# Teens version. Instructor guide. 2003, 2012 Wells Fargo Bank, N.A. All rights reserved. Member FDIC. ECG

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1 Teens version Instructor guide 2003, 2012 Wells Fargo Bank, N.A. All rights reserved. Member FDIC. ECG

2 Budgeting Unit Overview In these lessons, middle-school students (grades 6-8) are introduced to a personal budget. At the end of these lessons, students will be able to explain the purposes of budgeting and basic budgeting strategies. Students will be able to create their own personal budgets. In the online/cd-rom version of the Hands on Banking program, there are eight lessons that are condensed into two sections, below. Section 1: Understanding and Creating Budgets Individuals use budgets to itemize and manage their income, expenses, and savings. To be financially sound, it s important to spend less than you earn. Students identify fixed, flexible, and discretionary expenses. Students create a personal budget showing income, expenses, and savings. Section 2: Using a Budget Students apply what they know about budgets to make sound financial decisions. Learning Objectives The financial-literacy objective of these lessons is for students to recognize that a major factor in being financially solvent is to spend less than one earns and to save the difference. A personal budget is a tool that can assist an individual stay within his or her income. The mathematical objective of these lessons is for students to compute the sum or difference of whole numbers and positive decimals to two places. Alignment with Educational Standards National Council of Economic Education and the National Association of Economics Educators and the Foundation for Teaching Economics, Voluntary National Content Standards in Economics, (1997), Grade 8: Content Standard 2, To determine the best level of consumption of a product, people must compare the additional benefits with the additional costs of consuming a little more or a little less. JumpStart Coalition for Personal Financial Literacy, National Standards in K-12 Personal Finance Education (2007), Grade 8 Standards: Planning and Money Management National Council of Teachers of Mathematics Principles and Standards for School Mathematics, (2000), Grades 6-8: Number and Operations Expectations, [Students will] work flexibly with fractions, decimals, and percents to solve problems. [Students will] select appropriate methods and tools for computing with fractions and decimals from among mental computation, estimation, calculators or computers, and paper and pencil, depending on the situation, and apply the selected methods. Problem-Solving Expectations: Solve problems that arise in mathematics and in other contexts; apply and adapt a variety of appropriate strategies to solve problems. Connections Expectations: Recognize and apply mathematics in contexts outside of mathematics. HANDS ON BANKING TEACHERS GUIDE 20

4 Personal Budget Worksheet Name 1. The budget above was created by Alex to help him plan how he will spend the money she earns. He usually earns \$20 each week by babysitting and running errands for his parents. If Alex is sick one weekend and can t earn the \$20, how much will he earn for that 4-week period (assume there are 4 weekends in the month)? 2. Alex wants to buy a pair of shoes. But they cost \$45.99, not including tax. Using Alex s entertainment/clothing budget, how long will it take him to have earned enough money for the shoes? HANDS ON BANKING TEACHERS GUIDE 22

5 3. Alex has kept within his budget during this 4-week period! He also earned an extra \$12 one week for cleaning his neighbor s garage. If Alex wants to save the \$10 he has left over every 4-week period, how much less time will it take for him to earn enough money for the shoes? Remember, the shoes cost \$45.99 plus tax. 4. Alex saves \$15 every 4 weeks for his college fund. How much does Alex save in 1 year? 5. If Alex saves \$195 a year in his college fund, how much will he have saved, without interest, by his senior year in high school, in 6 years? HANDS ON BANKING TEACHERS GUIDE 23

6 Teacher s Copy of Personal Budget Worksheet 1. The budget above was created by Alex to help him plan how he will spend the money she earns. He usually earns \$20 each week by babysitting and running errands for his parents. If Alex is sick one weekend and can t earn the \$20, how much will he earn for that 4-week period (assume there are 4 weekends in the month)? (\$60) Hints Alex will earn \$20 less than his usual 4-week earnings. Calculate Alex s 4-week earnings if he is not sick. 2. Alex wants to buy a pair of shoes. But they cost \$45.99, not including tax. Using Alex s entertainment/clothing budget, how long will it take him to have earned enough money for the shoes? (3 months) Hints Because the shoes cost \$45.99, not including tax, the estimated cost is around \$50. If Alex sticks to his entertainment/clothing budget, he will save \$20 each 4-week period. That means Alex needs to save \$20 every 4 weeks for approximately 3 months. HANDS ON BANKING TEACHERS GUIDE 24

