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Lesson Plan

Date: 4/13/2016
Name: Bekir Inalhan
Grade: 7th
Lesson: Personal Budgets
Content Area: Math-Area& Budgeting Fun
Duration: Two period 45 min each day.

Standards
TEKS:
7.13: The student applies mathematical process standards to develop an economic way of
thinking and problem solving useful in one's life as a knowledgeable consumer and investor.

7.13.B: Identify the components of a personal budget, including income, planned savings for
college, retirement, and emergencies; taxes; and fixed and variable expenses, and calculate
what percent each category comprises of the total budget.

Example:

The Garza family consists of two adults and two children. Their current monthly income
is $4,800. The circle graph shows their monthly budget. How much money in dollars do
the Garzas spend on housing each month?

Learning Objective:
Students will:

identify the components of a personal budget


plan a personal budget
create a net worth statement

Process Standard:
7.1.A: Apply mathematics to problems arising in everyday life, society, and the workplace.
Students focus on the components of personal budgets including a sample budget for a
young person planning for college, as well as budgets for families covering components such
as taxes, retirement planning, and insurances. Students analyze budgets presented as circle
graphs as well as in the form of tables.

Academic Vocabulary:
Checking account, cost of living, credit card, debt, deposit, expenses, mortgage, salary,
assets, budget, fixed expenses, income, liabilities, net worth, savings ,variable expense

Implementation
Adapted Instructional Material
14.1 Personal Budgets

Identifying the Components of a Personal Budget, Explore Activity 1, Page 430

Identifying Types of Expenses, Example 1, Page 430

Analyzing a Family Budget, Explore Activity 2, Page 432

Online Resources:

Supporting resources:
Professional Development Video
Real-World Video
Teacher's Edition (Go Math book)
Student Edition (Go math book lesson 14.1)

Practice and Problem Solving: A/B (PDF)

Interactive resources:
Example 1

Personal Math Trainer - Practice


Personal Math Trainer - HW
Math on the Spot

Practice - Personal Math Trainer


PowerPoint

Lesson Notes

The arithmetic of a personal budget with columns for income, expenses, and amount
available is similar to that used in keeping a checkbook register. The checkbook register
is a record of all deposits and withdrawals from a given checking account and shows a
running balance after each transaction. The checkbook register is used to perform bank
reconciliation, which is the process of adjusting an account balance reported by a bank
to reflect transactions that have occurred since the reporting date.

Students learn to create a personal budget that includes planned savings. Planned
savings might be for college, emergencies, taxes, or expensive purchases. It is smart to
make planned savings part of every personal budget. Students also analyze a family
budget, which includes fixed expenses as well as variable expenses.

Guiding Question & Enduring Understanding


How do you identify the components of a personal budget?
A personal budget has the amount of money that you earn and the amounts of money
you spend.

How does a budget help an individual or a family manage their finances?


It makes the person or family aware of how much money they have coming in compared
with the expenses that they have. This can help to keep a family from overspending and
make it possible to plan for big purchases.

Procedure
Day 1
Explore Activity 1 (20 minutes):
Daily Life: Jennas budget is for 28 days, most months have 30 or 31 days and some
have 5 weekends, which can impact personal spending. Jennas budget is for exactly 4
weeks.
Vocabulary: Be sure that students understand the meanings of the
words income and earnings. For example, any money received as a gift would be
income but not earnings.
Questioning Strategies:

Why is $80 the second amount listed in the Amount Available column?
You subtract the $20 college fund expense from the amount available in the row above: $100 $20 = $80.

Practice & Homework: Guided-Independent Practice - Exercises 1, 7-8

Example 1 (20 minutes):


Engage: Change the number of lawns mowed to 10, and have students redo the
Amount Available column given the new earnings information.
Technology: Point out to students that each of the monthly budgets could be entered
into an electronic spreadsheet, and the formula function could be used to automatically
calculate the values in the Amount Available column.
Questioning Strategies:

Suppose Garrett wants to save $25 per month for camp. What type of an expense
would that be? Explain.

It would be a fixed expense, since he is to save $25 each month.

Mrs. Everdeen budgets $100 for clothing expenses. Does that mean she spends
exactly $100 on clothes every month? Explain.
No; it is a variable expense. She spends around $100 each month, some
months spending more and some months spending less.

Guided Practice: Have students work on 2 Additional Example 1 and Your Turn,
then explain.
Your Turn:
Critical Thinking: Make sure that students understand the significance of a fixed
expense versus a variable expense. A budget that includes many variable expenses
is harder to maintain than one where most of the expenses are fixed.

Day 2
Explore Activity 2 (20 minutes):
Engage: Cover up the Amount and Amount Available entries. Change the Net Monthly
Income to $3,000. Have student volunteers recalculate the values for the table.
Critical Thinking: Discuss with students how the circle graph would need to change if the
Baker familys net income was $3,500, but the fixed expenses stayed the same. Guide
students to understand if the Housing cost is fixed at $1,400, then the percent that the
Housing cost represents is now 40% instead of 35%. Point out that the loss of income will
result in reductions among the percents of the variable expenses.
Questioning Strategies:

how do you calculate the amount for each category?


Multiply the net monthly income by the percent in decimal form to find the amount in
dollars. To find the percent, divide the amount given by the net monthly income. Then
change the decimal to a percent.

Looking at the circle graph, can you find the two categories that are half of the Baker
familys monthly budget? Explain.
Yes. Sample answer: There are two possibilities: Housing and Food, as well as Housing
and Medical.

Your Turn:
Math Connections: Encourage students to calculate the amounts for each category
using 10% as a benchmark. Since Savings is exactly 10%, that amount can be
calculated mentally: 0.1 $4,500 = $450. Since 1% of $4,500 = $45, each reduction of
1% below the 10% benchmark results in a $45 reduction in the amount. Therefore, the
Entertainment (8%) amount can be calculated as $450 2($45) = $360. Similarly,
categories that are multiples of 10% can be calculated using the 10% benchmark by
multiplying by $450.
Practice & Homework: Guided-Independent Practice - Exercises 4-5, 9-12
Example 4 (20 minutes):

Evaluation:
Personal Math Trainer

Quiz
14.1 LESSON QUIZ
Ryan is creating a budget to save $500 for riding lessons. He earns $25 each time he cleans
out the barn at the stables. He cleans the barn 3 times per week. He plans to save $25 each
week toward the riding lessons, and he saves $5 a week for college. He is planning on $15 a
week for clothes, $10 a week for entertainment, and $8 for snacks.
1. Construct a table.
2. Circle the expenses that are fixed
3. How many weeks will it take Ryan to save $500 for the riding lessons?

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