Basics of Budgeting Classroom Guide Objectives Students will be able list the basic steps in creating a budget. Students will be able to describe the benefits of having and sticking to a budget. Students will be able to state what percentage of their income they should be saving. Students will be able to name some of Peter Bielagus' savings ideas. Students will be able to describe the difference between wants and needs. Vocabulary take home pay prioritize spending plan buying in bulk

Classroom Guide Web Resources NH Frameworks

Before Viewing Poll your students and find out how many are living on a budget. During Viewing Pause video at 12:00 after Peter finishes listing his ideas for saving money. have the students discuss some of the ideas. Have any of them ever tried any of the ideas listed. Are there any purchases they are currently making that they could apply one or more of the cost cutting ideas to? After Viewing Have students make a list of their wants and needs. Is there a large item on their want list? How might they save to be able to afford one of their wants? Have students create a budget based on their earnings. If students are not currently working, have them calculate what they would be making working a 15 hour week at minimum wage and then calculate their expenses that their parents would expect them to take over. They should create a budget that sets aside 20% of their earnings for savings. Have students visit the Practical Money Skills for Life site and try their hand at the Road Trip to Savings game.