Creating a Monthly Budget – Lesson Plan #2 – Budget Brainstorm

Lesson Title: Creating a Monthly Budget – Budget Brainstorm

Subject Area(s): Mathematics

Grade Level: High School (9-12)

Author: Mike Dillon

Lesson Summary: In this lesson, the students will work in groups to brainstorm about what types of items should be included in a monthly budget. They will use a graphic organizer to develop their ideas. Then they will organize the items into general categories: Housing and Utilities, Cars and Secured Items Purchased on Credit, Loans, Credit Cards, Necessities, Additional Expenses, etc. The information will later be integrated into a spreadsheet that the student will use to conduct a budget simulation.

Instructional Objectives:

Conditions

1)In small groups, the students will brainstorm and generate a list of items to be included on the monthly budget.

2)The students will conduct an Internet search to locate examples of budgets.

3)The students will categorize each of their items into several general categories.

4)In the large group, the students will assess the small group lists and compile a list final list of budget items that the class will use for the remainder of the project.

Criteria for Measurement

1)Each small group will present a completed graphic organizer and a categorized list of their budget items to the larger group.

2)Students will participate in the discussion and assessment of final budget item list.

Content

1)The content includes information about what types of items need to be considered when compiling a monthly budget for paying bills and other living expenses.

2)The students will use the Internet to located additional information about items on a budget.

Lesson Plan Standards:

Local Standards (Postville Community Schools)

1)Standard 1 – “Student can understand and apply number properties and operations.”

2)Standard 3 – “Students can solve a variety of math problems.”

3)Standard 4 – “Students can interpret data presented in a variety of ways.”

National Council for Teachers of Mathematics (NCTM) Standards

1)Instructional programs from pre-K through grade 12 should enable all students to—

  • build new mathematical knowledge through problem solving;
  • solve problems that arise in mathematics and in other contexts;
  • apply and adapt a variety of appropriate strategies to solve problems;
  • monitor and reflect on the process of mathematical problem solving.

2)Instructional programs from pre-K through grade 12 should enable all students to—

  • organize and consolidate their mathematical thinking through communication;
  • communicate their mathematical thinking coherently and clearly to peers, teachers, and others;
  • analyze and evaluate the mathematical thinking and strategies of others;
  • use the language of mathematics to express mathematical ideas precisely.

3)Instructional programs from pre-K through grade 12 should enable all students to—

  • recognize and use connections among mathematical ideas;
  • understand how mathematical ideas interconnect and build on one another to produce a coherent whole;
  • recognize and apply mathematics in contexts outside of mathematics.

Instructional Materials:

1)Computer

  1. The main function of the computer will be to located information on the Internet about potential items that should be included on the budget.

2)Think Sheet Graphic Organizer (see the attached worksheet)

3)Budget Categories Worksheet (see the attached worksheet)

4)Overhead projector, Transparencies of the Worksheets, Overhead or Whiteboard Markers

Problem Statement: The overall goal of the project is to develop a monthly budget and simulate the budgeting process over the course of a given year. In today’s activity, you are going to brainstorm ideas about what types of items should be included in monthly budget. You will use a graphic organizer to help you in the brainstorming process.

Lesson Introduction: This activity is the second phase in the project. To introduce the lesson, ask the students to think about what types of items should be included in a monthly budget of bills and other living expenses. Give the students the NTeQ Think Sheet Graphic Organizer, split them into small groups, and have them brainstorm as many different ideas as possible. The students may go to the computer lab to access the Internet to find examples of budget or to develop ideas of what they should include on their budget. After the students have completed the brainstorming sessions, have them categorize their items into the following general groups: Housing and Utilities, Cars and Other Secured Items Purchased on Credit, Loans, Credit Cards, Necessities, Additional Expenses, and Other. Let the students know that they will need to report to the larger group in order to compile a master list of the items.

Results Presentation: At the completion of the activity, the students will turn in a copy of the “Think Sheet” Graphic Organizer and printed copy of their spreadsheet.

Computer Integration: The computer will be needed to conduct Internet research. In a future lesson, they will later use a spreadsheet application with the information they gather in this lesson to conduct a budget simulation.

