Lesson Plan
Budgeting Basics Blueprint
Students will distinguish needs vs. wants, create a simple budget using a worksheet, and apply budgeting skills in a mock grocery shopping scenario.
Building functional money management skills empowers students with greater independence and confidence in real-life financial decisions, aligning with Tier 2 small-group support.
Audience
9th Grade, Tier 2 Small-Group
Time
45 minutes
Approach
Engage students through debate, guided practice, and a real-life simulation.
Materials
Prep
Materials Preparation
10 minutes
- Review Money Moves slide deck to familiarize yourself with key definitions and prompts.
- Print enough copies of the Expense Tracker for each student.
- Set up the Grocery Store Simulation stations with item cards, price tags, and play money.
- Prepare prompts and example items for the Needs vs. Wants Debate.
Step 1
Introduction & Objective Overview
5 minutes
- Welcome students and present the session objectives.
- Display the first slides of Money Moves to define key terms: budget, needs, wants.
- Prompt a quick icebreaker: “What’s one thing you’d buy with $10 and why?”
Step 2
Needs vs. Wants Debate
10 minutes
- Divide students into pairs or small groups and assign item cards.
- Use the Needs vs. Wants Debate prompts to categorize each item.
- Facilitate group discussion and clarify why certain items are needs versus wants.
- Highlight real-life examples (e.g., food vs. video games).
Step 3
Hands-On Budget Creation
15 minutes
- Distribute the Expense Tracker to each student.
- Provide a sample monthly income and a list of typical expenses.
- Guide students step-by-step to allocate funds and balance their budget.
- Circulate and offer support, asking questions about their choices and trade-offs.
Step 4
Grocery Store Simulation
10 minutes
- Organize students into small shopping teams with play money.
- Set each team at a Grocery Store Simulation station.
- Instruct teams to “shop” within their budget constraints.
- After shopping, debrief spending decisions, discussing any budget shortfalls or savings.
Step 5
Reflection & Wrap-Up
5 minutes
- Invite volunteers to share one insight or challenge they experienced.
- Recap key takeaways: differentiating needs vs. wants, planning, and sticking to a budget.
- Assign a brief follow-up: track personal expenses this week and reflect on spending choices.
Slide Deck
Money Moves: Keys to Independence
Empower your financial future by learning to budget, prioritize needs vs. wants, and make smart spending decisions.
Welcome students to the workshop. Introduce the session title and objectives: define key terms, debate needs vs wants, create a budget, simulate a grocery shopping experience, and reflect on lessons learned.
Key Terms
• Budget: A plan for how you spend and save your money.
• Needs: Essentials you must have (food, clothing, shelter).
• Wants: Extras that make life enjoyable but aren’t necessary (video games, candy).
Explain each term clearly. Ask students to call out other examples of needs and wants as you go.
Why Money Management Matters
• Gain independence and confidence
• Prevent running out of money
• Make informed, intentional choices
• Prepare for future goals and emergencies
Highlight why managing money well helps build confidence and independence as they approach adulthood.
Needs vs Wants Debate
In pairs or small groups, categorize each item as a Need or a Want:
- Toothbrush
- Smartphone
- Water bottle
- Concert ticket
Use your debate prompts to justify each choice.
Introduce the Debate cards. Encourage respectful discussion and remind students there’s often more than one perspective.
Steps to Create a Budget
- List your income
- List fixed expenses (rent, phone)
- List variable expenses (snacks, entertainment)
- Allocate funds to each category
- Adjust until Income – Expenses = $0
Walk students through each of the five steps. Show them how the Expense Tracker aligns with these steps.
Sample Budget
Monthly Income: $200
• Fixed: Phone $50, Transport $30
• Variable: Snacks $20, Entertainment $30
• Savings: $70
Total Expenses + Savings = $200 (Balanced!)
Model a simple budget on the board or projector. Emphasize balancing priorities.
Grocery Store Simulation
• Work in teams with play money ($20 each)
• “Purchase” items from the station list
• Record costs on your tracker
• Aim to meet basic needs first, then consider wants
Explain the grocery simulation rules: $20 budget, record each purchase, stay within limits.
Using the Expense Tracker
• Date and Item Purchased
• Category (Fixed/Variable)
• Cost
• Subtract from Budget Balance
Keep going until your budget is spent or you’re done shopping.
Show a sample filled row on the board. Remind students to categorize expenses clearly.
