1. 7th Grade Social Studies Personal Finance – Day 3-5
FACTORY SHOALS MIDDLE SCHOOL
MR. L. SMITH
7th Grade Social Studies Personal Finance – Day 3-5

2. FIRST FIVE
Agenda Message: Personal Money Management Vocabulary Quiz I is next Friday May 6th. Class Participation grades for bringing calculators to class starts TODAY.
Standard: Explain personal money management choices in terms of income, budgeting, savings, spending, credit, and investing.
Essential Question for Friday April 29th : What average percentage rates should be used for a household budget?
Warm-up: List three things that you need in order to make an effective budget.
Today We Will:
Personal Money Management- Household Budgets
Using a Pie Graph Worksheet – Classwork

3. ANSWERS E.Q. Answer for Friday April 29th: Warm-Up:
Housing – 30% Savings – %
Food % Clothing – %
Transportation – 12% Entertainment – 4%
Medical % Emergency – %
Warm-Up:
Amount of income you have
Amount of money going out (Needs, Wants, Savings, Donations)
Knowledge of how you can make adjustments (or changes) in your budget if needed

4. PERSONAL MONEY MANAGEMENT
What makes a good budget?
Your ability to cover basic expenses
Having cash for unexpected expenses
Savings for the future

5. Personal money management
Tips for Sticking To A Budget
Shop with your budget in mind!
Plan ahead for large purchases
Compare prices at different stores

6. Personal money management
Household Budget
As a percent of total monthly income
Housing costs (mortgage payment & Insurance) = 30%
Food = 20%
Transportation = 12%
Medical (insurance plus additional expenses) = 12%
Savings = 10%
Clothing = 10%
Entertainment = 4%
“Just in Case” Funds = 2%

7. Personal money management
Using a Budget Activity Worksheet Classwork Assignment