Preview Monthly Budget Lesson Plan

MoneyAndStuff.infoBudgetingLessonPlan

GradeLevel:3‐5 TimeDuration:1hour/classperiod

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Overview&Purpose:

Thisactivityisdesignedtohelpstudentsdevelopthe

attitudesandskillsneededtoachievepersonal

financialsuccess.Theywilllearntheimplicationsof

soundfinancialdecision‐makingandhowtocreateand

manageabudgetthatincludesasavingscomponent.

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OhioEducationStandardsAddressed:

1.Estimate,computean

dsolveproblemsinvolvingreal

numbers,includingratio,proportionandpercent,and

explainsolutions.

2.Writeandsolvereal‐world,multi‐stepproblems

involvingmoney,andverifyreasonablenessofsolutions.

3.Locateandinterpretmathematicalinformation

accurately,andcommunicateideas,processesand

solutionsinacompleteandeasilyunderstoodmanner.

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 TeacherGuide 

Objectives:

(Skillsandinformationthat

willbelearned.)

Studentswill:

1.Identifyexpensesandsourcesofincome(e.g.

earnings,gifts).

2.Developabudgetthathasspending,savings,and

charitablegoals.

3.Describedecision‐makingstepsthatleadto

meetinganddistinguishingbetweenfinancialneeds

andwants.

Information:



Needsaretheverybasicthingsthatpeoplemust

havetosurvive.Wantsarethethingsthatmakelife

moreinterestingandfun.Inotherwords,youcould

livewithoutthemifyouhadto.Forexample,you

needfoodtoeat,butyouwanttoeatoutwithyour

friendsratherthanathome.Younee

daplacetolive,

butyouwantaTVinyourroom.Youneedsome

clothestowear,butyouwantthosedesignerjeans.

Abudgetisasavingsplanorarecordofactualand

estimatedincomeandexpensesoverasetperiodof

time.Estimate

dincomeismoneythatyouanticipate

earningorreceivingforchorecompletionorspecial

occasions.Budgetscontainfinancialgoals.Some

goalsareshort‐termorlong‐termwhileotherscan

beintermediategoals.

ExamplesofSavingsGoals:

Short‐term–Saving$10bythe16

ofnextmonthtobuy

grandmaabirthdaygift.

Intermediate‐term–Save$3aweekforthenextthree

monthstobuyanewvideogame.

Long‐term–Save$4perweekforthenextsixmonthsto

buyanewbike.

Vocabulary:

1.Budget

2.Income

3.Expenses

4.Goal

ActivitiesandProcedures:

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1.Havestudentsdeterminethemonthlytotalof

theirallowance.

2.Askstudentstoaddtheirbirthdaymoneyand

othermoneytotalstogethertogettheirspending

totalbeforemakingasavingsdeposit.

3.Examinethesavingscomponentanddiscussthe

importanceofsavingforfuturegoalsandactivities.

Havestude

ntssubtracttheirsavingstotalfromthe

subtotalabovetolearntheamountofmoneythey

havetospendduringtheactivity.Studentsshould

MaterialsNeeded:

1.BudgetActivitySheets

labeledAthruF.

2.MonthlyBudgetforKids

worksheet.

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