Budgeting · Lesson Plan
Creating a Spending Plan
A spending plan — another name for a budget — lays out exactly how you’ll use your money to cover what you need and want. Students learn to list expected costs and savings goals, then adjust income and expenses so the plan balances.
For Teachers
Lesson at a glance
- Topic
- Budgeting
- Grade Level
- Grades 7–12
- Resource Type
- Lesson + Worksheet
- Estimated Time
- 45–60 minutes
- Format
- Reading + worksheet
- Materials
- Printable lesson, worksheet, whiteboard
What Students Learn
Learning objectives
- Describe and define a spending plan
- Explain how a spending plan helps manage spending habits
- List anticipated expenses and savings goals
- Balance income against expenses and goals
- Explain the consequences of not following a plan
Materials
What you’ll need
- Printed copies of the spending-plan worksheet (one per student)
- Calculators
- Whiteboard or projector
Key Terms
Vocabulary
- Spending plan
- A plan for how you’ll use your money — another name for a budget.
- Income
- Money you receive from jobs, projects, or an allowance.
- Expense
- Money you spend.
- Savings goal
- An amount you plan to set aside for a future purpose.
- Balance
- Adjusting so income covers expenses and goals.
- Unexpected expense
- A cost you didn’t plan for.
For Teachers
Lesson plan
Estimated time: one 45–60 minute class period.
Lesson sequence
- Introduction (5 min). Introduce a spending plan as a way to prepare for planned purchases and unexpected costs.
- Build the plan (20 min). Students list anticipated expenses and savings goals, then enter realistic income and balance the plan.
- Compare in pairs (12 min). Pairs compare plans and reach consensus on how to adjust income to match expenses.
- Discussion (8 min). Discuss the consequences of not sticking to a spending plan.
Assessment
Assess the completed spending-plan worksheet for a balanced, realistic plan.
Discussion
Discussion questions
- What is a spending plan, and how is it like a budget?
- How does a spending plan help you handle your spending habits?
- What should you do if your expenses are more than your income?
- Why is it important to plan for unexpected expenses?
- What can happen if you don’t follow your spending plan?
Printable Lesson & Worksheet
Creating a Spending Plan — Lesson & Worksheet
Printable lesson plus a student worksheet to complete.
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