Lesson Plan
Money Moves Basics Lesson Plan
Students will draft a simple weekly budget allocating income to needs, wants, savings, and giving using 50/30/20 or similar rule.
This lesson provides foundational financial literacy skills, helping students manage their money effectively and achieve financial goals.
Audience
10th Grade
Time
30 minutes
Approach
Through mini-lessons, interactive sorting, and practical planning.
Materials
Whiteboard or projector, Markers or pens, Your First Budget Slides, Needs-Wants Sorting Cards, Weekly Budget Planner, and Exit Ticket One Savings Goal
Prep
Teacher Preparation
15 minutes
- Review all generated materials: Money Moves Basics Lesson Plan, Your First Budget Slides, Needs-Wants Sorting Cards, Weekly Budget Planner, and Exit Ticket One Savings Goal.
- Prepare the whiteboard or projector for the slides.
- Print and cut out the Needs-Wants Sorting Cards (one set per small group).
- Make copies of the Weekly Budget Planner (one per student).
- Make copies of the Exit Ticket One Savings Goal (one per student).
- Arrange desks for small group work for the sorting activity.
Step 1
Do Now: Predict a Month’s Expense
5 minutes
- Display the
Step 2
Mini-Lesson on Needs/Wants and 50/30/20 Rule
10 minutes
- Use Your First Budget Slides to explain the concepts of needs vs. wants and introduce the 50/30/20 budgeting rule.
- Define 'Needs': essential expenses like housing, food, transportation, basic utilities (50%).
- Define 'Wants': non-essential expenses like entertainment, dining out, new gadgets (30%).
- Define 'Savings & Giving': money set aside for future goals or charity (20%).
- Provide simple examples for each category and encourage brief student examples/questions.
Step 3
Sort and Tally Needs vs. Wants Activity
8 minutes
- Distribute the Needs-Wants Sorting Cards to small groups.
- Instruct students to sort the cards into 'Needs' and 'Wants' categories.
- After sorting, have groups briefly discuss any items they disagreed on and why.
- Bring the class back together and facilitate a quick share-out of a few items and their classifications.
Step 4
Build a Weekly Budget Planner
5 minutes
- Distribute the Weekly Budget Planner.
- Guide students to draft a simple weekly budget based on a hypothetical income, allocating funds according to the 50/30/20 rule and their understanding of needs/wants.
- Encourage them to think about realistic expenses for their age group or future scenarios.
Step 5
Exit Ticket: Name a Savings Goal
2 minutes
- Distribute the Exit Ticket One Savings Goal.
- Ask students to write down one short-term or long-term savings goal they might have.
- Collect exit tickets as students leave to gauge understanding and future financial aspirations.
use Lenny to create lessons.
No credit card needed
Slide Deck
Money Moves: Your First Budget
Understanding where your money goes and making it work for you!
Welcome students and introduce the exciting topic of budgeting. Ask them to think about what 'money moves' might mean to them.
Do Now: What's Your Guess?
Imagine you have a monthly income. What do you think your biggest expenses would be for one month? Think about everything!
Present a hypothetical scenario. Ask students to quickly jot down or think about what they spend money on in a month. This activates prior knowledge and sets the stage for discussing expenses.
What's a Budget?
A budget is a plan for how you'll spend and save your money.
Why is it important?
- Helps you know where your money goes.
- Helps you reach your financial goals.
- Reduces financial stress.
- Gives you control over your money!
Define what a budget is in simple terms. Emphasize that it's a plan, not a restriction, and helps achieve goals. Explain its importance in real life.
Needs vs. Wants: What's the Difference?
Needs: Things you can't live without or are essential for survival and well-being.
- Examples: Food, shelter, basic clothing, transportation to work/school, essential utilities.
Wants: Things that improve your quality of life but aren't essential.
- Examples: Eating out, new video games, concert tickets, designer clothes, subscription services.
Introduce the core concepts of Needs and Wants. Provide clear definitions and a few examples for each to help students differentiate. This prepares them for the sorting activity.
The 50/30/20 Rule: A Budgeting Guide
A simple way to divide your income:
- 50% for Needs: Housing, groceries, utilities, essential transportation.
- 30% for Wants: Entertainment, dining out, hobbies, shopping for non-essentials.
- 20% for Savings & Debt Repayment (or Giving): Future goals, emergency fund, paying off loans, donations.
