Budgeting

Students will be able to

• Track and evaluate a sample student’s current spending habits and expenses
• Determine what the student’s priorities and financial goals are
• Explain how a budget can help the student achieve their financial goals
• Create a plan that outlines next steps for the student to take

Students will be able to

• Understand what budgeting is and why it is important 
• Explain how budgeting can be used to reach their financial goals 
• Describe the importance of calculating one’s net worth and how budgeting can help increase their net worth 
• Determine their personal needs and wants and understand how they play a role in creating an effective budget

Students will be able to

• Explain the difference between gross income and net income 
• Understand the importance of using net income when budgeting 
• Discuss the 50-20-30 rule and other budgeting strategies to use when creating a budget and to save money 
• Create a salary-based budget

Students will be able to

• Identify important factors to consider when deciding where to live 
• Find an apartment that meets their priorities and fits into their budget
• Read the fine print on a housing rental agreement

Students will be able to

• Explain the advantages and disadvantages of living with roommates 
• Create a budget that is tailored to different housemates’ needs and preferences

Students will be able to

• Identify the steps they can take to find a car that meets their needs and budget 
• Understand the pros and cons of financing from a bank or credit union vs. from a dealership 
• Explain how the terms of an auto loan impact how much they pay overall for the car they are buying 
• Use negotiating strategies to practice the process of “haggling” for a car

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 their decision making process

Students will be able to

• Track and evaluate a sample student’s current spending habits and expenses
• Determine what the student’s priorities and financial goals are
• Explain how a budget can help the student achieve their financial goals
• Create a plan that outlines next steps for the student to take

Students will be able to

• Understand what budgeting is and why it is important 
• Explain how budgeting can be used to reach their financial goals 
• Explain the difference between budgetary needs and wants and how these change from person to person 
• Describe strategies to use when trying to determine a need from a want 
• Discuss the 50-20-30 rule and other budgeting strategies to use when creating a budget and to save money

Students will be able to

• Explain the difference between gross income and net income 
• Understand the importance of using net income when budgeting 
• Create a salary-based budget

Students will be able to

• Explain the advantages and disadvantages of living with roommates 
• Create a budget that is tailored to different housemates’ needs and preferences

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

Students will be able to:

• Analyze monthly household expenses
• Explain the benefits of using a budget
• Create a sample budget

Students will be able to:

• Categorize purchases into needs and wants
• Prioritize spending using a limited budget
• Adapt a budget based on changing financial circumstances

Students will be able to:

• Prioritize budget categories based on needs, wants, and savings goals
• Explain the difference between gross pay and net pay and why net pay is used when creating a budget
• Analyze a pay stub

Students will be able to:

• Summarize the general use of tax revenue by the government
• Explain which categories account for the most government spending, how they affect us, and with which organizations/entities they are associated
• Demonstrate the importance and use of taxes with the MOVE: Your Tax Dollar In Action activity

Students will be able to:

• Explain the difference between gross pay and net pay
• Explain why we pay taxes and how the tax revenue is used
• Explain basic budgeting strategy and why it’s important to follow a budget