Financial Literacy: Making a Budget

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In this lesson, students discover how to make a budget and how to plan for various expenditures.

Included with this lesson are some adjustments or additions that you can make if you’d like, found in the “Options for Lesson” section of the Classroom Procedure page. One of the optional additions to this lesson is…

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Description

What our Financial Literacy: Making a Budget lesson plan includes

Lesson Objectives and Overview: Financial Literacy: Making a Budget teaches students  all about budgets and how to make one of their own. At the end of the lesson, students will . This lesson is for students in 5th grade and 6th grade.

Classroom Procedure

Every lesson plan provides you with a classroom procedure page that outlines a step-by-step guide to follow. You do not have to follow the guide exactly. The guide helps you organize the lesson and details when to hand out worksheets. It also lists information in the blue box that you might find useful. You will find the lesson objectives, state standards, and number of class sessions the lesson should take to complete in this area. In addition, it describes the supplies you will need as well as what and how you need to prepare beforehand.

Options for Lesson

Included with this lesson is an “Options for Lesson” section that lists a number of suggestions for activities to add to the lesson or substitutions for the ones already in the lesson. For this lesson,

Before teaching this lesson, use the Learn Bright lesson, “Financial Literacy: Needs, Wants, and Opportunity Costs,” to introduce the basic concepts for the need in practicing sound financial management. Then, in the Practice activity, extend the lesson by having students earn classroom money that can be used to donate money to a charity. Students will enjoy making money and seeing their donations used in a practical, real-life situation. Having an expert speak to the class is always a great option! Have a financial planner come in to talk with the students. You could even have a debt specialist come in and talk about how they counsel people who have spent more than they have made and what it takes to get out of debt.

Teacher Notes

The teacher notes page includes a paragraph with additional guidelines and things to think about as you begin to plan your lesson. This page also includes lines that you can use to add your own notes as you’re preparing for this lesson.

FINANCIAL LITERACY: MAKING A BUDGET LESSON PLAN CONTENT PAGES

What is a budget?

The Financial Literacy: Making a Budget lesson plan includes five content pages.

 

FINANCIAL LITERACY: MAKING A BUDGET LESSON PLAN WORKSHEETS

The Financial Literacy: Making a Budget lesson plan includes three worksheets: an activity worksheet, a practice worksheet, and a homework assignment. You can refer to the guide on the classroom procedure page to determine when to hand out each worksheet.

10 QUESTIONS ACTIVITY WORKSHEET

For the lesson activity, students will complete a table by answering 10 questions, showing what they’ve learned about budgeting.

CLASSROOM CHARITY PRACTICE WORKSHEET

The practice worksheet asks students to come up with a charity that they could raise money for to help their classroom. They will make a budget for how the class can earn income that they can donate to the charity, making sure to consider any expenses they might have.

FINANCIAL LITERACY: MAKING A BUDGET HOMEWORK ASSIGNMENT

For the homework assignment, students will use an online calculator to determine how much money they would need to earn to live the lifestyle they want. They will learn how much money they would need to make an hour and what kind of job they could have.

Worksheet Answer Keys

This lesson plan includes answer keys for the practice worksheet and the homework assignment, though they both note that students’ answers will vary. If you choose to administer the lesson pages to your students via PDF, you will need to save a new file that omits these pages. Otherwise, you can simply print out the applicable pages and keep these as reference for yourself when grading assignments.

Additional information

grade-level

5th Grade, 6th Grade

subject

Math

State Educational Standards

LB.MATH.CONTENT.5.NBT.B.7, NCSS.D2.ECO.1.3-5, NCSS.ECO.2.3-5, & NCSS. D2.ECO.10.3-5

Lessons are aligned to meet the education objectives and goals of most states. For more information on your state objectives, contact your local Board of Education or Department of Education in your state.