Activity Introduction

In this activity you’ll create a simple budget to help you save for some things on your wishlist. At the end of the month, you’ll reflect on your actual income and expenses and whether you were able to save enough for the things you wanted.

This is a good activity for kids to complete independently, though it would be good to have friends and family around to discuss ideas with. 

Ideal for: Lower secondary

Themes: 

  • think and connect

Time required: 40 minutes, with a one-month follow-up

Curriculum connections: Business and Economics, Personal and Social Capability, Critical and Creative Thinking, Sustainability

Tips for Parents and Carers

There are many different methods used to create a budget. The one chosen for this lesson is a simple version designed for young teenagers who are unlikely to have formal part-time work. To teach kids to create a budget, they will need to predict and then keep a record of all income sources and all of the known expenses for wants for one month. We will assume that at this age, students are not required to pay for goods or services considered ‘needs’.

Lesson & Curriculum Details

Curriculum codes:

Complete lesson for classroom teachers:

It’s your choice – Year 7

 

Resources Required

  • Device with internet capability
  • Pen and paper (optional)

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Learning@Home from Cool Australia

Learning@Home resources are designed for parents and teachers to use with children in the home environment. They can be used as stand-alone activities or built into existing curriculum-aligned learning programs. Our Learning@Home series includes two types of resources. The first are fun and challenging real-world activities for all ages, the second are self-directed lessons for upper primary and secondary students. These lessons support independent learning in remote or school settings.

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

Worksheets

Student Worksheet

My Monthly Budget - Activity Instructions

In this activity you’ll create a simple budget to help you save for some things on your wishlist. At the end of the month, you’ll reflect on your actual income and expenses and whether you were able to save enough for the things you wanted.

In order to buy the things you want, you may need to save money. (If you want to create a wishlist of things you want, complete My Wants And Needs first.)

Part A: Sample Budget

Developing a well-planned budget is the best way to help you save. Read this example budget and complete the Income - Expenses sum:

Income/money (per month)

Expenses (per month)

Allowance $40

Babysitting $20

Gift $10

Tuckshop $15

iTunes $10

New jeans $35

Total: $70

Total: $60

Income - Expenses = 

In the example above, how much money was:

1. Earned? $ 

2. Spent? $

3. Saved? $

If this was your budget, how long would it take you to save the money needed to purchase

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