Lesson Plan

Budgeting for Independent Living

Personal Finance
Lori S.
Classroom teacher
Douglass School
Leesburg, United States
Show More
My Grades 9, 10, 11, 12
My Subjects English Language Arts, Math, Science, Social Studies
Objectives

Students will be able to create a simple budget, identifying with the categories to consider when living independently and understanding the difference between fixed and variable expenses.

Subjects
Math
Social Studies
Grades 12
All Notes
Teacher Notes
Student Notes

1 Developing a budget to live within your means

Activity: Creating

Introduce budgeting as a necessary tool for independent living.

Show a completed budget as an example of what each student will be doing.

Discuss examples of income relative to job choice, circumstances, and location of living/working.

Discuss the difference between fixed and variable expenses.

Relate example, activity, and learning objective to real life application.  (Authentic activity)

Student Instructions

Students will consider and identify approximate monthly incomes for sample employment possibilities, taking into consideration taxes, overtime worked, missed work, benefits, secondary income, etc.

Students will collaborate in small groups to determine what expenses are applicable to their particular needs/wants/values.

Students will discuss and identify expenses that are fixed or variable and give examples of each.

Students will research sample budgets online and share their findings.

Each student will use a budget tech tool / template to create an imaginary budget based on a specific life scenario/circumstance they are dealt.

Students will be challenged to determine between wants/needs and how to adjust their expenses to budget to live independently.

Students should have an understanding of how to develop and budget and make adjustments accordingly to live within their means.

Students will share how this activity applies to "real-world" learning and how they will use what they learned.