Budgeting Unit

Students will be able to:

• Describe the purpose of a budget 
• Classify expenses as needs and wants
• Explain the difference between gross pay and net pay

Students will be able to:

• List the different categories of expenses
• Explain how four different budgeting strategies work
• Weigh the pros and cons of each budgeting strategy

Students will be able to:

• Prioritize many factors when deciding where to live
• List important considerations before signing a lease
• Determine whether they are prepared to purchase a home
• Factor in how utilities will affect their budget
• Create a roommate agreement to share the costs associated with living together

Students will be able to:

• Weigh the pros and cons of cars and their alternatives
• Explain some of the ways that cars can be expensive
• Research the cost of a desired car including car payments, insurance, maintenance, fuel and registration

Students will be able to:

• Estimate the costs of buying food
• Explain how to save money when shopping at a grocery store
• Detail strategies for lowering a dining out budget
• Explain how inflation affects one’s ability to budget for food

Students will be able to:

• Define the gig economy 
• Understand the financial implications of working in the gig economy and its effect on building a budget
• Acknowledge the special importance of saving when working a gig job

Students will be able to:

• Create a budget on a salaried adult’s income and adjust it as required
• Research and choose appropriate budgeting apps to meet specific needs

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