Real-Life Money Management
aligned to 9.1.12.fp.1: Create A Clear Long-term Financial Plan To Ensure Its Alignment With Your Values. •9.1.12.fp.2: Explain How An Individual’s Financial Values And Goals May Change Across A Lifetime And The Adjustments To The Personal Financial Plan That May Be Needed. 9.1.12.fp.3: Relate The Concept Of Delayed Gratification (i.e., Psychological Distance) To Meeting Financial Goals, Investing And Building Wealth Over Time. 9.1.12.pb.1: Explain The Difference Between Saving And Investing. 9.1.12.pb.2: Prioritize Financial Decisions By Considering Alternatives And Possible Consequences. 9.1.12.pb.3: Design A Personal Budget That Will Help You Reach Your Long-term And Short-term Financial Goals. 9.1.12.pb.4: Explain How You Would Revise Your Budget To Accommodate Changing Circumstances.
Learning Objective
I can create a realistic budget and adjust it based on simulated real-life financial scenarios at different stations.
Lesson Flow
Watch Video
Budgeting Basics for Teens – How to Manage Your Allowance or First Paycheck
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Practice
6 questions • Short answer
Exit Ticket
“Create a budget for someone who earns $150 per month using the 50/30/20 rule. Then, imagine they unexpectedly have to spend $20 on school supplies. Adjust the budget to reflect this new expense, explaining which category you reduced and why. Create a budget for someone who earns $250 per month using the 50/30/20 rule. Then, imagine they get a raise and now earn $300 per month. Adjust the budget to reflect this new income, explaining how you allocated the extra money. Create a budget for someone who earns $100 per month using the 50/30/20 rule. Then, imagine their phone bill increases by $10 per month. Adjust the budget to reflect this new expense, explaining which category you reduced and why.”
Teacher Guide
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- Answer keys for all questions
- Differentiation strategies
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