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Budgeting: Money Moves!

Lesson Plan

Budgeting: Money Moves!

Students will be able to define income, expenses, needs, and wants, and create a basic personal budget.

Understanding how to budget is a foundational life skill that empowers students to manage their money effectively, make informed financial choices, and achieve financial goals. It helps prevent future financial stress and promotes independence.

Audience

7th Grade Students

Time

30 minutes

Approach

Interactive discussion, slide presentation, and a hands-on worksheet activity.

Materials

Smartboard or Projector, Markers or Pens, Budgeting Basics Slide Deck, Budgeting Warm-Up, My First Budget Worksheet, and Budgeting Cool-Down

Prep

Lesson Preparation

15 minutes

  • Review the Budgeting Basics Slide Deck and ensure all content is appropriate and accurate.
    - Print enough copies of the Budgeting Warm-Up for each student.
    - Print enough copies of the My First Budget Worksheet for each student.
    - Prepare markers or pens for students.
    - Ensure projector/smartboard is functional for the slide deck presentation.
    - Review all generated materials as needed.

Step 1

Warm-Up: What's Your Money Mindset?

5 minutes

  • Distribute the Budgeting Warm-Up to each student.
    - Instruct students to complete the warm-up individually.
    - After 3 minutes, ask a few students to share their responses, initiating a brief class discussion about money and spending habits.
    - Transition by stating that today's lesson will help them understand how to manage their money better.

Step 2

Introduction to Budgeting (Slides & Discussion)

10 minutes

  • Present the Budgeting Basics Slide Deck starting with defining key terms: Income, Expenses, Needs, and Wants.
    - Engage students with questions from the slide deck, encouraging them to share examples of each term from their own lives (e.g.,

Step 3

Hands-On Budgeting Activity

10 minutes

  • Distribute the My First Budget Worksheet.
    - Explain the scenario on the worksheet (e.g., imaginary allowance, gift money) and guide students through the steps of creating a simple budget.
    - Circulate around the classroom, offering assistance and answering questions.
    - Encourage students to think critically about their spending choices (needs vs. wants) as they fill out their budgets.

Step 4

Share & Reflect

3 minutes

  • Ask a few students to voluntarily share one interesting discovery or challenge they faced while creating their budget.
    - Facilitate a brief discussion about the importance of tracking money and making conscious spending decisions.

Step 5

Cool-Down: Budgeting Wisdom

2 minutes

  • Distribute the Budgeting Cool-Down to each student.
    - Have students complete the cool-down as an exit ticket, summarizing their main takeaway from the lesson.
    - Collect the cool-downs as students leave.
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Slide Deck

Budgeting: Money Moves!

Ready to take control of your cash?

Welcome students and introduce the topic of budgeting. Ask them what comes to mind when they hear the word 'budget'.

What is a Budget?

A plan for how you earn and spend your money.

It helps you:

  • Understand where your money goes
  • Make smart spending choices
  • Save for what you want!

Explain that budgeting is like making a plan for your money. It helps you decide how to spend and save. It's an important life skill.

Income: Where Does Your Money Come From?

Money you receive or earn.

Examples:

  • Allowance
  • Gift money
  • Earning money from chores or a job

Define 'Income' as all the money you receive. Ask students for examples of how they might get income (allowance, gift money, odd jobs).

Expenses: Where Does Your Money Go?

Money you spend on things.

Examples:

  • Snacks or drinks
  • Entertainment (movies, games)
  • Clothes
  • School supplies

Define 'Expenses' as all the money you spend. Emphasize that expenses can be different for everyone. Ask for student examples.

Needs vs. Wants: What's the Difference?

Needs:

Things you must have to live or be healthy.

Examples: Food, water, shelter, clothes.

Wants:

Things you desire but don't need to survive.

Examples: New video game, concert tickets, designer shoes.

Explain the difference between needs and wants. Needs are essential for survival or basic well-being, while wants are things you desire but can live without. This is a crucial concept in budgeting.

How to Create a Simple Budget

  1. Know your income: How much money do you have?
  2. Track your expenses: Where did your money go?
  3. Identify needs vs. wants: What must you buy, and what do you want?
  4. Make choices: Adjust spending to fit your income and save for goals.

Explain the basic steps of creating a budget. Keep it simple for 7th graders. Emphasize tracking money and making choices.

Time to Practice: My First Budget

You're going to create your own simple budget today!

Think about:

  • What money you have (income)
  • What you spend money on (expenses)
  • What are your 'needs' and 'wants'?

Introduce the worksheet activity. Explain that they will practice creating their own budget. Encourage them to be realistic.

Budgeting Superstars!

Budgeting helps you:

  • Be in charge of your money
  • Reach your financial goals
  • Make smart decisions!

Keep practicing these money moves!

Conclude the lesson by reiterating the main takeaway: budgeting gives them control and helps them achieve their financial dreams. Encourage them to keep practicing.

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Warm Up

Budgeting Warm-Up: Your Money Story

Instructions: Take a few minutes to think about how you interact with money. Answer the questions below as honestly as possible.

  1. If you received $20 right now, what is the very first thing you would do with it?





  2. What is one thing you recently spent money on that you really wanted?


  3. What is something you would need to spend money on?


  4. Do you think about how much money you have before you spend it? Why or why not?





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Worksheet

My First Budget Worksheet: My Money Plan

Scenario: Imagine you have an income of $50 for the month. Your goal is to plan how you will spend and save this money.

Part 1: My Income

  1. Total Income for the Month: $50.00

Part 2: My Expenses (What I Might Spend Money On)

List at least 5 things you might spend money on. Label each as a Need (N) or a Want (W).

ItemNeed/WantEstimated Cost
1.$

2.$

3.$

4.$

5.$

(Optional) 6.$

(Optional) 7.$

Total Estimated Expenses: $



Part 3: Budget Calculation

Now, let's see how your plan works out!

  1. Total Income: $50.00

  2. Total Estimated Expenses: (From Part 2)


  3. Money Remaining (Income - Expenses): $


    • Is this number positive (you have money left) or negative (you spent more than you have)?



Part 4: Reflection & Adjustment

  1. If you spent more than you had, what is one
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Cool Down

Budgeting Cool-Down: My Main Takeaway

Instructions: Please answer the following question to summarize your learning from today's lesson.

  1. What is the most important thing you learned about budgeting today, and how might you use this information in your own life?











  2. What is one question you still have about managing money or budgeting?




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