Budgeting Unit

Students will be able to:

• List the different categories of expenses
• Explain how four different budgeting strategies work
• Weigh the pros and cons of each budgeting strategy

Students will be able to

• Understand how consumers allocate their average annual budget across different spending categories
• Prioritize multiple factors when deciding where to live
• Identify ways to reduce expenses associated with renting 
• Explain how to save money when shopping at a grocery store
• Compare the unit prices of grocery items before making a spending decision 
• Create a roommate agreement to share the costs associated with living together

Students will be able to:

• Weigh the pros and cons of cars and their alternatives
• Explain some of the ways that cars can be expensive
• Research the cost of a desired car including car payments, insurance, maintenance, fuel and registration

Students will be able to:

• Create a budget on a salaried adult’s income and adjust it as required
• Research and choose appropriate budgeting apps to meet specific needs

In this lesson, students will be able to

• Differentiate between income and expenses
• Classify expenses into needs or wants
• Think critically about how daily choices impact a young person’s budget now and in the future

In this lesson, students will be able to

• How to define wealth and differentiate it from “having lots of fancy stuff”
• The importance of creating a budget and paying yourself first
• Key aspects of three popular budgeting strategies -- 50/30/20, Zero-based, and Cash Envelope

In this lesson, students will be able to

• Differentiate between gross and net pay
• Create a budget on a salaried adult’s income and adjust it as required
• Research and choose appropriate budgeting apps to meet specific needs

In this lesson, students will be able to

• Define the gig economy and freelancing
• Understand the financial implications of working in the gig economy
• Acknowledge the special importance of saving if you work a gig job

In this lesson, students will learn

• Factors to consider when deciding where to live, including the cost of living
• Benefits of having a roommate and how to set themselves up for success in living with others
• How to find and rent their first apartment
• How much they’ll need to budget for utilities and renters insurance
• How to decide whether to rent or buy a home

In this lesson, students will be able to

• Identify different options for car ownership and the costs associated with these options
• Conduct online research regarding the true cost of car ownership 
• Make decisions to budget effectively in order to meet your transportation needs

In this lesson, students will be able to

• Implement a variety of strategies to save money on groceries
• Calculate the unit price on common grocery items and use it as a part of your decision making process
• Understand how dining out affects your financial goal