Lesson Plan
Budgeting Basics Blueprint
Students will learn how to budget, save, and make informed spending decisions to achieve financial independence.
Mastering money management skills is crucial for financial independence and responsible adult life, setting students up for success.
Audience
9th Grade
Time
60 minutes
Approach
Interactive instruction and practical activities.
Materials
Your Money Your Future (slide-deck), Weekly Spending Tracker (worksheet), and Real-Life Budget Challenge (activity)
Prep
Review Materials
15 minutes
Review the Budgeting Basics Blueprint Lesson Plan, Your Money Your Future Slide Deck, Weekly Spending Tracker Worksheet, and Real-Life Budget Challenge Activity to familiarize yourself with the content and activities. Gather any necessary supplies for the activity, such as pens, paper, or markers.
Step 1
Warm-Up: "Money Talk"
5 minutes
Engage students with a brief discussion about what they already know about money and budgeting.
- What does 'budgeting' mean to you?
- Why is managing money important?
- What are some things you spend money on?
Step 2
Introduction: "Your Money, Your Future"
10 minutes
Use the Your Money Your Future Slide Deck to introduce the concept of money management, budgeting, saving, and smart spending.
- Discuss the 'Why' behind budgeting and its real-life relevance.
Step 3
Activity 1: "Budgeting Blueprint Basics"
20 minutes
Distribute the Weekly Spending Tracker Worksheet.
- Guide students through the worksheet, explaining how to track income and expenses.
- Provide examples and answer questions.
- Encourage students to think about their own spending habits.
Step 4
Activity 2: "Real-Life Budget Challenge"
20 minutes
Introduce the Real-Life Budget Challenge Activity.
- Divide students into small groups and present them with a hypothetical budget scenario.
- Students will work together to create a budget, making spending and saving decisions based on the scenario.
- Circulate and provide support and guidance.
Step 5
Wrap-Up & Discussion: "Adulting Your Wallet"
5 minutes
Bring the class back together to share their insights from the Real-Life Budget Challenge Activity.
- Discuss challenges, surprises, and key takeaways.
- Emphasize the importance of continuous financial planning.
Slide Deck
Your Money Your Future: How to Adult Your Wallet?
Ready to take control of your financial future?
Welcome students and introduce the engaging topic of money management. Ask a warm-up question to get them thinking.
What is Budgeting?
Budgeting means planning how you'll spend and save your money.
Why does it matter?
- Helps you reach your financial goals (big or small!)
- Prevents you from running out of money
- Gives you control over your finances
Define budgeting in simple terms and explain why it's a vital life skill. Connect it to real-world scenarios.
Income vs. Expenses
Income: The money you earn or receive.
- Part-time job, allowance, gifts
Expenses: The money you spend.
- Snacks, entertainment, clothes, transport
The Goal: Make sure your income is greater than or equal to your expenses!
Explain the difference between income (money coming in) and expenses (money going out). Give relatable examples for teens.
The Power of Saving
Why save?
- Short-Term Goals: A new game, concert tickets, a special outfit
- Long-Term Goals: College, a car, your first apartment
Even small amounts saved regularly add up!
Discuss the importance of saving, distinguishing between short-term (e.g., new game) and long-term (e.g., college, car) goals.
Smart Spending Habits
Needs: Things you must have to survive or function (e.g., food, shelter, clothes).
Wants: Things you desire but don't strictly need (e.g., new phone, designer shoes, extra snacks).
Ask yourself: Is this a need or a want? Can I get a better deal?
Help students differentiate between needs and wants. Discuss how making smart choices can impact their budget.
Your Budget Blueprint
Today, we're going to start building our own budget blueprint!
We'll use the Weekly Spending Tracker Worksheet to:
- See where our money goes
- Identify areas for saving
- Make a plan for our finances
Introduce the 'Weekly Spending Tracker' worksheet and briefly explain its purpose and how to use it.
Challenge Accepted!
Now it's time to put your skills to the test!
In groups, you'll work through a Real-Life Budget Challenge Activity to:
- Apply budgeting principles
- Make decisions about income and expenses
- Experience real-world financial choices
Explain the upcoming 'Real-Life Budget Challenge' activity. Emphasize teamwork and practical application.
