Creating a budget

1.3 Develop and Evaluate a Personal Budget.

Previous material learned: Gross Income, Net Income, Preparing a Budget

This lesson plan will be over the course of 1 week.
Students will spend time on the Chromebook, iPad, or other tablet researching careers they are interested in. Students will decide on their career and write the job description, benefits, and yearly salary of the job. (Google Documents)

Once career paths have been chosen, the class will come together and discuss monthly living expenses, fixed expenses and annual expenses. We will write these on the white board and discuss each.

Students will then go back to their electronic device and research these living expenses based on where they will live. They will login to Kroger or Walmart and grocery shop for the month to find out how much their food/grocery bills will be. Students will research electricity, water, transportation, etc. They will research places to rent or buy. Students will then create their budget sheet using Google Documents. Students will also attach their grocery items, car notes, etc.

Students will also look into extra expenses they may have - Gym membership, Samsclub membership, eating at restaurants, etc.

After the students have completed all of their research, they will put their budget and project together. They will use a rubric to make sure that all components have been included.

These projects will be presented to the class. Finally, students will evaluate the cost of living compared to their future jobs, and discuss ways to save money in the future.