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Lesson Plan on Budgeting
| Teacher: Maria G. Perez | Subject: Economics |
| Grade Level: 6th | Date: March 17, 1999 |
I. Content: The concept of earning income and the basic concept of budgeting.
II. Prerequisites: The student should have knowledge of currency and its different denominations, and should be able to do simple calculations involved in handling money. The student should have knowledge of a family’s basic needs.
III. Instructional Objective:
Given appropriate financial information, the student will construct a budget for a family of four. The budget will include a column for income and no less than ten columns for expenses, all of which will be expressed and totaled in dollar amounts. The expenses will be categorized by "needs" and "wants", and also by whether they are due monthly or yearly.
IV. Instructional Procedures:
1. The teacher begins the lesson by asking the students, "What are some of the basic needs of a family? (food, shelter, clothing, etc.) What are some of the wants a family might have? (vacation, toys, etc.)
2. Responses for needs are written on the left side of the board, and responses for wants are written on the right side of the board.
3. The teacher then asks, "What if your salary is not enough to cover all these needs and wants? What do you do, then?
4. The teacher allows the class to discuss some of their ideas, and writes the ideas on the board, centered underneath the needs and wants lists (to resemble a scale balancing needs and wants).
5. The teacher shares information on the Cubans’ harsh economic conditions and how they creatively solve some of their dilemmas (including bartering, growing their own food, learning service skills they can do for extra money, etc.)
6. The teacher gives a detailed explanation of necessary steps to budgeting, such as writing a list of monthly necessary expenses and writing a list of wants to save for, etc. The budget format (columns for income, expenses and savings) is demonstrated on the board.
7. The class is divided into groups of five, and each group is handed a sheet with information on a family’s economic situation, including profession, salary, number of members in the family, and three special conditions unique to that family. The students are also given a printout of incomes by professions and of possible living expenses.
8. Using the handouts, each group will work together and construct a budget for the family.
9. Each group will come up with two creative solutions to each of the family’s unique situations.
V. Materials and Equipment:
1. Handout of examples of living expenses and incomes.
2. Hand out of a family’s economic information for each group to use for the assignment.
VI. Assessment/Evaluation:
Each student is given a scenario of a family that includes professions, number of members in the family and ages, and four special conditions unique to the family. The student is asked to construct a budget to include an income column, and no less than ten expense columns which are to be categorized by whether they are monthly or yearly, and whether they are "needs" or "wants." The columns will be expressed and totaled in dollar amounts.
VII. Follow-up Activities: The students, working in pairs, will be requested to write a scenario in which they will choose a profession, number of people in their family, and any special situations within their family. They will then construct a complete budget to include salary, living expenses, and savings, using the format learned in class.
VIII. Self Assessment: The teacher will assess and take notes as she walks around and observes and listens to the brainstorming sessions that the groups are participating in. The budgets and problem solving suggestions that the student groups present, as well as the budget each individual student constructs in their assessment will be evaluated to determine whether the students grasped the concept of earning an income and budgeting.
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