Budgeting Money

Yolanda Smith Douglass Math and Science Academy
543 N. Waller
Chicago IL 60644
(312) 534-6176

Objectives:

Students will be able to understand how to budget a monthly income.

Students will develop basic math techniques integrated with reading and social
studies skills.

Students will be able to search employment within the want ad section of a
newspaper.

Students will be able to understand the difference between a necessity and a
want.

* This lesson is designed for grade levels 6-8

Materials Needed:

Budget Sheets Short Story (optional)

Newspaper (renting and job section) Toy Cars (prices listed)

Play Money Toy Houses

Strategy:

This lesson is designed for each child or group. Have students decide on a
occupation from a newspaper want ad. Ask questions concerning needs and wants
in their lives with the cost. Make a list on the board of a monthly expense.
Divide yearly salary into 12 months. Children will receive a month's salary in
play money and spend it while budgeting and planning.

* Start lesson with a word problem.

Nancy wants to go to summer camp for 3 weeks. Each week costs $76.00. She has
saved $232.00. Does she have enough money to go for 3 weeks?

* Allow each group or child to demonstrate their answer.
Children can use play money, blackboard or paper.

Performance Assessment:

Teacher observation and completion of the budget worksheet. Students must be
able to budget a monthly salary.

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