GED 2002 Teachers' Handbook of Lesson Plans

Activity Title - What is a Monthly Budget for a Family?

Area/Skill – Math, LA Reading and Writing Cognitive Skill Level –Critical Thinking, Application and Synthesis

Activity Title - What is a Monthly Budget for a Family?

Goal/Objective

To use math skills and have an understanding about a monthly budget for a family.

Lesson Outline/Introduction

It is important that every person have a budget and financial planning. This lesson will help provide examples on how to budget and plan.

Activity

All students will work on someone else's budget together. The basic information about a person's take home pay and expenses will be given to you. This information can be written on the board or transparency. Students will work together in small groups. Questions regarding the budget will be answered. Each month will have 4 weeks. Each group will give a report to the class.

Debriefing/Evaluation Activity

Students can evaluate other needed expenses that can occur each month.

Materials, Texts, Realia, Handouts

  • Pens and paper
  • Overhead if using transparencies for information regarding budget (information from Main Activity)
  • Envelopes for individual assignments

Extension Activity

Have students make a personal budget for their family.

ESE Accommodations

Develop budgeting vocabulary to share with class. Have student do budgeting activity.

Real-Life Connection

Discuss the need to save money. Everyone must plan for an emergency need. Which is better to pay credit card or cash and why?

Area/Skill – Math, LA Reading and Writing Cognitive Skill Level –Critical Thinking, Application and Synthesis

Activity Title - What is a Monthly Budget for a Family?

Introduction

Ask: Does anyone have a family budget for a month or a week? Is it important to have a family budget?

Discuss with the students why budgeting is important part of your life.

Main Activity

All students will work on a budget together.·

  • $300 take home pay after taxes each week
  • $450 rent each month
  • $250 Utilities each month
  • $350 Food each month
  • $20 Gas for vehicles each week
  • $20 Unpredicted items
  • $60 Clothes every other month
  • $30 Entertainment every other month

Use the above to plan a budget. Calculate all totals monthly, each month having four weeks.

Questions:

1. How much money is left after calculating the above?
2. If you are saving money for a laptop computer that will cost $1,800, how long will it take?
3. How long will it take to buy the laptop if you take home $450 a week?

Closure/Conclusion

Ask: Does the budget seem reasonable? Were some of the things higher than expected?

Discuss that budgets differ. Discuss that it is important to plan for unexpected expenses.

Follow-up lessons/Activities

Give each student an envelope with different information about take home pay and expenses. Have each student make a budget and share with the class when finished.

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