Lesson Plan
Budget Basics Outline
Students will develop budgeting skills by planning a weekly budget, tracking expenses, and applying decision-making in a grocery store simulation.
Mastering budgeting fosters financial independence, supports daily living skills, and empowers 10th grade special education students to make informed spending choices in real life.
Audience
10th Grade Special Education Group
Time
45 minutes
Approach
Interactive budgeting and shopping simulation.
Materials
Weekly Spending Tracker, Grocery Store Simulation Activity, Budget Review Solutions, Personal Budget Plan, Printed Play Money, Calculators, and Pens or Pencils
Prep
Teacher Preparation
15 minutes
- Print copies of Weekly Spending Tracker, Grocery Store Simulation Activity, and Personal Budget Plan.
- Prepare play money and calculators.
- Arrange the classroom to mimic a grocery store: label items with prices and organize “checkout” stations.
- Review Budget Review Solutions to familiarize yourself with expected answers and common student errors.
Step 1
Introduction & Objectives
5 minutes
- Greet students and state the lesson goal: creating and managing a simple budget.
- Introduce key terms: income, expenses, needs vs. wants, budget.
- Display the Budget Basics Outline and briefly review today’s steps.
Step 2
Create Your Weekly Budget
10 minutes
- Distribute Weekly Spending Tracker.
- Guide students to list their weekly income (real or hypothetical).
- Model allocating funds into categories (food, transport, savings, entertainment).
- Students complete their own trackers, noting amounts per category.
Step 3
Grocery Store Simulation
15 minutes
- Explain simulation rules and distribute play money.
- Form small groups and hand out Grocery Store Simulation Activity.
- Students shop for items, record prices, and deduct expenses from their trackers.
- Circulate to assist with calculations and encourage group discussion on choices.
Step 4
Review & Reflection
10 minutes
- Have students complete or adjust their Personal Budget Plan based on spending.
- Use Budget Review Solutions for self-checking calculations.
- Facilitate a discussion: Did you stay within budget? What compromises did you make? How can you improve next week?
Step 5
Assessment & Wrap-Up
5 minutes
- Collect trackers and budget plans for review.
- Provide individual feedback using Budget Review Solutions.
- Summarize key takeaways: planning ahead, tracking expenses, and making informed spending decisions.
Worksheet
Weekly Spending Tracker
Use this tracker to plan your budget, record your spending, and reflect on your choices.
1. Weekly Income
Total Weekly Income: $__________
2. Budget Allocation
Plan how much you will spend in each category using your income.
| Category | Budgeted Amount ($) | Actual Spent ($) | Difference ($) |
|---|---|---|---|
| Needs (e.g., food, transport) | __________ | __________ | __________ |
| Wants (e.g., entertainment, treats) | __________ | __________ | __________ |
| Savings | __________ | __________ | __________ |
| Total | __________ | __________ | __________ |
3. Tracking Your Spending
Record each purchase you make this week. Add more rows as needed.
Date: __________ Item: _______________________ Category: __________ Amount: $
Date: __________ Item: _______________________ Category: __________ Amount: $
Date: __________ Item: _______________________ Category: __________ Amount: $
Date: __________ Item: _______________________ Category: __________ Amount: $
Date: __________ Item: _______________________ Category: __________ Amount: $__________
4. Reflection Questions
- Did you stay within your total budget? Explain your answer:
- What caused you to overspend or save more than planned?
- How will you adjust your budget for next week?
Activity
Grocery Store Simulation
In this activity, students will practice making spending decisions using play money in a simulated grocery store environment. They will record purchases, stay within budget, and discuss needs versus wants.
Objective
Students will apply budgeting skills by selecting items, calculating totals, and tracking expenses during a shopping simulation.
Materials
- Weekly Spending Tracker
- Printed play money (each group receives a set amount)
- Calculators
- Pens or pencils
- Grocery item cards or labeled classroom "shelves"
Instructions
- Form groups of 3–4 students and assign each group a starting budget (e.g., $30).
- Distribute play money, calculators, and a copy of the Weekly Spending Tracker to each group.
