Where Does the Money Go?
Grade: 6-8, 9-12
Students learn about personal budgets and create their own.
Students identify sources of income, distinguish between fixed and variable expenses, distinguish between needs and wants, and develop a personal budget.
budget, income, expenses, needs and wants, consumer, money
Extension: Invite students to go to Jumpstart's Reality Check or The Mint's Calculate Income to determine how much money they will need to earn to support their desired adult lifestyles.
- Use a projector to display the Sample Budget to http://web.archive.org/web/20000815054834/http://www.themint.org/
the entire class, or copy the budget onto the chalkboard. Have students take a few minutes to look over the budget and discuss the items listed.
- Ask students to rank the budget items in order of importance and then determine whether each item is a "want" or a "need." Have students figure out what percentage of the total income each item represents and determine whether there is a relationship between the importance of an item and the percentage of the budget it represents.
- Provide a copy of My Spending Plan to each student, and ask students to complete a personal budget.
Evaluate students on their participation in class discussion and on the appropriateness of their personal budgets.
Lesson Plan Source
Originally published 04/16/2001
Links last updated 05/24/2007