Reflection Questions
• What was most challenging about budgeting or shopping?
• Which expense surprised you the most?
• How would you adjust your budget next time?
Encourage open sharing. Capture a few responses to guide the wrap-up.
Next Steps & Follow-Up
Homework: Track your personal expenses this week using the same steps. Reflect on needs vs wants and be ready to share one insight at our next session.
Explain the follow-up assignment and encourage students to track even small purchases.
Activity
Grocery Store Simulation Activity Guide
Overview
Students will practice spending a set budget to purchase items in a simulated grocery store. They’ll distinguish between needs and wants, collaborate as a team, and record every transaction.
Materials
- Play Money bundles ($10 ×1, $5 ×2, $1 ×5 per team)
- Item Cards with price tags
- Expense Tracker
- Tables or stations for display
Setup (10 minutes)
- Arrange item cards (with clear price tags) on tables around the room.
- Prepare play money bundles and place one at each team’s station.
- Give each group an Expense Tracker.
- Divide students into teams of 3–4 and assign roles.
Team Roles
• Shopper: Selects items and collects item cards.
• Budget Monitor: Manages play money and checks running budget.
• Recorder: Logs each purchase on the Expense Tracker.
• Timekeeper: Tracks the 10-minute shopping window and gives time updates.
Station Items
| Name | Price | Category |
|---|---|---|
| Bread | $2.00 | Need |
| Milk | $3.00 | Need |
| Eggs | $2.00 | Need |
| Apple | $1.00 | Need |
| Laundry Detergent | $5.00 | Need |
| Chips | $2.00 | Want |
| Soda | $1.50 | Want |
| Candy Bar | $1.50 | Want |
| Magazine | $4.00 | Want |
| Earbuds | $7.00 | Want |
Instructions (10 minutes)
- You have $20.00 total.
- Buy at least 5 items—including a minimum of 3 needs—but you may choose wants with leftover funds.
- At each purchase: confirm the price, pay with play money, and have the Recorder log it on the tracker.
- Work as a team to stay within budget.
- When time is called, return to your seats with your receipts.
Debrief & Reflection (5 minutes)
Discuss as a whole group:
- Did your team prioritize needs over wants? Why or why not?
- Which purchase gave you the most value for its cost?
- How did collaborating influence your spending choices?
- If you shopped again, what would you do differently?
Worksheet
Expense Tracker Worksheet
Use this tracker to record each expense, categorize it, and monitor your remaining budget.
| Date | Item Purchased | Category (Fixed/Variable) | Cost | Remaining Balance | Notes |
|---|---|---|---|---|---|
Continue on the back if needed.
Discussion
Needs vs. Wants Debate Discussion
Overview
In this discussion, students will practice distinguishing between needs and wants by debating a variety of everyday items. They’ll learn to justify their decisions, consider other perspectives, and understand how circumstances can shift priorities.
Objectives
- Define and differentiate needs (essentials) vs. wants (non-essentials)
- Use evidence and real-life scenarios to support a position
- Develop respectful debate and active listening skills
Discussion Structure
- Introduction (2 minutes)
- Teacher reviews definitions of Need and Want.
- Emphasize: “Needs keep us safe and healthy; wants make life more enjoyable.”
- Item Assignment (1 minute)
- Provide each pair or small group with 2–3 item cards.
- Items to debate:
• Toothbrush
• Smartphone
• Water bottle
• Concert ticket
• Internet access
• Video game console
• Bus pass
• School supplies
- Pair Debate (5 minutes)
- Student A argues the item is a Need; Student B argues it’s a Want.
- After 2 minutes, roles switch and they defend the opposite view.
- Use these prompts:
- “What makes this item essential or optional?”
- “How would life be different without it?”
- “Could your answer change in another situation?”
- Whole-Group Share (5 minutes)
- Each group summarizes one key argument from both sides.
- Teacher highlights strong justifications and clarifies any misconceptions.
Guiding Questions
- How does this item affect basic survival (food, shelter, safety)?
- Does it support long-term goals (education, work, health)?
- Can you postpone or live without it for a period?
- How might your answer change if income was higher/lower?
Expected Outcomes
- Students accurately classify at least 6 of 8 items.
- Students provide at least two reasons for each classification.
- Students show openness to changing their view when presented with new context.
Reflection Prompt
After the debate, individually answer:
“Which item surprised you the most, and why would you reconsider its classification?”