Introduction
Creating a budget is absolutely essential to being successful financially. I realized that anytime the word success is used people can tell me to define it becuase it has so many different options and definitions that people with different definitions can argue until their death that their definition is the correct one. When it comes to having money though, generally everyone wants to have money to survive and then some fun money on the side is an added bonus. If done correctly, the creation of a budget can help peole save a lot of money for their future and then they can do whatever they please with that extra money.
Task
The students will be creating a budget for themselves.
Process
- Hand out sheet with information about what the student has to work with including: a fixed income, options for car and house prices, insurance prices, phone prices, internet prices, options for donations and tithes, savings, and money needed for household items such as food and toiletries.
- Tell the students to create a budget using the information provided to them.
- Discuss the individual budgets with the class.
Evaluation
During the discussion with the class about the various budgets, we will talk about what trends seem to work and which trends do not work.
We will then repeat this exercise in the next one or two class periods until the students get it.
Conclusion
After the first time doing this lesson the students should gain a bit of an idea of just how much money certain things cost and that they don't NEED a lot of the things that they maybe desire. One this lesson is then repeated once and possibly twice, the students should have a firm to complete grasp of the subject and how it applies to their lives'.