Introduce the 50/30/20 rule. Break down each percentage and what it represents. Explain that it's a guideline, not a strict rule, but a great starting point for budgeting.
Applying the Rule: An Example
If you earn $100 per week:
- $50 for Needs
- $30 for Wants
- $20 for Savings & Giving
How would this look for you?
Provide a quick example of how the 50/30/20 rule might look with a hypothetical income. Ask students if they have any initial questions about applying these percentages.
Time to Sort!
Work in your groups to sort the cards into 'Needs' and 'Wants'.
Discuss any tricky items and why you placed them where you did!
Transition to the activity. Explain that they will now practice identifying needs and wants using the sorting cards.
Your Weekly Budget Planner
Now, let's create your own budget!
Using the Weekly Budget Planner, allocate a hypothetical income to your needs, wants, and savings/giving categories.
Introduce the weekly budget planner. Explain that they will now apply what they've learned to create their own basic budget.
Exit Ticket: What's Your Savings Goal?
On your exit ticket, write down one thing you would like to save money for, either short-term or long-term.
Conclude the lesson by asking students to think about their personal savings goals. This reinforces the importance of saving, one of the key pillars of budgeting.
Activity
Needs-Wants Sorting Cards
Instructions: Cut out each card below. Work with your group to sort them into two piles: "Needs" and "Wants." Be prepared to discuss why you categorized each item as you did!
Cards to Cut Out:
| Card 1 | Card 2 | Card 3 |
|---|---|---|
| Rent/Mortgage | New Video Game | Groceries |
| Card 4 | Card 5 | Card 6 |
|---|---|---|
| Cell Phone Bill (basic) | Concert Tickets | Car Insurance |
| Card 7 | Card 8 | Card 9 |
| :--------------- | :-------------------- | :---------------- |\n| Eating Out | Textbooks for School | New Pair of Sneakers (fashion) |
| Card 10 | Card 11 | Card 12 |
|---|---|---|
| Internet Bill (basic) | Movie Streaming Service | Doctor's Visit |
| Card 13 | Card 14 | Card 15 |
|---|---|---|
| Public Transportation | Designer Clothes | Emergency Fund Contribution |
| Card 16 | Card 17 | Card 18 |
|---|---|---|
| Haircut (basic) | Vacation | Coffee Shop Drink |
Worksheet
My Weekly Budget Planner
Name: _________________________ Date: _____________
Instructions: Imagine you earn $200 per week. Use the 50/30/20 rule (or a similar breakdown you discussed) to create your weekly budget. Fill in your estimated amounts for needs, wants, and savings/giving.
1. Weekly Income:
My weekly income is: $200
2. Budget Categories:
A. Needs (50% of Income)
- These are things you must have to live or function.
- Calculate: 50% of $200 = $______
| Need Item | Estimated Weekly Cost |
|---|---|
| Food (Groceries) | $ |
| Transportation (Bus fare, gas) | $ |
| Basic Utilities (e.g., portion of phone bill) | $ |
| Other Essential (specify) | $ |
| Total Needs: | $ |
B. Wants (30% of Income)
- These are things that make life more enjoyable, but aren't essential.
- Calculate: 30% of $200 = $______
| Want Item | Estimated Weekly Cost |
|---|---|
| Entertainment (Movies, games) | $ |
| Dining Out/Takeaway | $ |
| Shopping (Non-essential clothes, gadgets) | $ |
| Hobbies/Subscriptions | $ |
| Total Wants: | $ |
C. Savings & Giving (20% of Income)
- Money you set aside for the future or to help others.
- Calculate: 20% of $200 = $______
| Savings/Giving Item | Estimated Weekly Contribution |
|---|---|
| Emergency Fund | $ |
| Future Goal (e.g., college, car) | $ |
| Giving/Donations | $ |
| Total Savings & Giving: | $ |
3. Budget Summary:
| Category | Budgeted Amount |
|---|---|
| Total Needs | $ |
| Total Wants | $ |
| Total Savings & Giving | $ |
| Grand Total Spent/Saved: | $ |
Does your Grand Total equal your Weekly Income ($200)? If not, what adjustments do you need to make to balance your budget?
Cool Down
Exit Ticket: My Savings Goal
Name: ________________________ Date: _____________
Think about what you learned today about budgeting and saving. What is ONE thing you would like to save money for in the future?
It could be a short-term goal (like a new game or a gift) or a long-term goal (like college, a car, or a trip).
My Savings Goal:
Why is this goal important to me?