Publication
Grade 9-12
,
Lesson
Managing Your Money
Objective
Students will be able to:
- Identify and explain the meaning of key budgeting terms such as disposable income, family budget, variable expense, fixed expense, balanced budget, and net worth.
- Identify the elements of a typical monthly family budget including income, expenses, and savings.
- Apply the concepts of costs and benefits to the budget-making process.
Standard
National Standards in Financial Literacy
Spending
Standard: 2
- Students will understand that: A budget is a plan for allocating a person’s spendable income to necessary and desired goods and services. When there is sufficient money in their budget, people may decide to give money to others, save, or invest to achieve future goals. People can often improve their financial wellbeing by making well-informed spending decisions, which includes critical evaluation of price, quality, product information, and method of payment. Individual spending decisions may be influenced by financial constraints, personal preferences, unique needs, peers, and advertising.
In this personal finance lesson, students will practice making budgeting decisions for a young family.
Book Info
This lesson is part of Financial Fitness for Life 9-12, 3rd Edition and provides the slides and activities with educational technology tools. For full access to the book, shop the teacher guide and student workbook below.
Teacher Guide |
Student Workbook |
Available in eBook and hard copy |
Available in eBook and hard copy |
Description
This lesson introduces some basics of money management. It uses a radio call-in show script to help students learn about setting up a family budget and distinguishing between income and net worth. It also allows students to practice making budgeting decisions by having them make budgeting recommendations for a young family.