lenny

Budgeting Basics for 7th Graders

Lesson Plan

Budgeting Basics for 7th Graders

Understand basic budgeting concepts

In this lesson, 7th-grade students will learn the basics of budgeting through interactive activities and relatable scenarios. This lesson aims to introduce students to financial literacy by helping them understand the importance of managing money wisely, which is a crucial skill for their future financial well-being.

Audience

7th Grade Students

Time

1 hour

Approach

Understand basic budgeting concepts

Materials

Discussion Questions, Simplified Budgeting Worksheet, Role-Playing Scenarios, and Pens and Paper

Step 1

Introduction to Budgeting

10 mins

  • Start with a simple explanation of what budgeting is and why it's important.
  • Discuss the difference between needs and wants with examples relevant to 7th graders.

Step 2

Interactive Budgeting Activity

20 mins

  • Hand out the simplified budgeting worksheet.
  • Guide students through creating a basic budget using a hypothetical allowance.
  • Focus on categorizing expenses into needs and wants.

Step 3

Role-Playing Scenarios

15 mins

  • Divide students into small groups and assign each group a scenario, such as planning a school event or saving for a new game.
  • Have each group create a simple budget and present their plan to the class.
  • Discuss the decisions each group made and the challenges they faced.

Step 4

Class Discussion and Reflection

10 mins

  • Use the prepared questions to facilitate a discussion on budgeting.
  • Encourage students to think about how they can apply budgeting skills in their daily lives.

Step 5

Closure

5 mins

  • Recap the key points of the lesson.
  • Encourage students to start thinking about how they can manage their own money, even if it's just a small allowance.
lenny

Discussion

Discussion Questions on Budgeting for 7th Grade

A set of questions to facilitate a class discussion on basic budgeting concepts for 7th graders.

Why is it important to know the difference between needs and wants?

Discuss how understanding needs vs. wants can help in making better financial decisions.







What are some challenges you might face when trying to save money?

Explore challenges like peer pressure to spend or unexpected expenses.







How can setting a small savings goal help you manage your money better?

Discuss how having a goal can motivate students to save and manage their allowance effectively.







lenny
lenny

Worksheet

Simplified Budgeting Worksheet

A worksheet to help 7th-grade students practice creating a basic budget using a hypothetical allowance.

List your weekly allowance and categorize your expenses into needs and wants.








Allocate a portion of your allowance to each category and ensure the total does not exceed your allowance.

Think about what you need first, then what you want.







Reflect on your budgeting choices. What would you do if you wanted to save for something special?








lenny
lenny