Create Your Semester Budget: Digital Worksheet
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Activity Description
In this digital worksheet activity, students will embark on a practical journey of personal budgeting. They will engage in critical financial planning by setting both short-term and long-term goals, managing their income, categorizing expenses, and ultimately creating a semester budget that aligns with their financial objectives.
Key Elements of the Activity:
- Goal Setting: Students will distinguish between short-term and long-term aspirations, laying the foundation for their budget.
- Income Management: Students will detail their sources of income in a dedicated table
- Expense Tracking: In another table, students will meticulously record their expenses, categorizing each expenditure to gain a deeper understanding of their spending habits.
- Visual Insights: A visual chart will display expenses categorized by type
This activity is not automatically scored but is for students to practice budgeting.
Learning Objective
This hands-on exercise will guide students in setting clear financial goals, managing their income and expenses, and making informed decisions about saving for both short-term and long-term objectives.
Teacher Tips
Included with the activity, you can view the tips to clarify student's doubts or to evaluate answers (for a teacher scored worksheet).
Econ Ed -
Spending
Students will know that Creating a budget can help people make informed choices about spending, saving, and managing money in order to achieve financial goals .. Students will use this knowledge to 8-1a . Identify personal goals for spending and saving .
8-1b . Create a budget that includes expenses and savings out of a given amount of income .
8-1c . Explain why people with identical incomes make different choices for spending, saving, and managing money .
8-1d . Discuss the budgeting challenges faced by people living on minimum wage .
Econ Ed -
Spending
Students will know that A budget helps people achieve their financial
goals by allocating income to necessary and desired spending, saving, and philanthropy .. Students will use this knowledge to 12-1a . Identify their short-term and long-term financial goals . 12-1b . Develop a budget to allocate current income to
necessary and desired spending, including estimates for both fixed and variable expenses .
12-1c . Explain methods for adjusting a budget for unexpected expenses or emergencies .
12-1d . Evaluate the advantages of using budgeting tools, such as spreadsheets or apps .
