He Works Hard For The Money

Lesson Content

• Lesson Plan Template:

  CTE Lesson Plan

• CTE Course Info and Benchmark Notes

  
  

  Program Name (as applicable):

  Finance

  Course Title:

  Personal Finance

  Course Number:

  8815120

  Career Cluster:

  Finance

  CIP Number:

  0252080110

  Course Type:

  High School - Career Prepatory

• Unit Outline

  
  

  This lesson is designed to be used with the case study, “We Don’t Talk About Milo.” See CPALMS resource ID#222029.

• Career Connection

  
  

  This lesson encourages students to think critically about the effects of financial decisions and show their understanding of budgets and the role they play in successful money management.

  In the domain of collaboration, students will be expected to demonstrate their ability to collaborate effectively by working with their group members to discuss needs versus wants, fixed versus variable expenses, and to create a monthly budget for Milo that will help him achieve his personal and career goals. Students will be expected to collaborate with their group members, share ideas with their group, respond to conflicting ideas of group members respectfully, and participate in making decisions about their budget.

  In the domain of metacognition, students will demonstrate their ability to differentiate between needs versus wants and fixed versus variable expenses to create a monthly budget for Milo. Students will be expected to justify their conclusions they came to within their groups.

• Learning Objectives

  
  

  Students will be able to:

  • Work with a small group to create a monthly budget for Milo that will help him achieve his personal and career goals.
  • Develop a budget and provide a rationale for each category of the budget necessary for Milo.
  • Consider Milo’s needs versus wants and fixed versus variable expenses that relate specifically to his goals.

• Prior Knowledge

  
  

  Students should be familiar with/able to:

  • Identify between needs and wants.
  • Have a basic understanding of fixed expenses and variable expenses.
  • Have an understanding of what a budget is and its intended purpose.

• Guiding Questions

  
  
  • In what ways can individuals improve spending so they can better manage their money?
  • What suggestions would you give someone trying to improve their financial future?

• Procedure

  
  

  1. Activate prior knowledge with the following prompt written on the white board:

  • Define the term ‘budget’ in your own words

  2. Allow students to share their responses. Help guide any discussion toward the conclusion that a budget is a plan of what your income for a set period of time will be spent on.

  3. Ask students to partner talk and brainstorm consequences of not having a budget and failing to manage money well.

  4. After a few minutes, have partners share their consequences with the class. Answers will most likely vary. Make sure to draw attention to the fact that there are, in fact, many potential consequences to not managing money well.

  5. Introduce the case study, “We Don’t Talk About Milo,” (see CPALMS Resource ID # 222029) and have students read and annotate independently.

  6. After reading the case study, the teacher will break students into small groups and give each group a copy of Milo’s Monthly Finance Report to review.

  7. As students are reviewing the document and case study, pose the following questions for discussion within the groups:

  • Which expenses of Milos would you consider needs, and which would you consider wants?
  • Which expenses of Milo’s would you consider fixed, and which would you consider variable?
  • What types of categories/expenses may Milo need to achieve his personal goals?
  • What types of categories/expenses may Milo need to achieve his career goal?

  8. Allow several minutes for discussion for each question.

  9. After the final question has been posed and discussed within the small groups, the teacher will introduce the integrated activity:

  • Using the case study, “We Don’t Talk About Milo” and Milo’s Average Monthly Finance Report, students will work in small groups and use their knowledge of needs versus wants and fixed versus variable expenses to create a monthly budget for Milo that will help him achieve his personal and career goals.
  • Students will need to consider elements from the case study and their own life experiences to account for items/expenses Milo may need to make his goals achievable (i.e. work attire to help him get the promotion he wants, and so on).
  • Students will provide a rationale for each category of the budget, explaining the allotted amount and/or why the category is necessary for Milo.
  • Students should use spreadsheets or other technology to help them develop their budget.

  10. Upon completion of the activity, wrap up the lesson with the following Future of Work reflection questions:

  • How could you use your knowledge of needs versus wants, fixed versus variable expenses, and budget-making with future personal finance clients?
  • How could you adapt the budget you create for clients with varying financial situations and needs?
  • What advice would you give future clients who have no idea where to start when it comes to money management.
  • How could you use your knowledge of needs versus wants, fixed versus variable expenses, and budget-making in your own life?

• Teacher Notes

  
  
  • You can give students a budget template or allow them to create their budget how they wish (on a spreadsheet, etc.).
  • You could also have groups present their budgets to the class for discussion and to share different perspectives.