Budgeting 101

2021.03.01 11:40 am - 12:21 pm

Teaching point: How do we classify expenses into needs vs. wants?

Do Now

Review the cartoon below. What message does this cartoon deliver about student loan debt in the United States? Click on the document to respond

2021.03.01 Unit 6 Do now

Agenda

Do Now and Review (5 - 10 minutes)

What is a budget? (5 minutes)

Needs Vs. Wants (5 minutes)

Ranking Wants (10 - 15 minutes)

Closure (5 Minutes)

What is a Budget?

Watch the video to be able to answer the questions.

-What is a budget?

-As a teenager, why might creating a budget be important?

Needs vs. Wants

A key part of creating a budget that works for you is distinguishing your needs from your wants. Watch this video to learn more about the two. Then, answer the questions.

  • When deciding if you should buy something, what can you ask yourself to determine if the item is a need or want?

  • Why do you think people spend so much money on their wants despite the financial costs?


Ranking Wants

Think critically about your own Needs vs Wants by completing this form. Remember the 50/30/20 Budget Rule from last semester.

  • Currently, who pays for your wants -- you? Your parents? A mix?

  • How does who is paying for your wants impact purchasing decisions?

Results Review

Let's review our results to see what we value as a class.