Quick 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).
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.
- 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.
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.
Unit of lessons: Real Wealth Year 7 & 8
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.
Cool Australia’s curriculum team continually reviews and refines our resources to be in line with changes to the Australian Curriculum.