- Explain that they will "shop" by choosing items from the store display. Each item has a price and falls under a category (Needs or Wants).
- As a group, decide which items to buy. Record each purchase on your tracker:
- Item name and price
- Category (Needs or Wants)
- Subtract the cost from your remaining budget
- Continue shopping until you decide to stop or your budget runs out.
- After shopping, compare your group’s actual spending to your planned budget allocation.
Store Items
| Item | Price ($) | Category |
|---|---|---|
| Milk (1 gallon) | 3.00 | Needs |
| Bread (loaf) | 2.00 | Needs |
| Apples (1 lb) | 1.50 | Needs |
| Bus Ticket | 2.00 | Needs |
| Toothpaste | 3.00 | Needs |
| Notebook | 4.00 | Needs |
| Chips (bag) | 2.50 | Wants |
| Soda (can) | 1.00 | Wants |
| Candy Bar | 1.00 | Wants |
| Movie Ticket | 10.00 | Wants |
Group Recording Sheet
| Item | Price ($) | Category | Remaining Budget ($) |
|---|---|---|---|
Reflection Questions
- Did your group stay within the budget of $____? Explain:
- Which needs did you purchase first, and why?
- Which wants did you choose or leave out? What influenced your decision?
- How will this simulation help you plan your real weekly budget?
When finished, groups can check their calculations against the Budget Review Solutions and update their Personal Budget Plan as needed.
Answer Key
Budget Review Solutions
This answer key provides step-by-step solutions and sample responses for the Weekly Spending Tracker and the Grocery Store Simulation. Use these to guide your feedback and help students understand their calculations and decisions.
1. Weekly Spending Tracker Solutions
Sample Student Data
- Total Weekly Income: $50
| Category | Budgeted Amount ($) | Actual Spent ($) | Difference ($) |
|---|---|---|---|
| Needs (e.g., food, transport) | 30 | 28 | 30 – 28 = +2 |
| Wants (e.g., entertainment, treats) | 10 | 12 | 10 – 12 = –2 |
| Savings | 10 | 10 | 10 – 10 = 0 |
| Total | 50 | 50 | 50 – 50 = 0 |
Step-by-Step Calculation:
- Budgeted Amount: Student decides amounts per category based on income ($50).
- Actual Spent: Sum of recorded purchases in each category (from Section 3 of the tracker).
- Difference: Subtract Actual Spent from Budgeted Amount. A positive result means under-spent; a negative result means over-spent.
2. Tracking Your Spending Sample
| Date | Item | Category | Amount ($) | Running Total Spent ($) |
|---|---|---|---|---|
| Mon, 9/1 | Milk | Needs | 3.00 | 3.00 |
| Tue, 9/2 | Bread | Needs | 2.00 | 5.00 |
| Wed, 9/3 | Chips (bag) | Wants | 2.50 | 7.50 |
| Thu, 9/4 | Soda (can) | Wants | 1.00 | 8.50 |
| Fri, 9/5 | Bus Ticket | Needs | 2.00 | 10.50 |
- Total Spent: $10.50
- Remaining Budget: $50 (income) – $10.50 = $39.50
Teacher Notes:
- Ensure students list each purchase in chronological order.
- Verify the running total matches sum of all previous lines.
3. Reflection Questions (Tracker)
- Did you stay within your total budget?
Sample Answer: Yes. Total spent was $50 or less, matching my income.
Teacher Prompt: Look for explicit comparison of Total Spent ≤ Total Budget and evidence from their tracker. - What caused you to overspend or save more than planned?
Sample Answer: I spent $2 more on wants because I bought an extra bag of chips.
Teacher Prompt: Encourage students to identify specific purchase decisions or unexpected costs. - How will you adjust your budget for next week?
Sample Answer: I will reduce my wants budget by $2 and put that into savings.
Teacher Prompt: Check that their adjustment accounts for previous differences (e.g., shifting budgeted amounts).
