Creating a Budget SS.4.FL.2.2 Explain that people make choices about what goods and services they buy because they can’t have everything they want. This.

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Presentation transcript:

Creating a Budget SS.4.FL.2.2 Explain that people make choices about what goods and services they buy because they can’t have everything they want. This requires individuals to prioritize their wants. SS.4.FL.2.7 Planning for spending can help people make informed choices. Develop a budget plan for spending, saving, and managing income. Gr. 2 Financial Literacy

Grade 2 Financial Literacy SS.4.FL.3.2, SS.4.FL.2.7 How do budgets work? Why is it important to budget for expenses? Essential Question Oops! I I spent too much on Lego and now I don’t have enough money to buy my sister’s birthday gift.

Grade 2 Financial Literacy SS.4.FL.2.2, SS.4.FL.2.7 There are many times when it is important to plan ahead – such as when you a having a party or going on vacation. What are some things you do to help you plan ahead? EventWhat needs planning Ways to get Organized Planning a Party Preparing for a Storm Planning a Vacation Location, food, entertainment, decorations, Favors Water, can goods, flashlights, batteries, evacuation, shutters Book flight, hotel, transportation, schedule activities/tours Make a list Create a schedule Use a calendar Tables/charts What plays a major role in the choices you make when planning your event?

When you grow up, most of your income will be used to pay for your basic needs. Your income will also determine how much luxury you can afford to have. INCOME A budget is your plan for spending. Your income greatly determines the amount of money you have to pay for those things you NEED and those things you WANT. Grade 2 Financial Literacy SS.4.FL.3.2, SS.4.FL.2.7

Sample Monthly Household Budget Income Fixed Expense (always the same) Variable Expense (varies) Rent/Mortgage Utilities Transportation Groceries Savings Total $1,500 $300 $600 $500 $200 $4,000 $3,300 $700 left $300 $100 Dining out Clothing Fix Car$400 - $100 Grade 2 Financial Literacy SS.4.FL.3.2, SS.4.FL.2.7

Evan’s Birthday Party Budget Money for Party Expenses Park Shelter for 3 hours Food & Refreshments Bouncy House Rental Decorations & Favors Total $200 $300 $200 $1,000 Grade 2 Financial Literacy SS.4.FL.3.2, SS.4.FL.2.7

Darren’s Holiday Gifts Budget Gift MoneyExpenses Blouse for grandma Cologne for grandpa Doll for my sister Sweater for dad Beauty set for mom Total $25 $30 $20 $40 $150 $145 $30 Grade 2 Financial Literacy SS.4.FL.3.2, SS.4.FL.2.7

The Gonzalez’s Family Vacation Budget Vacation Money Expenses 3 nights hotel Theme park admission for 4 Gas/tolls Food & Snacks $500 $1,000 $200 $500 $2,200 Grade 2 Financial Literacy SS.4.FL.3.2, SS.4.FL.2.7

Now it’s your turn to plan a budget for a restaurant outing for five of your closest friends. Your teacher will give you a dinner party handout with your budget and restaurant menu. Grade 2 Financial Literacy SS.4.FL.3.2, SS.4.FL.2.7

Sources Lesson adapted from: Being Thrifty is so Nifty tc.pbskids.org/cyberchase/parentsteachers/lessons/pdf/fi nlit_beingthrifty.pdf Budget Lesson et_lesson.pdf Grade 2 Financial Literacy SS.4.FL.3.2, SS.4.FL.2.7