7 3. Alex has kept within his budget during this 4-week period! He also earned an extra \$12 one week for cleaning his neighbor s garage. If Alex wants to save the \$10 he has left over every 4-week period, how much less time will it take for him to earn enough money for the shoes? Remember, the shoes cost \$45.99 plus tax. (1 month sooner. He can buy the shoes after 2 months instead of 3.) Hints If Alex doesn t use the \$10 left over from his 4-week budget, he will have \$20 to spend on shoes each month, approximately. If he saves \$20 each 4-week period, he will save for the shoes in 3 months. If he earns an extra \$12 in a 4-week period, he will earn \$32 in this 4-week period. \$20 (4-week clothing budget) + \$32 (amount budgeted + extra \$12 earned) = \$52 4. Alex saves \$15 every 4 weeks for his College Fund. How much does Alex save in 1 year? (\$195) Hints How many 4-week periods are there in 1 year? Divide 52 by 4. Multiply 13, the number of 4-week periods in 1 year, by \$15, the amount Alex saves every 4-week period. 5. If Alex saves \$195 a year in her College Fund, how much will he have saved, without interest, by his senior year in high school in 6 years? (\$1,170) Hint Multiply the amount Alex saves in 1 year (\$195) by 6. HANDS ON BANKING TEACHERS GUIDE 25

8 Monthly Family Budget Let s look at a household budget for a family of four. In this example, the family takes home \$3500 a month in income. The pie chart and the budget below indicate that the family spends 30% of their income on fixed housing costs, which include the mortgage payment and insurance. That equals \$1,050 a month. The family also budgets 20% of their income for food, a flexible expense. That s another \$700. Sample Monthly Family Budget Item Percentage Amount (\$) Monthly income \$ Housing costs (mortgage payment and insurance) 30% Food 20% Clothing 10% Transportation (car payment, insurance, bus fare) 12% Medical (insurance and additional expenses) 12% Savings 10% Entertainment 4% Just in Case funds 2% Activity Students use the two worksheets on the following page, to analyze a sample family monthly budget and to create their own personal budgets. The teacher s copies of these activities follow the students worksheets. HANDS ON BANKING TEACHERS GUIDE 26

9 Family Budget Worksheet Name Sample Family Monthly Budget Item Percentage Amount (\$) Monthly income \$ Housing costs (mortgage payment and insurance) 30% Food 20% Clothing 10% Transportation (car payment, insurance, bus fare) 12% Medical (insurance and additional expenses) 12% Savings 10% Entertainment 4% Just in Case funds 2% 1. It s a good thing this family has Just-in-Case funds because one month their car had a flat tire, and they spent \$97.00 to buy a new tire! What percent of their monthly income was that expense? (Round your answer to the nearest whole percent.) 2. How many months of Just-in-Case funds did the family need to pay for the tire? 3. The family makes a decision to save their entertainment funds every month so they can take a special trip during the summer. How much money will they save in 12 months? HANDS ON BANKING TEACHERS GUIDE 27

10 4. One month the family decides to shop around for best buys at different supermarkets. They are able to reduce the amount they spend on food from \$700 that month to \$615. What percent of their monthly income did they save? (Round your answer to the nearest whole percent.) 5. Compare the family s budget on the pie chart to the printed budget. What information can you see on the printed budget that you cannot see on the pie chart? 6. What does the pie chart illustrate that the printed budget doesn t? HANDS ON BANKING TEACHERS GUIDE 28

11 Teacher s Copy of Family Budget Worksheet Sample Family Monthly Budget Item Percentage Amount (\$) Monthly income \$ Housing costs (mortgage payment and insurance) 30% Food 20% Clothing 10% Transportation (car payment, insurance, bus fare) 12% Medical (insurance and additional expenses) 12% Savings 10% Entertainment 4% Just in Case funds 2% 1. It s a good thing this family has Just-in-Case funds because one month their car had a flat tire, and they spent \$97.00 to buy a new tire! What percent of their monthly income was that expense? (Round your answer to the nearest whole percent.) (3%) Hint To calculate the percentage of the \$3,500 budget, divide 97 by 3,500 x How many months of Just-in-Case funds did the family need to pay for the tire? (2) Hints To determine the number of months of just-in-case funds, multiply \$3,500 by.02 (2%) to get \$70 of just-incase funds per month. If the family has \$70 of just-in-case funds for 1 month, it will take almost 2 months or \$140 for them to have enough money to cover the extra \$97 expense. 3. The family makes a decision to save their entertainment funds every month so they can take a special trip during the summer. How much money will they save in 12 months? (1680) Hints Calculate the amount the family puts aside for entertainment every month by multiplying \$3,500 x.04 (4%). Multiply the family s entertainment budget of \$140 (4%) every month by 12 (twelve) 12 months. 4. One 4-week period the family decides to shop around for best buys at different supermarkets. They are able to reduce the amount they spend on food from \$700 that month to \$615. What percent of their monthly income did they save? (Round your answer to the nearest whole percent.) (2%) Hints To determine the amount they saved, subtract \$615 from \$700, which is the amount they usually budget for food. To determine what percentage \$85 is of \$3,500, divide 85 by 3,500 x 100, and then round to the nearest whole percent. HANDS ON BANKING TEACHERS GUIDE 29

12 5. Compare the family s budget on the pie chart to the printed budget. What information can you see on the printed budget that you cannot see on the pie chart? 6. What does the pie chart illustrate that the printed budget doesn t? HANDS ON BANKING TEACHERS GUIDE 30