Key Takeaways
What did you learn today about 'adulting your wallet'?
- Budgeting gives you control.
- Saving helps you reach goals.
- Smart spending is key.
Questions? Thoughts?
Summarize the key learning points and open the floor for questions and reflections.
Worksheet
Weekly Spending Tracker
Name: _________________________ Date: ______________
This tracker will help you see where your money comes from and where it goes. Be honest with yourself about your spending!
Part 1: Your Income
List all the money you expect to receive this week.
| Source (e.g., Allowance, Job, Gift) | Amount ($) |
|---|---|
| Total Weekly Income |
Part 2: Your Planned Expenses
Think about what you plan to spend money on this week. Categorize your expenses.
| Category (e.g., Food, Entertainment, Clothes) | Item/Description | Estimated Cost ($) |
|---|---|---|
| Total Estimated Expenses |
Part 3: Actual Spending (Track as you go!)
At the end of each day, or whenever you spend money, write it down here.
Monday
- Item:
Cost: - Item:
Cost:
Tuesday
- Item:
Cost: - Item:
Cost:
Wednesday
- Item:
Cost: - Item:
Cost:
Thursday
- Item:
Cost: - Item:
Cost:
Friday
- Item:
Cost: - Item:
Cost:
Weekend
- Item:
Cost: - Item:
Cost:
Part 4: Reflection
- What was your Total Actual Spending this week?
- Compare your Total Weekly Income to your Total Actual Spending. Did you spend more, less, or the same amount of money than you received?
- Were there any surprises in your spending? What did you spend money on that you didn't expect to?
- Identify one or two areas where you could potentially save money next week. How would you do it?
- How does tracking your spending make you feel about your money habits?
Activity
Real-Life Budget Challenge: Your First Paycheck
Scenario: You are a 9th-grade student who just got your first part-time job! You earn $200 every two weeks after taxes. You also receive a $20 allowance from your parents each week, but it comes with the expectation that you help out with chores.
Your challenge is to create a budget for one month (two paychecks) based on the expenses below and decide how you will allocate your money. Remember to prioritize needs over wants and consider saving for future goals.
Your Monthly Income:
- Part-time Job: $200 (every two weeks) x 2 = $400
- Allowance: $20 (per week) x 4 = $80
Total Monthly Income: $480
Fixed Monthly Expenses (These must be paid!):
- Phone Bill (your share): $30
- Contribution to Household Internet: $15
Variable Monthly Expenses (These change and you have some control):
- Food/Snacks: You usually spend $10-$20 a week on snacks, drinks, or lunch with friends. (Estimate $40-$80 a month)
- Entertainment: Movies, streaming services, video games, hanging out with friends. (Estimate $20-$60 a month)
- Clothing/Personal Items: New shirt, toiletries, school supplies. (Estimate $20-$50 a month)
- Transportation: Bus fare, gas money (if you carpool with a friend). (Estimate $10-$30 a month)
- Savings Goal: You want to save up for a new video game that costs $60 or a new pair of shoes that cost $80.
Your Task:
- Work in small groups to discuss the scenario and your priorities.
- Create a detailed monthly budget using the table below. Decide how much you will allocate to each category.
- Explain your choices. Be ready to share why you decided to spend or save certain amounts.
- Answer the reflection questions.
Monthly Budget Plan
| Category | Fixed/Variable | Planned Allocation ($) | Notes / Reasoning |
|---|---|---|---|
| Income | |||
| Part-time Job | Income | $400 | |
| Allowance | Income | $80 | |
| Total Income | $480 | ||
| Expenses | |||
| Phone Bill | Fixed | $30 | |
| Household Internet | Fixed | $15 | |
| Food/Snacks | Variable | ||
| Entertainment | Variable | ||
| Clothing/Personal Items | Variable | ||
| Transportation | Variable | ||
| Savings Goal | |||
| Total Expenses |
Reflection Questions:
- Was it easy or difficult to decide where to allocate your money? Why?
- What was one tough decision your group had to make while creating the budget?
- How did you prioritize your needs and wants in this budget?
- How much did you decide to save, and for which goal? Was this challenging?
- What is one thing you learned from this activity that you can apply to your own life?