# Lesson 4: Your Budget Plan

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1 KaChing! Lesson 4: Your Budget Plan Standards and Benchmarks (see page B-41) Lesson Description Students work in pairs to participate in a Track Star game that illustrates positive and negative spending behaviors. Each pair analyzes the game results, identifies effective and ineffective budgeting behaviors, and generates a list of budgeting principles. Grade Level 6-12 Concepts Budget Expenses Fixed expenses Income Periodic expenses Variable expenses Objectives Students will define budget, income, expenses, variable expenses, periodic expenses, and fixed expenses; give examples of effective and ineffective budgeting behavior; give examples of variable, fixed, and periodic expenses; and explain why some emergency savings is important when implementing good budgeting. Time Required 45 minutes 2014, Federal Reserve Banks of St. Louis. Permission is granted to reprint or photocopy this lesson in its entirety for educational purposes, provided the user credits the Federal Reserve Bank of St. Louis, B-27

3 7. Divide students into pairs. Distribute Handout 4.2: Track Star Game Board to each pair of students. Tell students that the two competitors in the game are Jet Stream and Whoosh. Each pair is to decide who will be Jet Stream and who will be Whoosh. 8. Distribute to each pair of students two pair of scissors, one copy of Handout 4.3: Jet Stream s Game Cards, and one copy of Handout 4.4: Whoosh s Game Cards. Tell the students to cut out their character cards and game pieces and then shuffle the cards, being careful not to mix up the individual character s cards, and place them face down on the appropriate spaces on the game board. 9. Explain the directions for playing the game as follows: Whoosh goes first. To play, draw a game card from the top of your character s stack, read it to your partner, follow the directions, and place the used card at the bottom of the stack. If the card drawn instructs the character to move back one or more spaces and the game piece is on the first space, the player should put that card at the bottom of the card stack and draw another card in order to move forward from the start space. Alternate taking turns until someone wins the game by crossing the finish line. If you land on an instruction space, follow the instructions. No player should move farther back than the first space. 10. Tell students to raise their hands when they finish the game. At that time, give each student a copy of Handout 4.5: Savvy Spending and Saving Principles. Tell students to develop answers as a pair but both students should record their answers. 11. Allow time for students to complete the handout and then discuss the following: Which expenses did both Whoosh and Jet Stream have in the game? (A friend s birthday party gift, a flat tire repair, and the increased price of movie tickets) What do these expenses have in common? (Answers will vary but may include the following: They are all unexpected expenses. A flat tire repair and the increased price of movie tickets are things over which they have no control. The movie tickets and the birthday gift are optional expenses, but fixing the flat tire is not an optional expense.) 12. Explain that expenses are often categorized as fixed, variable, or periodic. Fixed expenses are expenses that occur each month in a regular amount, such as rent or a car payment. Variable expenses are expenses that change from one time period to the next, such as food and gasoline. Periodic expenses are expenses that occur several times a year, such as car insurance. 2014, Federal Reserve Banks of St. Louis. Permission is granted to reprint or photocopy this lesson in its entirety for educational purposes, provided the user credits the Federal Reserve Bank of St. Louis, B-29

5 What are some examples of periodic expenses? (Gifts for birthdays or other special occasions, health insurance, and car insurance) Why do you think the game board included the following spaces? Buy friend birthday gift. Move back 1 space. Flat tire repair. Move back 1 space. Movie tickets increase in price. Move back 1 space. (Even savvy spenders/savers like Jet Stream have unexpected and periodic expenses for which they should be prepared if possible.) What are some important principles to keep in mind if you want to be a savvy spender/saver? (Answers will vary but should include the following: Save before spending. Have an emergency fund. Make informed choices. Plan for periodic expenses. Create a budget and be sure that your expenses don t exceed your income.) Assessment 18. Distribute Handout 4.6: Maria s Story Assessment and have students follow the directions to create a budget. (Budgets may vary but expenses should not exceed income.) 19. Optional: Have students exchange their completed Handout 4.6 with another student and instruct them to check each other s budget for Maria, making sure the math is correct and expenses do not exceed income. 2014, Federal Reserve Banks of St. Louis. Permission is granted to reprint or photocopy this lesson in its entirety for educational purposes, provided the user credits the Federal Reserve Bank of St. Louis, B-31

6 Handout 4.1: Definitions Budget (noun) An itemized summary of probable income and expenses for a given period; a plan for managing income, spending, and saving during a given period of time. Budget (verb) To plan or manage income and expenses. Income The payment people receive for providing resources in the marketplace. When people work, they provide human resources (labor) and in exchange they receive income in the form of wages or salaries. People also earn income in the forms of rent, profit, and interest. Expenses Costs incurred for goods and services. 2014, Federal Reserve Bank of St. Louis. Permission is granted to reprint or photocopy this lesson in its entirety for educational B-32 purposes, provided the user credits the Federal Reserve Bank of St. Louis,

