unit 7: Projected Budget lesson 31: basic budgeting and financing strategies outcome: Students create a balanced budget for their current lifestyle. The financial education portion of this lesson is underwritten through a grant by Citi Foundation. We gratefully acknowledge their financial support and technical assistance in developing the lesson. OBJECTIVES * review the difference between a " want " and a " need. " * review the components of a balanced budget. * Collaboratively create a balanced budget for a class party. * identify ways to get money to meet budget goals. * Create a personal balanced budget based on income and expenses. * explain how financial awareness supports self-advocacy. ASSESSMENT * Collaborative balanced budget * Personal balanced budget * reflection MATERIALS NEEDED * Calculators * tracked student expenses for the last two weeks * " Party needs and Wants " handout * " Sample Balanced Budget " handout * " class Party Budget Plan " handout * " My Personal expenses Worksheet " handout PREPARATION * this lesson focuses around students planning and fund-raising for a class party. Modify the lesson accordingly, depending on your school's rules about class parties. Choose a date for your end-of-the-year class party that coincides with the last few days of school. * in the week before you plan to deliver this lesson, ask students to keep track of all of their expenses for two weeks using the chart in the " My Personal expenses Worksheet " handout. lesson outline 1. Motivation 2. Direct Instruction 3. Collaborative Activity 4. Whole Group Discussion 5. Independent Practice 6. Summary party needs and wants (10 minutes) what makes up a budget? (5-10 minutes) collaborative budget planning (10 minutes) fundraising strategies (5-10 minutes) personal budget planning (10-20 minutes) next steps (5 minutes) LeSSon 31: bASiC buDgeting AnD FinAnCing StrAtegieS 291