14 Create Your Own Budget Worksheet Here is a sample personal budget for you to complete. Instructions First, decide what period of time you are budgeting for. Next, estimate your income (from jobs, allowance, gifts, etc.) for that period of time. Write these items in the Description column (A), and the amounts in the Income column (B). After entering any income, add that amount to the total money you have available (D). That is how much money you have available now. Identify each of your expenses during that time period. For each expense, ask yourself if it s fixed, flexible, or discretionary. After entering each expense (A and C), subtract that amount from the total money you have available. That is how much money you have available now (D). Decide how much money you will save during this time period. Enter this as an expense (C). Consider what you will do with any extra money you have available after you have identified all the items you will buy. Decide what you will need to do if you don t have enough money available for all the items you want or need buy. HANDS ON BANKING TEACHERS GUIDE 32

15 Name My Budget for (Time period) HANDS ON BANKING TEACHERS GUIDE 33

16 Teacher s Copy of Create Your Own Budget Worksheet As you introduce this worksheet to your students, review with them the key points about personal budgets. Here is a sample personal budget for you to complete. Instructions First, decide what period of time you are budgeting for. Next, estimate your income (from jobs, allowance, gifts, etc.) for that period of time. Write these items in the Description column (A), and the amounts in the Income column (B). After entering any income, add that amount to the total money you have available (D). That is how much money you have available now. Identify each of your expenses during that time period. For each expense, ask yourself if it s fixed, flexible, or discretionary. After entering each expense (A and C), subtract that amount from the total money you have available. That is how much money you have available now (D). Decide how much money you will save during this time period. Enter this as an expense (C). Consider what you will do with any extra money you have available after you have identified all the items you will buy. Decide what you will need to do if you don t have enough money available for all the items you want or need buy. HANDS ON BANKING TEACHERS GUIDE 34

17 Name My Budget for (Time period) HANDS ON BANKING TEACHERS GUIDE 35

18 Activity Students use the following activities to plan their own party budget. The teacher s copy of this activity follows the students worksheets. HANDS ON BANKING TEACHERS GUIDE 36

19 Budget Practice Worksheet Name You and a friend have a budget of \$50 for a party. Use the list below to help plan. 1. If you spent \$12.95 on food for this party, what did you buy? A. 2 cases of soda and 1 jumbo bag of chips B. 1 paper product and 1 movie rental C. 2 bags of bulk candy D. 2 cases of soda and movie rentals 2. If you spent \$45.24 on food for this party, what did you buy? A. 3 sets of decorations and 1 paper product B. 2 deli trays C. 1 deli tray, 1 used video game, 1 bag of bulk candy, 1 case of soda D. 1 bag of bulk candy 3. Can you find two different combinations of purchases that total exactly \$50? A. 10 bags bulk candy B. 6 bags of bulk candy, 3 cases of soda, and 1 battery C. 1 deli tray, 1 set of decorations, and movie rentals D. 4 paper products, 1 jumbo bag of chips, and 2 cases of soda HANDS ON BANKING TEACHERS GUIDE 37

20 Teacher s Copy of Budget Practice Worksheet Name You and a friend have a budget of \$50 for a party. Use the list below to help plan. 1. If you spent \$12.95 on food for this party, what did you buy? A. 2 cases of soda and 1 jumbo bag of chips B. 1 paper product and 1 movie rental C. 2 bags of bulk candy D. 2 cases of soda and movie rentals (A) Hints Are there any of the above answers you can eliminate right away? How much would 2 bags of candy cost? How much do 2 cases of soda cost? If 2 cases of soda cost \$9.50, how much more can you spend to equal \$12.95? Do you see any items in the above list that cost \$3.45? HANDS ON BANKING TEACHERS GUIDE 38

21 2. If you spent \$45.24 on food for this party, what did you buy? A. 3 sets of decorations and 1 paper product B. 2 deli trays C. 1 deli tray, 1 used video game, 1 bag of bulk candy, 1 case of soda D. 1 bag of bulk candy (C) Hints Are there any answers that you can eliminate right away? How much does 1 bag of bulk candy cost? Remember that just because something is advertised at 2 for (a price), you may choose to buy only 1 of the items for half that price. How much would 1 deli tray cost? Divide \$45 by Can you find two different combinations of purchases that total exactly \$50? A. 10 bags bulk candy B. 6 bags of bulk candy, 3 cases of soda, and 1 battery C. 1 deli tray, 1 set of decorations, and movie rentals D. 4 paper products, 1 jumbo bag of chips, and 2 cases of soda (A and B) Hints How much does 1 bag of candy cost? Remember, if 2 bags cost \$10, then 1 bag costs \$5.00. How much will 1 deli tray cost if 2 trays cost \$45? (Divide \$45 by 2.) If 5 movie rentals cost \$30 (5 x \$6), will you have enough left to buy a deli tray? HANDS ON BANKING TEACHERS GUIDE 39

23 HANDS ON BANKING TEACHERS GUIDE 41

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