Fifth+Grade+Lesson+Plan-+Budgeting

=** Fifth Grade Lesson-Budgeting **=

Introduction
Students will think about why planning helps manage time and money. Keeping track of how they spend their time and money by using tables, helps students understand how to set up a budget.

Objectives
Students will learn
 * The concept and importance of budgeting money
 * Use charts and tables to help budget time and money
 * Create a financial budget with limits
 * Adjust a budget to meet specific goals

Social Studies Standard 4 Economics
Students will describe and productive resources and market relationships that influence the way people produce goods and services and earn a living in the United States in different historical periods. 5.4.6 Predict the effect of changes in supply and demand on price 5.4.8 Identify elements of a personal budget and explain why personal spending and saving decisions are important.

Information Literacy Standards
Information Literacy Standard 2: The student who is information literate evaluates information critically and competently. Information Literacy Standard 3: The student who is information literate uses information accurately and creatively.

Lesson
Begin the lesson by asking students:
 * When is it important to plan for something?
 * What tools can help you plan?

Next have the students:
 * Think about what they do after school.
 * Have them make a list of their activities.
 * Then have them consider a set time, such as four hours for completely their list of activities.
 * Can they get everything done in that amount of time?
 * Have them adjust the list based on time limits
 * Now have them consider if they have certain activities that are more important to them.
 * Can they adjust the list frmo most important to least important (prioritize)?
 * Ask them what they would do if something interfered with their time schedule, such as a dentist appointment.

Tell the students this is an example of budgeting…budgeting their time. Explain that by creating a list, they created a table to help them see what they were thinking. Explain that budgeting, time or money, helps people to keep track of what they have, assisting in making choices. Begin the first activity by handing out the menu and restaurant budgeting page. Explain that in order to manage money, they need to think of a plan on how they will use the money. The plan can be changed, as they consider the effects of choices made. However, if they do make changes, they need to remember to adjust other areas of their budget to keep it balanced and prevent overspending. Introduce the culminating activity by handing out advertising flyers from local grocery stores for students to review. Explain that their assignment is to create a weeklong menu plan for their family using the grocery stores ads and any other sources they can find such as coupons. They have $100 budgeted per family member. Explain that this means if they have three family members, they can spend $300, four family members, $400, and so on. Each menu plan must include breakfast, lunch, dinner and a snack for each family member each day. Each meal should include a main dish, drink, side dish, or dessert. Explain that they may summarize their budget using the meal plan worksheet or create a display of their own. Show the students the rubric that demonstrates how their project will be assessed.

Accommodations
Students with special needs may require specific devices including magnifiers, hearing aids, or specialized writing instruments to complete the activities.

Activity 1
Hand out the Menu and restaurant budgeting page. Tell students that they have a budget of $20.00 to buy lunch for themselves and a friend. All meals need to include a main dish, dessert, and drink. Give the students time to look over the menu. Explain that they need to write their choices on the budgeting page. Take this time to assist any students that require more assistance. Then have student calculate their total bill. Did they stay in budget? Now ask the students to calculate a 15% tip. Assist students having difficulty at this time. Finally, ask students who was able to get the most food while staying in budget. This is an important concept that will help them through activity 2.

Activity 2
Students will use what they have learned about budgeting time to budgeting money for a food budget. Students will need to create a weeklong budget to feed their family. Students will use the information learned in 3rd grade about advertising to help choose food that will be best for their family, while staying within their food budget.

Assessment
Students will be assessed on the meal and budget display they create.

Budget Rubric

Extensions
Try some more challenging activities based on budgeting http://www.ae4rv.com/games/lemonade.htm Try to make a profit by budgeting costs including supplies, advertising, and lemonade prices.

Check it Out! http://senseanddollars.thinkport.org/ This budget activity is based on a household budget with an annual income and realistic monthly expenses.

Teacher Connections
Cyberchase http://pbskidsgo.org/cyberchase/parentsteachers/lessons_print.html Many lesson plans about budgeting. This lesson was based on “Being Thrifty is so Nifty”. EconoEdLink http://www.econedlink.org/lessons More lessons on budgeting and economic standards.

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