Budgeting

Introduction to budgeting Lesson

Grade 9-12 (all other material is linked)

SWBAT create a realistic budget. 

Vocab: Budget, Deduction, Fringe benefits Gross Pay, Expenditure, Discretionary  Income

Hook/ Intro activity: Create a Powerpoint with different peoples houses, their vehicles, and "toys". Label the houses with numbers and vehicles/toys with letters. Have the students get out a peice of paper and group the house they think belongs with the vehicle & "toys". (I am using my real families houses and toys so that I have real knowledge to backup the situations) Talk to a couple groups and ask them what they grouped together and why. Then show the kids the real answers. Ask the students if they were surprised. Then talk about how the 3 families have different budgets and priorities which is why their possetions are all in different conditions and some have more than others. 

Groups of 2

Pictures: (I am not including my pictures because I think it is way more affective for you to use people that you have background knowledge about. However, below are the 3 situations that I will be talking about.)

  • My in laws house-(2 incomes no kids at home) (Fram income, and Mail carrier) boat-rzr-pickup... 1800's house not in great shape, F350 Jacked up Dually with Road Armor Bumpers & custom paint job, 1 of 1 speed boat, 2018 two seater RZR- house paid off, truck  paid off, boat paid off, RZR not paid off, (50ish)

  • My house- (2 incomes 3 young kids) (Teacher and salaried employee) my car-husbands truck- our rzr... Nicer house, Large shop, Medium sized shop, 2015 Ford Expedition, 2001 F150, 2019 four seater RZR - House not paid off, 2015 not paid off, rzr not paid off (30's)

  • My moms- (1 income No kids at home) (Nurse) House, Truck, and car, Nicer small house, 2012 F150 basic model- House paid off, car paid off (50's)

Activities in the unit: (Got a lot of resources below for NGPF)

(Large gropu) Priorities: What Does the Average Household Spend Money On?  Analyze the image on the worksheet to answer the questions on this Data Crunch.

-Discuss how these differences in what we spend our money on relate to those pictures earlier.

-What is wealth Video 

- Needs Vs Wants Video

Worksheet Work through page 1 and  2 together and give the rest for homework.

 

Discussion question: ( Choose one of the following to respond to with a minimum of 3 sentences) 

-Why is it important to create a budget?

-What is wealth and how does it relate to budgeting? 

-What are my needs and wants and how do they fit into my budget?

-What would you need to know in order to tell if this classmate’s family is actually wealthy? 

How do you think keeping a budget can impact your overall wealth?  

-When deciding if you should buy something, what can you ask yourself to determine if the item is a need or want? 

-Why do you think people spend so much money on their wants despite the financial costs?

I am utilizing the McGraw Hill Personal Finance book by Kooper Dlabay and Hughes!