Personal Finance 101: Budgeting Basics
Understand budgeting, saving, spending
This lesson introduces students to essential financial concepts such as budgeting, saving, and spending wisely. Through interactive activities, students will learn to make informed financial decisions, which are crucial skills for their future independence and financial well-being.
Understand budgeting, saving, spending
Projector, Whiteboard and markers, Budgeting Worksheet, Discussion Questions, and Exit Ticket Quiz
Step 1
Introduction to Personal Finance
10 mins
- Begin with a brief discussion on what personal finance means.
- Ask students to share what they know about budgeting, saving, and spending.
- Explain the importance of financial literacy in everyday life.
Step 2
Budgeting Basics Presentation
20 mins
- Use a projector to present key concepts of budgeting.
- Discuss the components of a budget: income, expenses, savings.
- Provide examples of how to create a simple budget.
Step 3
Interactive Budgeting Activity
30 mins
- Distribute the Budgeting Worksheet to each student.
- Guide students through creating a mock budget based on a given scenario.
- Encourage students to consider needs vs. wants in their budgeting decisions.
Step 4
Group Discussion on Saving and Spending
20 mins
- Use the Discussion Questions to facilitate a conversation about saving strategies and spending wisely.
- Encourage students to share personal experiences or family practices related to saving and spending.
Step 5
Closure and Exit Ticket
10 mins
- Summarize the key points covered in the lesson.
- Distribute the Exit Ticket Quiz to assess understanding.
- Collect quizzes and provide feedback on any common misconceptions.
