Teacher Lesson Plans

Beginner/Low-Intermediate Level
Unit 2: Planning for the Future

LESSON ONE: Goals and Budgets

Objectives | Materials | Activities | Web Links | Related In-class/Online Lessons: Save a Million and Small Business and Other Loans

Lesson 1 Objectives

• Identify goals, including personal, family, education and material.
• Identify income and expenses and create a budget.
• Identify ways to make adjustments to income after expenses in order to achieve goals (for sample student and self).
• Language and/or EFF skills practiced: plan; use math to solve problems and communicate; solve problems and make decisions.

Lesson 1 Materials

• Overhead 1-A: The New Restaurant Picture Story
• Overhead 1-B: Monthly Budget Worksheet
• Overhead 1-C: Monthly Budget Worksheet - Answer Key
  

• Worksheet 1-2: The New Restaurant Picture Story and Activities
• Worksheet 1-3: Monthly Budget Worksheet
• Worksheet 1-4: Personal Budget Worksheet

Lesson 1 Activities

Print All Lesson Materials

Activity 1-1: Goals in Writing = Budget
Overhead 1-B: Monthly Budget Worksheet

• To warm-up to the topic of goals and budgets, ask students to take another look at their "dream cloud" goals from the needs assessment activity. If some students were absent for the needs assessment, ask them what they want to do/buy in the future. Ask students how they think they will be able to save the money needed for the things they want to buy or do. Ask questions like:

·         Do you have extra money from your paycheck after paying all your bills?

·         What do you do with extra money?

·         If you don't have any money left, is there anything you can change to have some money?

·         What can you do to save money for the future, and not spend it? (answers may include, put it in the bank, etc.)

• Show Overhead 1-B briefly (this worksheet is part of Activity 1-3 below so you don't need to go into any detail), and ask students,
• Have you seen a budget like this?
• Do you have one?
• Do you think it's a good idea? Why/Why not?

Activity 1-2: The New Restaurant Picture Story and Activities
Overhead 1-A: The New Restaurant Picture Story
Worksheet 1-2: The New Restaurant Picture Story and Activities

• Following the instructions for Picture Story Best Practices, generate a story and complete related picture story activities. You can use the printed story below for telling the story to students and other reading/writing activities, and/or for understanding the story sequence.
  
  The New Restaurant.
  
  Chen and Soo are friends. They work at a restaurant. They are busboys. They dream about opening a restaurant. It is their goal. Chen makes his budget. He decides to save $300 a month. He goes to the park. He plays games at home with his family. They have fun. After three years, he has $10,800. He opens a restaurant.

• Review the answers to the New Restaurant fill in the blank activity. Answers: are; budget; save; opens; plans; fun; busboy

• For additional practice in class or at home, have students copy/rewrite the story.

Activity 1-3: Making a Budget
Overhead 1-B: Monthly Budget Worksheet
Overhead 1-C: Monthly Budget Worksheet Answer Key
Worksheet 1-3: Monthly Budget Worksheet

• In this activity, students will make a monthly budget of income and expenses for Soo--from the picture story--and his wife Jin. To warm up to the topic of making budgets and for discussing new vocabulary, make a chart on the board with two columns. Title the first column "Get $" and the second "Spend $". Ask students to tell you "Where do you get your money?" and begin to fill in the first column with terms like "job"; "social security", etc. Then ask, "And where/how do you spend that money each month?" and begin to fill in the second column with terms like "rent"; "mortgage"; "food", etc. Hopefully some of the vocabulary words below will come up, if they do not, add them. Students will see these words on the Monthly Budget Worksheet activity next and will need to become familiar with the terms. At this point, so that students don't get bogged down with writing all the words and their definitions, tell them to just listen and discuss at this point. Tell them the words and definitions are on the worksheet that you will pass out next.
• Distribute Worksheet 1-3 (page 1 only) of the Monthly Budget Worksheet for Soo and his wife Jin and in pairs, have students complete the vocabulary matching activity. Review the answers:
• 1. c; 2. a; 3. f
• 4. i; 5. b; 6. e
• 7. g; 8. l; 9. j
• 10. h; 11. d; 12. k
• Then, distribute pages 2-4 of Worksheet 1-3 and explain the activity.
• In pairs, have students read the list of income and expenses and fill out the worksheet. Let students know that some amounts listed are monthly, some weekly, and some yearly. Give examples of the math concepts involved (see worksheet for examples).
• Circulate around the room to be sure students are on task and provide more teaching as necessary for students to be able to complete the assignment.
• Allow students to check their work by showing Overhead 1-C, the Monthly Budget Worksheet Answer Key. Make copies of this document for large classes and/or to make checking work easier.

Activity 1-4: Making Changes to a Budget to Save Money
Worksheet 1-3 (last page): Monthly Budget Worksheet
Worksheet 1-4: Personal Budget Worksheet

• Remind students of the picture story and show how Chen saved money each month and how Soo didn't. Now, tell students they can help Soo save money and open a restaurant in the future. Have students work in groups of three to five to come up with a list of ideas for how Soo and Jin can save $300 a month (the last activity on Worksheet 1-3). Again, remind students that some amounts listed are monthly, some weekly, and some yearly. Give examples of the math concepts involved (see worksheet for examples).
• As a whole group, discuss the ideas students generate.
• As an extension activity, have students complete a budget worksheet for themselves. Because of the personal nature of the information, please do not have students complete their personal worksheet in class. Encourage them to complete the form with their family, as appropriate.

Final Activity: Reflection

• Ask students to write down, or tell you as you circulate around the room, one thing they learned in class today (it could be a new concept, a new word, a grammar point, it doesn't matter). This is a very useful technique to discover in what ways the lesson made an impact on individual students. It will also give you information for reporting financial literacy gains, so be sure to have your chart handy as you walk around the room, or for recording notes after class.

Web Links

Wealth Creation: Learn the Language - http://dallasfed.org/ca/wealth/pdfs/1.pdf
The content is too advanced for the beginner/low-intermediate level. Students' family members/friends may be able to use the site and share information with the student. Bob’s story gives students a chance to understand the concept of net worth, what money comes in, what money is saved, and what money goes out.

Budget to Save - http://dallasfed.org/ca/wealth/pdfs/2.pdf
The content is too advanced for the beginner/low-intermediate level. Students' family members/friends may be able to use the site and share information with the student. Students at this level can, however, use the charts within the content. Students can complete a net worth balance sheet and a financial goals (short-term and long-term) worksheet. Activity introduces Betty's story vs. Lynne’s story--two women with opposite ideas about spending and saving. Activities include developing a budget and living by it. Covers day to day expenses, monthly budget and a goal to save $125 a month. The section called

Save and Invest http://dallasfed.org/ca/wealth/pdfs/3.pdf includes a chart that shows how that $125 grows with interest.