Budgeting Basics Bonanza

Shereen Barzey-Kinard

Tier 1

Lesson Plan

Budgeting Basics Bonanza

Learn the basics of budgeting

In this lesson, students will explore the fundamentals of budgeting through engaging activities and real-life scenarios. They will learn how to allocate funds wisely, understand the importance of saving, and make informed financial decisions. This lesson is crucial for developing financial literacy skills that will benefit students throughout their lives.

Audience

10th Grade Students

Time

1 hour

Approach

Learn the basics of budgeting

Materials

Budgeting Scenario Cards, Budgeting Worksheet, Discussion Questions, and Pens and Paper

Step 1

Introduction

10 mins

Begin with a brief discussion on what budgeting means and why it's important.
Ask students to share any personal experiences with budgeting or managing money.

Step 2

Interactive Game

20 mins

Divide students into small groups and distribute Budgeting Scenario Cards.
Each group will work through a scenario, making decisions on how to allocate a limited budget.
Encourage students to discuss their choices and the reasoning behind them.

Step 3

Worksheet Activity

15 mins

Hand out the Budgeting Worksheet to each student.
Guide students through the worksheet, which includes exercises on creating a simple budget.
Provide assistance and answer any questions as needed.

Step 4

Class Discussion

10 mins

Reconvene as a class and discuss the different budgeting strategies used in the scenarios.
Use the Discussion Questions to facilitate a conversation about the challenges and benefits of budgeting.

Step 5

Closure

5 mins

Summarize the key points learned about budgeting.
Encourage students to apply these skills in their daily lives and consider setting up a personal budget.

Worksheet

Budgeting Scenario Cards

These cards present various real-life budgeting scenarios for students to work through in groups.

Scenario 1: You have $100 to spend on groceries for the week. How do you allocate it?

Scenario 2: You want to save for a new phone. Your monthly allowance is $50. How much will you save each month?

Scenario 3: You have a part-time job and earn $200 a month. How will you budget for entertainment, savings, and necessities?

Worksheet

Budgeting Worksheet

This worksheet helps students practice creating a simple budget based on given scenarios.

Create a budget for a month with a $500 income. Include categories like savings, food, entertainment, and transportation.

Consider what percentage of your income should go to each category.

Reflect on a time you had to manage money. What challenges did you face, and how did you overcome them?

Discussion

Budgeting Discussion Questions

These questions are designed to facilitate a class discussion on budgeting strategies and experiences.

What was the most challenging part of creating a budget in your scenario?

Encourage students to think about the limitations and tough choices they had to make.

How can budgeting help you achieve your financial goals?

Discuss the importance of planning and saving for future needs and wants.