Budgeting Your Money

Civics The American Economy Budgeting Your Money
Students learn what budgets are in general and budget their weekly time. Next they learn how to build a personal budget for a household. Then they analyze the 2015 federal budget’s revenue and spending and compare it to a personal budget. Finally, students apply what they learned to build a budget for the Chess Club using given data.

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Overview

In this experience, students learn what budgets are in general and they budget their weekly time. Next they learn how to build a personal budget for a household. Then they analyze the 2015 federal budget’s revenue and spending and compare it to a personal budget. Finally, students apply what they learned to build a budget for the Chess Club using given data.

Objectives

  • Define what a budget is.
  • Explain the process of building a personal budget.
  • Analyze the components of the federal budget.


Engage


You may be familiar with the word budget, which describes the allocation of available resources. A budget is often used in relation to money. There are many types of budgets—for example, personal and household budgets, a government budget, school and club budgets. In this lesson, you will learn about different financial budgets.

Objectives

  • Define what a budget is.
  • Explain the process of building a personal budget.
  • Analyze the components of the federal budget.


an illustration of time management: a woman with an hourglass, a superhero figure with a clock, and a woman scratching dates off a calendar

Money is not the only thing that is budgeted. Another thing you may budget is your time. Imagine that today you have an exam in one of your classes. You have one hour to answer four essay questions. You might make a mental budget to spend about fifteen minutes on each question so that you are sure to answer them all.

There are only 24 hours in a day, and sometimes you have too much that you want to accomplish during that time, so you need to plan how long you can spend on a given activity. Open the Homework and Classtime Budgeting Tool.



Can you fit all your activities into 168 hours? Do you need to prioritize and cut down in one area in order to allow time in another area?


Ask for student volunteers to describe their time budgets. Ask them to focus on how they choose priorities and make compromises. Ask students if they have any tips to share with the class for using their time efficiently.


When everyone is ready to continue, unlock the next scene.

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The Complete List of Learning Experiences in The American Economy Unit.
Civics The American Economy What Is a Market Economy?
What Is a Market Economy?
Civics The American Economy American Production
American Production
Civics The American Economy Economic Choices
Economic Choices
Civics The American Economy Living in a Global Economy
Living in a Global Economy
Civics The American Economy The Government and Income Inequality
The Government and Income Inequality
Civics The American Economy Consumers
Consumers
Civics The American Economy Distributing Goods
Distributing Goods
Civics The American Economy The American Economy: Unit Review
The American Economy: Unit Review
Civics The American Economy Capitalism and Free Enterprise
Capitalism and Free Enterprise
Civics The American Economy Government's Role in the U.S. Economy
Government's Role in the U.S. Economy
Civics The American Economy Labor and Management
Labor and Management
Civics The American Economy Buying on Credit
Buying on Credit
Civics The American Economy The Federal Budget: Taxes and Spending
The Federal Budget: Taxes and Spending
Civics The American Economy How Businesses Are Organized
How Businesses Are Organized
Civics The American Economy Entrepreneurs
Entrepreneurs
Civics The American Economy Budgeting Your Money
Budgeting Your Money
Civics The American Economy Banks and Banking
Banks and Banking
Civics The American Economy Supply and Demand in a Market Economy
Supply and Demand in a Market Economy
Civics The American Economy Saving and Investing
Saving and Investing
Civics The American Economy Measuring the Economy
Measuring the Economy
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