Personal Finance

Introduction

Are you interested in understanding the importance of budgeting and saving money in order to prioritize the financial needs of your lifestyle choices?

Today, we are going to explore the different ways to budget and save money and how you perform them in your everyday life!

Task

During this assignment, you will be learning about budgeting and managing finances and how they can help your personal financial future. We will read over the links I have provided and you will take notes as we go through the different slides. After we have completed the links and notes you will complete the following questions over Budgeting and Spending. 

Students will fill out Budgeting and Spending Notes during the presentation.

Once they have completed these assignments, they will be able to:

  • understand what budgeting and saving is
  • successfully identify specific financial management ideas used in everyday life
  • explain the characteristics of budgeting and saving and how to perform them
Process

Please look through the following links for a better understanding of the material before beginning your assignments!

 

https://www.investopedia.com/budgeting-and-savings-4427755#:~:text=Budgeting%20is%20the%20act%20of,within%20a%20specific%20time%20period.

https://www.nerdwallet.com/article/finance/how-to-budget

https://consumer.gov/managing-your-money/making-budget

Once you have read these articles/websites, please follow the directions as to what you need to do to complete the following questions.

 

1. Define budgeting and spending.

2. Provide at least two examples of the benefits of being financially responsible

3. Identify ways that will help you manage money.

 

 

 

 

Evaluation

                                              Student Presentation Evaluation Form

Name___________________                                 Date of Assignment ________________

Assignment Topic____________________       

 

Relevance to Finance                       1       2        3       4      5             ____/20

Content                                             1       2        3       4      5             ____/20

Quality of Information                       1       2        3       4      5             ____/20

References/Citations                        1       2        3       4      5             ____/20                                

Overall Impression                            1       2        3       4      5            ____/20

 

Total________/100

Conclusion

Congratulations! You are now a scholar of budgeting and saving, so you are officially ready to begin your adventure in creating financial goals! 

 

Pictures of Money | Flickr

 

Credits
Teacher Page

https://docs.google.com/document/d/1RTbSLdXSDZ2GBJRMQ5g2bdJWi1hg80a6/edit

Unit 6- Budgeting & Spending



 

Standards 

NBEA Standards: Managing Finances And Budgeting

  1. VI: ACHIEVEMENT STANDARD: Develop and evaluate a spending/savings plan.

  • 1. Identify examples of short-term and long-term goals

  • 2. Identify various sources of income for personal spending

  • 3. Identify ways in which individuals and families obtain financial resources

  • 4. Define fixed and variable expenses

  • 5. Categorize expenses as fixed or variable

  • 6. Classify periodic expenses as fixed or variable

  • 7. Determine discretionary income in a spending plan

  • 8. Evaluate a personal spending plan for consumer spending to determine individual financial goals

  • 9. Construct and use a personal spending/savings plan and evaluate it according to short- and long-term goals

  • 10. Discuss reasons why income and spending patterns change throughout the life cycle for the typical person and family

NBEA Standards: Buying Goods And Services

  1. VI: ACHIEVEMENT STANDARD: Apply a decision-making model to maximize consumer satisfaction when buying goods and services. 

  • 1. Apply a rational decision-making process to personal buying decisions

  • 2. Distinguish between goods and services

  • 3. Apply comparison shopping practices

  • 4. Identify alternative sources for purchases (e.g. e-malls, retail stores, and catalogs)

  • 5. Identify laws that protect the rights of the consumer

  • 6. Discuss various ways competition among sellers benefits the consumer.

  • 7. Describe reasons and research why there are variances in the price for a given item purchased from different providers

  • 8. Use reliable consumer resources to collect information for making buying decisions about durable and nondurable goods

  • 10. Compare the costs and benefits of purchasing, leasing, and renting

  • 14. Calculate the costs of utilities, services, maintenance, and other expenses involved in independent living.

  • 15. Describe the role that supply and demand and market structure play in determining the availability and price of goods and services.

ISTE Standards

Knowledge Constructor:  Students critically curate a variety of resources using digital tools to construct knowledge, produce creative artifacts and make meaningful learning experiences for themselves and others.

  •  1.3a- Students plan and employ effective research strategies to locate information and other resources for their intellectual or creative pursuits.

Objectives

  • Students will be able to analyze and research budgeting guidelines, the rational decision-making process for spending, and various sources of income.   

  • Students will understand budgeting, expenses, cost of living, disposable income vs. discretionary income, and comparison shopping practices. 

  • Students will be able to have knowledge of supply and demand, how economic decisions are made, and consumer protection laws, 

  • Through discussion and research, students will know how to analyze wants and needs, goods and services, and price variances.

  • With demonstrations and applications, students will know how to create budget goals, compare purchasing, leasing, and renting, and apply those skills to shopping for houses and cars.