Lesson Plan

Personal Finance

Students will create an imaginary finance plan
Kelsey S.
Early childhood provider
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My Grades Pre-K, K, 1, 2, 3, 4, 5
My Subjects English Language Arts, Math, Science, Social Studies, Health & Wellness

Students will be able to...

- Create checks, fill out correct forms.

- Understand taxes (Medicare, social security, federal tax)

- Understand the difference between fixed expenses and variable expenses

- Create a total for disposable income and apply it to investments

- Add and subtract amounts in money, and in decimals

- Convert decimals to percents and understand how they can be subtracted from full dollar amounts



English Language Arts
letter or word recognition
Social Studies
cultural understanding
Grades 4 - 5
All Notes
Teacher Notes
Student Notes

1 Project introduction

Introduce the project to the students. Have a finished product of what they will be doing and give a brief overview of what they will be learning. Be sure to emphasize the fact that this lesson will have real life application (i.e. an authentic activity).

Student Instructions

Students should be going page by page with the teacher and looking over what will be expected during each step. They should be able to explain why they will be able to use this information in the "real world". 

2 Direct Instruction

Begin on the first page, have the students identify the vocabulary words. Write them out, have examples and definitions for the words on the first page. This should include: 
- Gross monthly pay
- Federal Tax Deduction
- Social Security
- Medicare
- Deductions from pay
- Net Monthly Payment


Student Instructions

Students should have a celebrity in mind that they want to be "working for". While the teacher goes over the first page of instructions, they should be writing down the vocabulary words that come up. Once they have the definition they should be able to use them in a sentence or explanation.

3 Guided Practice

Teacher will do the first page with the students, however, allow students to chose the numbers that they will be using. Remind them that this is to be a realistic activity and they should not be choosing numbers that are too small or too large to work with. 

Repeat this step with each page in the activity booklet.

Student Instructions

Students will do step by step work as they follow the teachers example of how to do the first page. They will create their own numbers but still use the same amount of deductions and taxes. 

Repeat this step with each page in the activity booklet.

4 Independant Practice

Allow the students to do their work on their own, since each student is creating their own numbers they should be able to work through the page alone and do the math for their specific financial plan. Encourage students to use the vocabulary even when asking questions, instead of saying "how do I get this number?" encourage the use of vocab to say "how will I get to my total amount of deductions?"

Student Instructions

Students will be able to work through the math independently so that they can choose the numbers that their celebrity would be getting. They will continue to use the vocabulary so that it is becoming more understandable and authentic to them.

5 Wrap Up

Consider having students present their final plan, either in groups or to the class. Ask them why this is important to know how to do. Encourage the use of the vocabulary when they are presenting or discussing their work. 

Student Instructions

Students should have a good understanding of basic personal finances at the end of this lesson. They should be able to say why this applies to their real life and how they will use this information. Students can present to one another or to the class. They are encouraged to continue to use the vocabulary that they learned throughout the project.