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Budgeting Basics

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Lesson Plan

Budgeting Basics

Learn fundamentals of budgeting

In this lesson, students will explore the fundamentals of budgeting, including tracking expenses and setting financial goals. Through interactive activities and real-life scenarios, students will develop financial literacy skills that are essential for personal and academic success. This lesson is important as it equips students with the knowledge to manage their finances effectively, fostering responsible financial behavior from a young age.

Audience

7th Grade Students

Time

45 mins

Approach

Learn fundamentals of budgeting

Materials

Budgeting Scenarios Worksheet, Discussion Questions, Printable Budgeting Cards, and Pens and Paper

Step 1

Introduction

5 mins

  • Begin with a brief discussion on 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

Budgeting Scenarios Activity

20 mins

  • Distribute the 'Budgeting Scenarios Worksheet' to each student.
  • Explain that students will work in pairs to solve real-life budgeting scenarios.
  • Encourage students to discuss their thought process and decisions with their partner.

Step 3

Class Discussion

10 mins

  • Use the 'Discussion Questions' to facilitate a class discussion on the activity.
  • Encourage students to share their experiences and what they learned from the scenarios.

Step 4

Budgeting Cards Game

5 mins

  • Hand out 'Printable Budgeting Cards' to each group.
  • Explain the rules of the game: students will draw cards and make budgeting decisions based on the scenarios presented.
  • Allow students to play and discuss their decisions.

Step 5

Closure

5 mins

  • Recap the key points of the lesson, emphasizing the importance of budgeting.
  • Ask students to reflect on how they can apply what they've learned to their own lives.
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Worksheet

Budgeting Scenarios Worksheet

This worksheet contains real-life budgeting scenarios for students to solve in pairs. It helps students practice tracking expenses and setting financial goals.

Scenario 1: You have $50 to spend on a friend's birthday gift. How will you budget your money?








Scenario 2: You want to save for a new video game that costs $60. How will you plan your savings?








Scenario 3: You receive $20 a week for allowance. How will you allocate your money for savings, spending, and charity?








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Discussion

Discussion Questions

These questions are designed to guide a class discussion on budgeting and financial decision-making.

What challenges did you face while budgeting in the scenarios?

Encourage students to think about the limitations and unexpected expenses they encountered.







How did you decide what to prioritize in your budget?

Discuss the importance of setting financial goals and making trade-offs.







What did you learn about managing money from this activity?

Highlight key takeaways such as the importance of planning and saving.







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Worksheet

Printable Budgeting Cards

These cards are used in a game to help students practice budgeting decisions. Each card presents a different financial scenario.




You find $10 on the ground. Do you save it or spend it?







Your friend asks to borrow $5. Do you lend it to them?







You want to buy a snack for $3. Do you have enough in your budget?







You receive a $15 gift card. How will you use it?




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