4. Grocery Store Simulation Solutions
Sample Group Recording (Starting Budget: $30)
| Item | Price ($) | Category | Remaining Budget ($) | Calculation |
|---|---|---|---|---|
| Milk (1 gallon) | 3.00 | Needs | 27.00 | 30.00 – 3.00 |
| Bread (loaf) | 2.00 | Needs | 25.00 | 27.00 – 2.00 |
| Chips (bag) | 2.50 | Wants | 22.50 | 25.00 – 2.50 |
| Soda (can) | 1.00 | Wants | 21.50 | 22.50 – 1.00 |
| Bus Ticket | 2.00 | Needs | 19.50 | 21.50 – 2.00 |
| Candy Bar | 1.00 | Wants | 18.50 | 19.50 – 1.00 |
| Movie Ticket | 10.00 | Wants | 8.50 | 18.50 – 10.00 |
| Toothpaste | 3.00 | Needs | 5.50 | 8.50 – 3.00 |
| Notebook | 4.00 | Needs | 1.50 | 5.50 – 4.00 |
- Total Spent: $28.50
- Remaining Budget: $30 – $28.50 = $1.50
Step-by-Step Calculation:
- Start with the group’s budget ($30).
- For each item, subtract the price from the previous Remaining Budget.
- Continue until the group stops shopping or funds run out.
5. Reflection Questions (Simulation)
- Did your group stay within the budget of $30? Explain:
Sample Answer: Yes, we spent $28.50 and had $1.50 left over.
Teacher Prompt: Confirm students calculate Total Spent and compare to $30. - Which needs did you purchase first, and why?
Sample Answer: We bought milk and bread first because they’re essential for meals.
Teacher Prompt: Look for prioritization of essential items before wants. - Which wants did you choose or leave out? What influenced your decision?
Sample Answer: We bought chips and a movie ticket but skipped candy bars to save money.
Teacher Prompt: Expect reasoning tied to remaining budget and personal preferences. - How will this simulation help you plan your real weekly budget?
Sample Answer: I learned to list my needs first and then see how much is left for wants.
Teacher Prompt: Encourage students to connect simulation insights to their own budgets and adjustments in Personal Budget Plan.
Use these solutions to verify student work, provide targeted feedback, and help learners understand budgeting concepts and the importance of tracking expenses.
Project Guide
Personal Budget Plan
Use this project to finalize and personalize your weekly budget based on your hands-on practice. Refer to your Weekly Spending Tracker, your group’s experience from the Grocery Store Simulation, and the Budget Review Solutions as you complete each section.
1. Basic Information
- Student Name: _________________________
- Week of: ______________________________
- Total Weekly Income: $__________
2. Planned Budget Allocation
Based on your income, plan how much you will allocate to each category.
| Category | Planned Amount ($) |
|---|---|
| Needs (e.g., food, transport) | __________ |
| Wants (e.g., entertainment, treats) | __________ |
| Savings | __________ |
| Total | __________ |
3. Actual Spending Summary
After tracking your spending this week, fill in your actual totals.
| Category | Actual Spent ($) |
|---|---|
| Needs | __________ |
| Wants | __________ |
| Savings | __________ |
| Total | __________ |
4. Comparison & Analysis
Calculate the difference between Planned and Actual amounts for each category and overall.
| Category | Planned ($) | Actual ($) | Difference ($) |
|---|---|---|---|
| Needs | ________ | ________ | ________ |
| Wants | ________ | ________ | ________ |
| Savings | ________ | ________ | ________ |
| Total | ________ | ________ | ________ |
5. Reflection & Next Steps
- What worked well in your budget plan? How did your planning help you stay on track?
- What challenges did you face when following your budget? Describe any surprises or difficulties.
- How will you adjust your budget next week to improve? Be specific about category changes or strategies.
6. Success Criteria & Teacher Feedback
| Criteria | Yes / No | Comments |
|---|---|---|
| All sections are fully completed | ___ | |
| Calculations are accurate | ___ | |
| Reflections show clear learning | ___ | |
| Next steps are realistic and specific | ___ |
Total Score: ___ / 4
When finished, submit this plan along with your Weekly Spending Tracker. Use feedback from your teacher and the Budget Review Solutions to guide your improvements for future budgeting.