesson is important for helping students develop financial literacy, which is a critical skill for managing personal finances effectively.
Learn fundamentals of creating a budget
Whiteboard and markers, Budget Worksheet, Income and Expenses Discussion, Hypothetical Scenario Cards, and Exit Ticket
Step 1
Introduction to Budgeting
5 mins
- Briefly explain the concept of budgeting.
- Highlight the importance of keeping track of income and expenses.
- Explain the objective of the lesson.
Step 2
Discussion: Tracking Income and Expenses
10 mins
- Use the discussion guide provided to facilitate a conversation on tracking income and expenses.
- Encourage students to share their thoughts on why it is important to track both.
Step 3
Activity: Create a Budget
20 mins
- Hand out the Budget Worksheet and Hypothetical Scenario Cards.
- Explain the instructions on how to create a budget using the provided scenario.
- Students work individually or in pairs to complete the worksheet.
- Walk around the room to assist students and answer questions.
Step 4
Review and Discussion
5 mins
- Review the completed budgets as a class.
- Discuss any challenges students faced and strategies to overcome them.
- Highlight key takeaways from the activity.
- Hand out Exit Tickets for students to complete.
- Collect Exit Tickets and provide feedback if time permits.
