# ALEX Lesson Plan

## Becoming a Wise Consumer: Creating a Budget

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This lesson provided by:
 Author: Briana Morton System: Jefferson County School: Jefferson County Board Of Education
General Lesson Information
 Lesson Plan ID: 32257 Title: Becoming a Wise Consumer: Creating a Budget Overview/Annotation: In this lesson, students will learn how to become a wise consumer by creating a budget based on needs and wants. Students will create a weekly budget with a variable income using the interactive app MWB: My Weekly Budget available on iTunes. Other budgeting spreadsheets will be suggested.
Associated Standards and Objectives
Content Standard(s):
 Education and Training HUM (2009) Grade: 7 Teen Discoveries 10 ) Describe ways teenagers can become wise consumers. Examples: savings, needs and wants, conserving resources and energy •  Identifying the role of the media in the dissemination of consumer information Education and Training HUM (2009) Grade: 8 Teen Connections 9 ) Explain the importance of money management for teens. •  Creating a budget for teen expenditures and savings Mathematics MA2015 (2015) Grade: 7 3 ) Use proportional relationships to solve multistep ratio and percent problems. [7-RP3] Examples: Sample problems may involve simple interest, tax, markups and markdowns, gratuities and commissions, fees, percent increase and decrease, and percent error.

Local/National Standards:

Primary Learning Objective(s):

The students will be able to:

• Define needs and wants.
• Categorize items as needs or wants using a Venn diagram.
• Create a weekly budget based on variables.

Preparation Information
 Total Duration: 31 to 60 Minutes Materials and Resources: Equity sticks (craft sticks or index cards with a student's name on each one)Adhesive poster paper (i.e., Post-It Paper) and markers (one poster and two markers per group)Needs vs. Wants Venn Diagram My Weekly Spending Journal My Weekly Budget worksheet (optional if technology is available)Calculator (optional) Technology Resources Needed: Needs vs. Wants interactive Venn Diagram (ReadWriteThink)Classroom set of iPod Touches or iPads with the MWB (My Weekly Budget) app- *if handheld devices or wireless connection are not available, the student should use the My Weekly Budget worksheet insteadDigital projectorClassroom polling software (i.e., www.PollEverywhere.com)- optional ***Internet and personal device usage policy must be obtained and on file prior to allowing students to use their own devices.United States Department of Labor website, minimum wage Background/Preparation: Students should have already been taught about unit pricing (See the ALEX lesson "Becoming a Wise Consumer: Unit Pricing" (32180) for guidance and instruction).Students will have needed to monitor their spending for an entire week (Sunday-Saturday). Remind students to complete the My Weekly Spending worksheet.Teachers must have the app set up on all of the personal devices. In case of technical glitches, the teacher should have at least a classroom set of My Weekly Budget worksheets for students to use.
Procedures/Activities: