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# Budgets

Lesson 12 of 16

## Objective: SWBAT: • Define budget and income • Calculate monthly income • Create a budget for spending

## Big Idea: What is a budget? How do we use it and why is it important? Students work on these questions in the context of the College Project.

*60 minutes*

#### Do Now

*5 min*

See my **Do Now** in my Strategy folder that explains my beginning of class routines.

Often, I create do nows that have problems that connect to the task that students will be working on that day. Here I want students to apply their percent skills. Some students may use division. Some students may calculate an easier percent to start with and work from there. I ask students to share out their thinking.

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#### Brainstorming

*5 min*

I explain that needs are things that you feel you *must *have. Wants are things that you feel are *nice *to have. I have students participate in a **Think Write Pair Share. **I ask students to quickly share out their ideas. It is interesting to hear what students want to do with their money. After yesterday’s lesson **(Loans and Savings)** some students may even say they are going to save it! Win! :)

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#### Needs vs Wants

*5 min*

I explain that needs are things that you feel you *must *have. Wants are things that you feel are *nice *to have. I have students participate in a **Think Write Pair Share. **I ask students to quickly share out their ideas. Some students will list a cell phone as a need, while others will argue it is a want. Students may also debate other issues like clothes. I have had students share that clothes would be both, since you need a basic amount of clothes and then there are clothes that you don’t really need, but you want them.

I have students brainstorm reasons why they might have a short, medium, and long-term savings goal.

#### Resources

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#### Creating a Budget

*15 min*

I have a volunteer read about Nathan. I ask students to identify 100% and 0% of his monthly income. From there, how could we figure out 50%? 10%? It is important that students are always checking their amounts to see if they are reasonable. Should 9% be more or less money than 10% of his monthly income?

What are other expenses that will be easier to find? Students will respond that since we know 10% of his income, 5% and 30% are easy. I have students work in partners to figure out 9%, 14%, and 7%. I walk around and monitor student progress.

Students may struggle at first, and that is okay. Students are engaging with **MP1: Make sense of problems and persevere in solving them**. A common mistake is that students may divide the monthly income incorrectly. For example, they may divide the income by 7 to find 7%. If I see this, I ask what 7% means? What is 10% of his monthly income? Should 7% of his monthly income be more or less money than $250? Why? What is 5% of his monthly income? How do you know? What % would we have to add to 5% to get 7%? Is there a way you can figure out what 1% of his monthly income is?

We come back together to share out strategies on finding budget amounts. I have a few students come to the front to show and explain their work.

I ask how we can check that we didn’t miss anything? I want students to realize that if we add up all of our budget amounts it should add up to $2500. If it doesn’t, we have made a mistake.

#### Resources

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#### Practice

*15 min*

Students move on to problems 2 and 3. Students work independently. I **Post A Key** so students can check their work. I walk around and monitor student progress. I am looking to see what strategies students are using. What % are they most comfortable working with? Which % are causing problems? I use these observations to inform my questions in the lesson closure.

If students are struggling, I may intervene in the following ways:

- Have the student set up the percent ruler with what they know. Work to find 50%, 10%, and 5% first.
- Give students a calculator to check their work.
- Pull a small group to work together.

If students successfully complete their work they can work on the budget section of the College Project.

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#### Closure and Homework

*8 min*

For **Closure **I ask my students to explain in their own words what is a budget. Why is creating a budget important? I remind them that it isn’t enough to actually make a plan, they have to actually do it. I ask students to share ideas about what they could do to make sure that they actually follow a budget. If I have time I show them websites like mint.com, where you can create a budget, make goals, and track your spending and saving.

There will probably be students who have unanswered questions (either during the Closure or at an earlier point in this lesson). I give these students post-its to post their question on the **Project Parking Lot.**

Instead of giving a ticket to go, I collect their work on problems 2 and 3 to analyze.** **For homework**, **I tell students that they need to work on the Budget pages in their College Project. They should complete page 7 and start page 8. They will have to pick which job they want to have from the options on the “Working During College” pages. Option A is easier to create a budget, where as Option B and C will involve rounding to the nearest penny.

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GREAT lesson. I incorporated this into my math models course and the students are very involved and creative in designing a budget for their own personal budget project. Thanks a million for the concept.

| one year ago | Reply

*Responding to Katie Schuff*

Hi Katie! Thanks for the kind words. I have them start it at the beginning of the unit. I usually sign pages as homework after we have worked on the skill in class. For a couple minutes at the end of class I'll do a little preview of where they can find the information they need. Hope that helps!

| 2 years ago | Reply

Hi Andrea,

First, I think this is WONDERFUL. I just have a question for you... when do you start working on the project? I don't see where else in the unit you direct kids to work on it. Is this started from day 1? Also, do you show them in class where to find the information needed?

Thank you in advance!

Katie

| 3 years ago | Reply*expand comments*

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- UNIT 1: Intro to 6th Grade Math & Number Characteristics
- UNIT 2: The College Project - Working with Decimals
- UNIT 3: Integers and Rational Numbers
- UNIT 4: Fraction Operations
- UNIT 5: Proportional Reasoning: Ratios and Rates
- UNIT 6: Expressions, Equations, & Inequalities
- UNIT 7: Geometry
- UNIT 8: Geometry
- UNIT 9: Statistics
- UNIT 10: Review Unit

- LESSON 1: Pretest
- LESSON 2: Going to College
- LESSON 3: Adding and Subtracting Decimals
- LESSON 4: Multiplying with Decimals
- LESSON 5: Multiplying with Decimals Day 2
- LESSON 6: Dividing with Decimals
- LESSON 7: Dividing with Decimals Day 2
- LESSON 8: Dividing with Decimals Day 3
- LESSON 9: Mixed Operation Practice + Scholarships
- LESSON 10: Show what you know + Equivalency
- LESSON 11: Loans and Savings
- LESSON 12: Budgets
- LESSON 13: College Project Wrap Up
- LESSON 14: Unit Review Stations
- LESSON 15: Unit Closure
- LESSON 16: Unit Test