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Financial Literacy 101: Building Foundations

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Lesson Plan

Financial Literacy 101: Building Foundations

Understand basic financial concepts

This lesson introduces 8th-grade students to essential financial concepts such as saving, budgeting, and distinguishing between needs and wants. By building foundational skills in financial literacy, students will be better equipped to make responsible financial decisions in the future. This lesson is crucial as it empowers students with the knowledge to manage their finances effectively, fostering independence and financial responsibility.

Audience

8th Grade Students

Time

1 hour

Approach

Understand basic financial concepts

Materials

Discussion Questions, Budgeting Worksheet, Needs vs Wants Quiz, Answer Key for Quiz, and Printable Cards for Budgeting Activity

Step 1

Introduction

10 mins

  • Begin with a brief discussion on what financial literacy means.
  • Ask students if they have ever saved money or created a budget.
  • Introduce the key concepts: saving, budgeting, needs vs wants.

Step 2

Discussion on Needs vs Wants

15 mins

  • Use the discussion questions to explore the difference between needs and wants.
  • Encourage students to provide examples from their own lives.
  • Discuss why understanding this difference is important for budgeting.

Step 3

Budgeting Activity

20 mins

  • Distribute the budgeting worksheet.
  • Explain how to create a simple budget using the worksheet.
  • Have students work in pairs to complete the budgeting exercise using the printable cards.

Step 4

Quiz on Needs vs Wants

10 mins

  • Administer the quiz to assess understanding of needs vs wants.
  • Collect the quizzes for grading.

Step 5

Closure

5 mins

  • Recap the key points of the lesson.
  • Ask students to share one thing they learned about financial literacy.
  • Encourage students to think about how they can apply these concepts in their daily lives.
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Discussion

Discussion Questions

A set of questions to guide a discussion on financial literacy concepts, focusing on needs versus wants.

What is the difference between a need and a want?

Guide students to think about essential items versus non-essential items.







Can you give an example of a need and a want from your own life?

Encourage students to share personal experiences and discuss why they categorize items as needs or wants.







Why is it important to distinguish between needs and wants when budgeting?

Discuss how understanding this difference can help in making better financial decisions.







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Worksheet

Budgeting Worksheet

A worksheet to help students practice creating a simple budget by categorizing expenses into needs and wants.

List three items you consider as needs and their estimated costs.

Think about items essential for daily living.







List three items you consider as wants and their estimated costs.

Consider items that are nice to have but not essential.







Create a simple budget using the items listed above. Allocate a monthly allowance and decide how much to spend on each item.

Ensure your total expenses do not exceed your allowance.







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Quiz

Needs vs Wants Quiz

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Answer Key

Answer Key for Quiz

The answer key for the Needs vs Wants Quiz, providing correct answers and explanations.

Which of the following is a need?

Water
Water is essential for survival, making it a need.

Which of the following is a want?

Designer Shoes
Designer shoes are not essential for daily living, making them a want.

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Worksheet

Printable Cards for Budgeting Activity

Cards to be used in the budgeting activity, each card representing a different expense item.




Rent - $500







Groceries - $200







Concert Ticket - $50







Smartphone - $300







Water Bill - $30







Designer Shoes - $150




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Financial Literacy 101: Building Foundations • Lenny Learning