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 party needs and wants (10 minutes) 2. Direct Instruction what makes up a budget? (5-10 minutes) 3. Collaborative Activity collaborative budget planning (10 minutes) 4. Whole Group Discussion fundraising strategies (5-10 minutes) 5. Independent Practice personal budget planning (10-20 minutes) 6. Summary next steps (5 minutes) LeSSon 31: bASiC buDgeting AnD FinAnCing StrAtegieS 291