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.