Budgeting Basics: How to Manage Saving and Spending
Arkansas educators asked, we listened! We asked teachers around the state what topics they would like to see new materials on, and budgeting was a top response. Based on that feedback, UCA Family & Consumer Sciences Professor Dr. Kathryn Carroll developed an in-depth content review, hands-on simulation, and several additional resources specifically designed to teach budgeting in Arkansas classroom.
Content Overview:
Students learn how day to day purchases add up over time and how to plan for regular and unexpected expenses.
Learning how to track your income and expenses on a regular basis is a foundational financial literacy skill. Before students dive into topics like Building Wealth, they need to know what their income and expenses are and how they can project what they will be in the future. When a student receives their first paycheck, what do they do next? Do they know what taxes they paid? Will they pay themselves first, by creating savings goals? Do they have future purchases, like cars, apartments, or education that they would like to pursue? In order to meet these goals, students need to master budgeting.
The lesson plan provides examples that you can discuss with students to show them how to track income and expenses as well as how to create short and long terms savings plans. Vocabulary strategies are also included to get students comfortable using personal finance terms like net & gross income and fixed & variable expenses.
Activities Included:
Using this curriculum, students learn through simulations and hands-on decision making.
Student Budget Scenarios
Using Student Budgeting Scenarios, students are presented with a case study of a young adult with several financial decisions to make. Students help their case study character evaluate their current budgets and create new budgets that would help their character reach their financial goals.
Budget Building & Spending Tracker Activities
Students are also challenged to track and account their personal expenses and try to create some short, medium, and long term savings goals. They evaluate earning potentials and various salaries and research the cost of living around the United States.
Podcast Listen & Response Activity
Using a podcast and article, students learn about inflation, back-to-school shopping, and how families plan for small purchases throughout the year. They then complete an activity where they shop for school supplies on a tight budget.
Resources for Digital Classrooms:
Do you use an online learning system for your classroom? If you are needing digital versions of activities, you can find a fully digital resource guide here: https://rb.gy/mtzl84
Request Physical Materials:
What resources are you looking for?
Are you teaching a course that embeds personal finance standards this semester? Is there a specific topic or standard that you aren’t sure how to cover? Reach out to us with any specific questions you have or materials you are interested in. If you’ve developed your own lessons and activities for teaching personal finance (or any other social studies topic) consider sharing your ideas on the Social Studies Arkansas blog.
Educators receive free resources like books, curriculum guides, and activity kits at all ACRE professional development events.
