Lesson Plan
Budgeting: Your Money, Your Power!
Students will be able to define budgeting, identify key components of a budget, and create a basic personal budget to track income and expenses.
Understanding how to manage money is a crucial life skill. This lesson empowers students to take control of their financial future by teaching them practical budgeting techniques that can help them achieve their goals, from saving for a new phone to planning for college.
Audience
10th Grade Students
Time
30 minutes
Approach
Interactive discussion, direct instruction, and a hands-on budgeting activity.
Materials
Smartboard or projector, Budgeting Power Slides, My Budget Blueprint Worksheet, and Pens/Pencils
Prep
Review Materials & Setup
10 minutes
- Review the Budgeting Power Slides and familiarise yourself with the content.
* Print copies of the My Budget Blueprint Worksheet for each student.
* Ensure the projector or smartboard is set up and ready to display the slides.
* Gather pens/pencils for students.
Step 1
Warm-Up: Money Thoughts (5 minutes)
5 minutes
- Begin by asking students: "What's one thing you'd love to buy or save for? How do you think you'd get the money for it?"
* Facilitate a brief class discussion, encouraging a few students to share their thoughts. This helps activate prior knowledge and connect to their personal aspirations.
* Transition by stating that budgeting can help them achieve these dreams.
Step 2
Introduction to Budgeting (10 minutes)
10 minutes
- Introduce the concept of budgeting using the Budgeting Power Slides.
* Define budgeting as a plan for how you'll spend and save your money. Explain why it's important (control, reaching goals, avoiding debt).
* Discuss the key components: Income (money coming in) and Expenses (money going out - fixed vs. variable).
* Use real-life examples relevant to 10th graders (part-time jobs, allowances, saving for concerts, gas, snacks).
Step 3
Hands-On Budgeting Activity (10 minutes)
10 minutes
- Distribute the My Budget Blueprint Worksheet to each student.
* Guide students through the worksheet, asking them to consider their own hypothetical or real income and expenses.
* Encourage them to think about their personal spending habits and identify potential areas for saving.
* Circulate around the room, offering assistance and answering questions.
* Optionally, have students pair-share their initial budgeting ideas with a partner for a minute or two.
Step 4
Wrap-Up & Reflection (5 minutes)
5 minutes
- Bring the class back together.
* Ask students what they learned or found surprising about creating a budget.
* Emphasize that budgeting is a tool for empowerment, not restriction.
* Collect the My Budget Blueprint Worksheet if you wish to review them or allow students to keep them for personal use.
Slide Deck
Budgeting: Your Money, Your Power!
Taking Control of Your Financial Future!
Welcome students to the lesson. Ask them to think about what they want to buy or save for. This slide sets the stage and introduces the exciting topic of financial empowerment.
What is a Budget?
💰 A plan for how you spend and save your money.
Why bother?
- Control where your money goes.
- Reach your financial goals (big or small!).
- Avoid financial stress.
Ask students for their initial thoughts on what 'budgeting' means. Facilitate a brief discussion to gauge their existing knowledge. Explain that a budget is simply a plan for your money.
Income vs. Expenses
Income: Money Coming In ⬆️
- Allowance
- Part-time job
- Gifts
Expenses: Money Going Out ⬇️
- Fixed Expenses: Stays the same every month (e.g., phone bill)
- Variable Expenses: Changes month to month (e.g., food, entertainment)
Explain 'income' as money coming in. Give examples like allowance, part-time job earnings, or gifts. Ask students for other examples. Then, explain 'expenses' as money going out. Differentiate between fixed (rent, phone bill) and variable (food, entertainment) expenses. Ask for student examples.
Why Budgeting Matters to YOU!
- Achieve Your Goals: Save for that new phone, concert tickets, or even college!
- Financial Freedom: Know where your money goes and make informed choices.
- Reduce Stress: Fewer surprises when you plan ahead.
This slide reinforces the purpose of budgeting and connects it back to their personal goals. Emphasize that budgeting isn't about deprivation, but about smart choices to achieve what they want. Encourage them to see it as a tool.
Your Turn: Budget Blueprint!
It's time to create your own budget!
Use the My Budget Blueprint Worksheet to:
- List your potential income.
- Identify your expenses (fixed and variable).
- See where your money is going!
Introduce the activity. Explain that they will now create their own mini-budget using the worksheet. Highlight that this is a practical way to apply what they've learned. Instruct them to work individually.
Budgeting: Your Power Tool!
- Budgeting helps you understand and manage your money.
- It empowers you to reach your financial dreams.
- Start small, stay consistent, and take control!
Conclude the lesson by reiterating the main takeaway: budgeting is a powerful tool for financial control and goal achievement. Ask a few students to share one thing they learned or found interesting. Thank them for their participation.
Warm Up
Budgeting Warm-Up: Dream Big, Save Smart!
Think about something you really want to buy or save for. It could be anything! A new video game, concert tickets, a special outfit, or even a down payment on a car for the future.
What is that one thing?
How do you think you might get the money for it? (e.g., allowance, part-time job, gifts, saving up)
In a few words, what do you think budgeting means?
Worksheet
My Budget Blueprint Worksheet
Name: ____________________________ Date: ____________________________
Part 1: My Income 📈
- Income is the money you receive. Think about any money you get regularly (or could get).
List your sources of income and estimate the amount you receive per month:
- Source: _________________________ Amount: $ _______________
- Source: _________________________ Amount: $ _______________
- Source: _________________________ Amount: $ _______________
Total Estimated Monthly Income: $ _______________
Part 2: My Expenses 📉
- Expenses are the money you spend. Let's think about where your money goes.
Fixed Expenses (usually the same amount each month)
- Expense: _________________________ Amount: $ _______________ (e.g., streaming service subscription, phone bill if you pay it)
- Expense: _________________________ Amount: $ _______________
Variable Expenses (amounts can change each month)
- Expense: _________________________ Amount: $ _______________ (e.g., snacks, going out with friends, gas, clothes)
- Expense: _________________________ Amount: $ _______________
- Expense: _________________________ Amount: $ _______________
- Expense: _________________________ Amount: $ _______________
Total Estimated Monthly Expenses: $ _______________
Part 3: Budget Balance ⚖️
Total Income: $ _______________
Total Expenses: $ _______________
Income - Expenses = Your Balance: $ _______________
- Is your balance positive (you have money left over)? Great job! How might you save or invest this?
- Is your balance negative (you're spending more than you earn)? No worries! Where could you adjust your variable expenses to get to a positive balance?
Part 4: My Financial Goal 🎯
What is one short-term (next 3 months) or long-term (next year or more) financial goal you have? (e.g., save for a new game, save for college, buy a new bike)
How can your budget help you achieve this goal?
Cool Down
Budgeting Cool-Down: My Money Mindset
Take a few moments to reflect on what we learned today about budgeting.
- What is one new thing you learned about budgeting or managing money?
- How do you think understanding budgeting can help you in your own life, even right now?
- On a scale of 1-5 (1 = not confident, 5 = very confident), how confident do you feel about starting to think about your own money and creating a simple budget?