7 Handout 4.2: Track Star Game Board Buy friend birthday gift. Move back 1 space. Whoosh cards NOTE: Game board can be photocopied at 200% to fit on paper. Flat tire repair. Move back 1 space. Jet Stream cards Movie tickets increase in price. Move back 1 space. 2014, Federal Reserve Banks of St. Louis. Permission is granted to reprint or photocopy this lesson in its entirety for educational purposes, provided the user credits the Federal Reserve Bank of St. Louis, B-33

10 Handout 4.5: Savvy Spending and Saving Principles Instructions: Look at Jet Stream s and Whoosh s cards from the Track Star game. Sort the cards into two sets: one that indicates successful spending or saving behavior (i.e., the cards moved play forward) and one that indicates unsuccessful spending or saving behavior (i.e., the cards moved play backward). Use the instructions on the cards to create lists of successful and unsuccessful spending and saving principles or guidelines. For example, for the card that says, You got \$20 cash from your ATM machine, kept the receipt, and recorded the withdrawal. Move forward 2 spaces, you might write Keep receipts of financial transactions, or Record all financial transactions. Successful Spending and Saving Principles Unsuccessful Spending and Saving Principles 2014, Federal Reserve Bank of St. Louis. Permission is granted to reprint or photocopy this lesson in its entirety for educational B-36 purposes, provided the user credits the Federal Reserve Bank of St. Louis,

12 Handout 4.6: Maria s Story Assessment (page 1 of 2) Maria is one of your best friends. She keeps complaining that she runs out of money each month before she gets paid and that she isn t able to save any money. She s asked you to help her make a budget based on her income from two part-time jobs. She handed you a crumpled paper with the following record of her expenditures for last month. Before you help her make a budget, help her balance her monthly transactions by filling in the last column on the table below. To obtain the balance, add income and subtract expenditures and withdrawals. Income or Date Transaction Expenditure Withdrawal Balance 2/1 Paycheck direct deposit \$ /1 ATM cash & fee \$ /1 Movie and soft drink \$9.50 2/3 Gasoline \$ /5 Music downloads \$ /10 Old Army clothes \$ /12 ATM cash \$ /15 Jewelry at Clara s \$ /16 Paycheck direct deposit \$ /25 Quarterly car insurance \$ payment to parents 2/29 Monthly car payment to parents \$ , Federal Reserve Bank of St. Louis. Permission is granted to reprint or photocopy this lesson in its entirety for educational B-38 purposes, provided the user credits the Federal Reserve Bank of St. Louis,

13 Handout 4.6: Maria s Story Assessment (page 2 of 2) Using the information on the previous page, help Maria make a budget so that her expenditures do not exceed her monthly income of \$ and she can begin to save some money. Be sure to allocate at least \$50 per month for gasoline because Maria has to use her car to get to work. Categorize her expenses appropriately. Use the form below. If your first budget attempt goes over her income, use the second column. 1 st Budget attempt 2 nd Budget attempt Income Earnings Other (gifts, etc.) Total income Fixed expenses Variable expenses Period expenses Emergency savings Total expenses Total income less expenses On the back of this page, write a note to Maria explaining what a budget is and what fixed, variable, and periodic expenses are. Explain ways in which Maria might reduce her current expenditures to meet her budget and begin to save. Explain why having an emergency fund is important. Identify at least three savvy spending and saving principles that might help Maria and explain why they would help her. 2014, Federal Reserve Banks of St. Louis. Permission is granted to reprint or photocopy this lesson in its entirety for educational purposes, provided the user credits the Federal Reserve Bank of St. Louis, B-39

14 Handout 4.6: Maria s Story Assessment Answer Key Maria is one of your best friends. She keeps complaining that she runs out of money each month before she gets paid and that she isn t able to save any money. She s asked you to help her make a budget based on her income from two part-time jobs. She handed you a crumpled paper with the following record of her expenditures for last month. Before you help her make a budget, help her balance her monthly transactions by filling in the last column on the table below. To obtain the balance, add income and subtract expenditures and withdrawals. Income or Date Transaction Expenditure Withdrawal Balance 2/1 Paycheck direct deposit \$ \$ /1 ATM cash & fee \$21.50 \$ /1 Movie and soft drink \$9.50 \$ /3 Gasoline \$35.50 \$ /5 Music downloads \$17.80 \$ /10 Old Army clothes \$43.47 \$ /12 ATM cash \$40.00 \$ /15 Jewelry at Clara s \$14.99 \$ /16 Paycheck direct deposit \$ \$ /25 Quarterly car insurance \$ \$ payment to parents 2/29 Monthly car payment to parents \$95.00 \$7.19 NOTE: No answer key is provided for page 2 of the assessment as budgets will vary. 2014, Federal Reserve Bank of St. Louis. Permission is granted to reprint or photocopy this lesson in its entirety for educational B-40 purposes, provided the user credits the Federal Reserve Bank of St. Louis,

16 Key Ideas and Details CCSS.ELA-Literacy.RST.6-8.2: Determine the central ideas or conclusions of a text; provide an accurate summary of the text distinct from prior knowledge or opinions. 2014, Federal Reserve Bank of St. Louis. Permission is granted to reprint or photocopy this lesson in its entirety for educational B-42 purposes, provided the user credits the Federal Reserve Bank of St. Louis,

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