Computer Activities:

Activities Prior to Computer Use

1)In small groups, students will brainstorm ideas about the items that should be included on the budget. They will use the “Think Sheet” Graphic Organizer in the brainstorming process.

Activities During Computer Use

1)The students will used the Internet to aide in the brainstorming process. Students will work in small groups to conduct the search.

Activities After Computer Use

1)Students will wrap up the brainstorming session.

2)Students will categorize their items into general groups.

3)The small groups will report their ideas to the larger group.

4)The class will discuss and assess the items and decide if things need to be taken off the list or added to it. The class will agree on a final master list that everyone will use in later portions of the project.

Supporting Activities (optional):

1)None at this time.

Culminating Activity: The culminating activity of the entire project is a budget simulation where the students use the data about their careers, data and brainstorming ideas about the structure of a budget, additional variables determined by the teacher, etc. to simulate the budget process for one year.

Implementation Plan:

1)Students will use the computer as part of the brainstorming process. The students will be expected to only access the Internet. The students should only be on appropriate websites.

2)Students will work in small groups. Each group will have access to one computer.

3)For this portion of the activity, students will work in small groups individually as they conduct their research. Students will only have a limited amount of time to conduct research. The students will be responsible for splitting up the work and tasks among themselves.

4)While on the Internet, the students should only access the designated websites. In addition, the students will have the opportunity to search for additional websites. They should only be on websites applicable to their research. Advertisements and other pop-ups should be closed immediately. Music websites, other searches, etc. are not necessary.

5)Downloads are not necessary for this activity. No information should be downloaded. In a special case, the student should get permission from the teacher.

6)The students should talk to the teacher first for assistance. If students are completing the necessary tasks in a timely fashion, then they can help each other with questions.

7)Students should contact the teacher immediately if there are any problems. The students should not attempt to troubleshoot without the assistance of the teacher.

8)At the conclusion of the class, the students should save and print the information worksheets. They should close all programs and properly shut down the computer. They should remain in the classroom until directed by the teacher.

Assessment:

The following rubric can be used to assess the students for this activity:

Think Sheet Graphic Organizer/Categorized Budget Items / SCORE
0 / 8 / 16 / 24 / 32 / 40
Did not complete the necessary information. Left out significant amounts of information. Did not follow directions. Wasted class time. Did not work well with small groups. / Filled in most of the information. Did not provide many extra details. Did minimum work to complete the assignment. Did an average job of using class time effectively, contributing original ideas, etc. / Completed the questions accurately and with sufficient details. Used class time effectively and contributed to the group discussion. Add many original ideas to the group and displayed critical thinking skills..
Group Discussion/Participation
0 / 1 / 2 / 3 / 4 / 5
Did not participate in the group discussion. / Participated only when called on. / Participated consistently in group discussion. Contributed voluntarily.
Computer Behavior
0 / 1 / 2 / 3 / 4 / 5
Did not use class time effectively. Was on inappropriate websites for this task. Did not use hardware or software correctly. Did not observe the computer lab rules. / Generally followed computer lab rules. Completed assignment but was occasionally off task. Use the hardware and software correctly most of the time. / Use class time effectively. Was on appropriate websites for this task. Searched additional websites for more information. Used the hardware and software appropriately. Observed computer lab rules.
TOTAL POINTS 

– CREATING A MONTHLY BUDGET –

“Think Sheet” Graphic Organizer for Budget Items

NAME:

This project deals with creating and implementing a monthly budget. Budgeting your money depends on a variety of things. This “Think Sheet” is designed to get you thinking about what types of items should be included on a budget.

Working in small groups, use the following graphic organizer to brainstorm ideas about the items on a personal budget for living expenses and paying bills.

BUDGET ITEMS

– CREATING A MONTHLY BUDGET –

Categorizing Budget Items Worksheet

NAME:

This project deals with creating and implementing a monthly budget. Budgeting your money depends on a variety of things. This “Think Sheet” is designed to get you thinking about what types of items should be included on a budget.

Working in small groups, use the following chart to organize the budget items into the designated categories.

Housing and Utilities / Car Loans and Other Items Purchased on Credit / Loans
Necessities / Credit Cards / Additional Expenses