Activity Introduction

bbrw-numbers-photoframe-newQuick summary: Students learn about the importance of budgeting to plan and make wise decisions about how to use their income to meet their short and long-term expenses. Students begin by interrogating their needs and wants, and creating a wish list of things to budget for. In doing so, students are asked to think about alternative ways of saving money and acquiring the things they want, such as sharing, trading or making second-hand purchases. Students will then create a monthly budget for themselves. Finally, they are asked to reflect on the role of choice in budgeting and how we can budget for the non-monetary needs and wants in our lives (such as friends, family, free time and happiness).

BB logo coolest partnerBendigo Bank is passionate about connecting with and enriching communities across Australia. Cool Australia and Bendigo Bank share the common goal of bringing communities together through educational programs that help to build sustainable communities for the future. This lesson supports students to inquire into the big idea of ‘real wealth’. Students develop an understanding of shared values, and build their sustainable and ethical financial knowledge, equipping them with the skills to make sound financial decisions based on social, environmental and economical merit.

Learning goals:

  • Students will recognise the differences between personal needs and wants and begin to understand that not all needs and wants have a monetary value.
  • Students will understand the role of choice in fulfilling our wants and wish lists.
  • Students understand how to prioritise short-term personal financial objectives and identifying how these objectives can be achieved through developing a budget and having a savings plan.

General capabilities: Numeracy, Critical and Creative thinking, Personal and Social Capability, Ethical Understanding.

Cross-curriculum priority: Sustainability OI.6., OI.8.

Australian Curriculum content description:

Year 7 Economics and Business

  • Why and how individuals and businesses plan to achieve short-term and long-term personal, organisational and financial objectives (ACHEK018)

Syllabus Outcomes: C4.4.

Topic: Consumption

Unit of lessons: Bendigo Bank Real Wealth

Time required: 60 mins.

Level of teacher scaffolding: Medium – read background information on budgeting and look through suggested websites.

Resources required: Student Worksheet – one copy per student OR computers/tablets to access the online worksheet. Device capable of presenting a website to the class. Real Wealth Cheat Sheet, Glossary – Secondary.

Digital technology opportunities: Digital sharing capabilities.

Homework and extension opportunities: None applicable to this lesson.

Keywords: needs, wants, choice, budget, expenditure, expenses, income, predicted, actual, net income, Bendigo Bank.

Cool Australia’s curriculum team continually reviews and refines our resources to be in line with changes to the Australian Curriculum.

Worksheets

Teacher Worksheet

bbrw-credit-card-photoframe-newTeacher preparation

Overarching learning goal: Students will recognise the differences between personal needs and wants. They will begin to understand that not all needs and wants have a monetary value, and will understand the role of choice in fulfilling our wants and wish lists. Finally, students will understand how to prioritise short-term personal financial objectives and identify how these objectives can be achieved through developing a budget and having a savings plan.

Teacher content information: A budget, sometimes called a "spending plan," is an outline of anticipated income and expenses that can be used to track actual cash flow and set spending goals. A budget is an important financial tool that can help your students:

  • Plan for expenses: These include short-term expenses for ‘incidentals’ like snacks on the way home from school and birthday gifts for friends, as well as long term expenses like a new mobile device.
  • Cut spending: A budget teaches students just how much m
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Student Worksheet

Thought starter: Can money buy you happiness?

Part 1. Needs versus Wants

This lesson has been designed for students to meet the requirements of the Achievement Standards for their year level.

  • NEED - When you require something because it is essential to your survival or very important rather than just desirable; needs are the essentials, the basics of life we can’t live without. Examples of NEEDS include water and food.
  • WANT - When you have a desire to possess or do something, when you really wish for something; wants are items, activities or services that increase your quality of life. Examples of WANTS include chocolate and toys.

Think of five things you need and five things you want and rank them on the table below, with 1 being the thing you want or need the most.

NEEDS

WANTS

1.

1.

2.

2.

3.

3.

4.

4.

5.

5.

In your opinion, what is the difference between needs and wants?

Part 2. W

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