Banking · Saving · Video Lesson
Saving Money When You Are Broke
A practical lesson covering eight strategies for saving money when income is limited — from assessing your financial situation and building a budget to finding additional income sources and automating savings. Designed for middle and high school students and adult education.
What Students Learn
Learning objectives
- How to assess your current financial situation honestly before making a savings plan
- How to create a basic budget that identifies room for savings even on a tight income
- Practical strategies for cutting everyday expenses without major lifestyle changes
- Why paying off high-interest debt is often the most effective “savings” move available
- How to build a starter emergency fund even when money is tight
- How to identify additional income sources and how to automate savings to stay consistent
For Teachers
How to use this lesson
This lesson is especially effective with older students who can connect the strategies to real-life situations — particularly those with part-time jobs, family financial responsibilities, or student loan debt. The video is followed by a class discussion and a budgeting worksheet where students apply the strategies to a realistic scenario.
A group activity assigns different scenarios (single parent, college student, recent graduate) to small groups who build a budget and savings plan for their situation. A personal reflection component asks students to identify one or two strategies they could apply immediately to their own finances.
Lesson Plan
Saving money when money is tight — full lesson plan
Objective
- Students will learn the importance of budgeting and saving even when income is limited.
- Students will learn strategies for cutting expenses and paying off debt.
- Students will learn how to build an emergency fund and find additional income sources.
- Students will be able to create a budget and a plan to save money.
Materials needed
- The “How to Save Money When You Are Broke” video (above)
- Whiteboard and markers
- A budget worksheet handout and the quiz
Procedure
Introduction. Ask students whether they have ever felt broke or struggled with money management, and introduce the video as a source of practical strategies.
Video presentation. Play the video, then ask what students learned and which strategies they found most helpful, capturing key ideas on the board.
Discussion. Discuss:
- Why is it important to have a budget?
- How can you prioritize paying off debt?
- What are some strategies for cutting expenses?
- Why is it important to have an emergency fund?
- How can you find additional income sources?
Activities. Students complete a budgeting worksheet using their own income and expenses and identify where to cut back; in groups they build a budget and savings plan for an assigned scenario; then they write a personal reflection with specific savings and debt-reduction goals.
Quiz & conclusion. Students complete the quiz, then review the key strategies for saving money when money is tight.
The lesson content and video above are free to use. The printable worksheet below is available with Full Membership.
Printable Worksheet · Full Membership
Saving When Money Is Tight — Worksheet & Answer Key
A printable worksheet on budgeting and saving on a limited income — cutting expenses, paying off debt, and building an emergency fund — with an answer key for teacher use.
Related Topics
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