Federal Reserve Bank of San Francisco: Personal Finance

Details

Activity Description

In this activity, students are introduced to the connection between education attainment and earning potential. Students participate in a classroom activity where they develop a budget according to a given scenario.

 

Preparation

1. Review the detailed Lesson Plans.
2. Make copies of Budget Worksheet and Discussion Questions
3. Make color copies of Budget Cards.
4. Gather materials for each group
5. Make a transparency or in some other way project Visual #1 chart.

How-To

1. Introduce the lesson and budget activity.
2. Distribute Handout #1 “Budget Sheet,” Handout #2 “Budget Card,” (make sure that each student only receives one budget card scenario; there are four per handout sheet) and 3x5 cards.
3. Discuss the questions about budget, expense, and income.
4. Have students read Handout #2 “budget playing card” , front and back.
5. Divide students into 4 groups. The group will be the color of the budget card.
6. Ask students to individually calculate the monthly budget by using the data on the budget card and to record the answers on the budget sheet.
7. Display visual aid # 1: “team budget” on an overhead in front of the class.
8. Ask for a volunteer from each group to come to the front of the room to record their answers onto visual aid #1.
9. Discuss the results.
10. Ask a volunteer from each group to state their level of education and record on the budget display.
11. Ask the students to take their 3x5 card out and write a summary statement answering the following question: Why do people create budgets?
12. Ask a few students to share their answers. Lead the students to conclude that a budget gives you control over your money.
13. State the following: We will now read a Dr. Econ question that further discusses the link between education level and salary.
14. Distribute to each student one copy of “Dr. Econ: What is the importance of developing job skills?” and handout #3: “Discussion Questions.”
15. Allow students 10-15 minutes to complete the assignment.

More Ways

Be sure to check out other teacher resources at http://www.frbsf.org/education/teacher-resources

Program Areas

• ASE: High School Diploma

Documents

• Personal Finance Lesson.png - Screenshot of the Personal Finance Lesson Plan

Subjects

• Social Studies
  • Economics
  • Social Studies Electives

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