LESSON PLANS
Learning Activity #1
As students are getting prepared to enter the real world they are going to have a rude awakening unless taught properly how to budget the money they will be working for. It is our goal to help them learn now so that when the realities of living on their own will be upon them, they will be able to make it without getting into too much debt.
For this activity, you will have students research what their living expenses will be when they go to the college of their choosing. The following list is a sample of things that the students should look into:
1. College tuition
2. Housing
3. Books
4. Food
5. Car/gas
6. Phone bill
7. Entertainment
8. Insurance
9. Utilities
10. Unexpected costs
As the students are looking into these areas have they give a detailed account of any other expenses they may encounter. The goal is to make this as realistic as possible. Foe example:
1. College tuition
a. If a student is attending BYU then their tuition would be $2,145. Plus in addition to that there is a cost for fees. So in addition to the $2,145 the student should anticipate about $100 for fees.
2. Housing
a. Have the students after they have picked a college figure out how much it would be to live in the dorms.
*Some students may choose to live at home and attend school near there. If this is the case, invite them to look into how much transportation costs will be (just make it as realistic as you can for them).
Last but most importantly is to have the students list all of their income that they have now (i.e. in savings) plus look for a job that they would want in college and to list what their wage would be. This may also include what the parents will help with or scholarships the students may get.
Learning Activity #2
With the information about expenses that the students have just gathered it is now time to learn how to make due with the money that we have and learn how to budget it accordingly. We want the students to see what it will take to get through school and the importance of budgeting the money you have.
At http://financialplan.about.com/od/moneyandcollegestudents/l/blcollbudget.htm you will find a budget worksheet that the students can print off and figure out how easy it really is to budget their money…well at least how easy it is to write it down. Some of the areas will not work for the students because they may not necessarily have a need for all of them. If that is the case have the students white it out and write in a description of something more realistic to them.
Once they have completed the project invite them to start implementing it into their own lives. Have they create a real budgeting system. Some students may like the filing folder approach. Others may prefer if they have a bank account to just do it write on-line. Let them chose something that will be beneficial to them.
The evaluation of the assignment comes in three different parts. Before talking to the students about budgeting ask them to write down what they are doing now with the money they are earning or getting. The answers may surprise you but it will also probably surprise the students to as they really think about where all their money is going. Once you have talked to the students about budgeting and creating a way to manage their finances invite them to write about how they will implement the teachings. Then at the end of the unit (after the budget on paper has been created as well as the system they will use) invite the students to write about what their ideas of budgeting are now. Have them tell you what some of the things they have learned. This evaluation will help the students really begin to put into words their concerns or their excitements.
As an example we will make up information from Learning Activity #1
Income
Job: $500 per month
Scholarships: $5,000 (full tuition scholarship)
Parents: $0
Loans: $0
Financial aid: $0
Expenses
College tuition: $2,145 per semester
Fees: $100 per semester
Books: $300 per semester
Rent: $275 per month
Utilities: $20 per month
Food:
-Groceries: $100 per month
-Eating out: $50 per month
Phone Bill: $30 per month
Gas: $50 per month
Insurance: $50 per month
Entertainment: $30 per month
Miscellaneous expenses: $50
Next we will input the information into the correct spot. The things listed above will go into the monthly budget if there is a per month next to it but if it says per semester place it in the semester budget.
DEMONSTRATION OF SOFTWARE
BUDGET WORKSHEET FOR COLLEGE STUDENTS
| CATEGORY | MONTHLY | MONTHLY | SEMESTER | SEMESTER |
| INCOME: |
|
|
|
|
| From Jobs | $500 |
|
|
|
| From Parents | $0 |
|
|
|
| From Scholarships |
|
| $2,500 |
|
| From Financial Aid | $0 |
|
|
|
| Miscellaneous Income | $0 |
|
|
|
| INCOME SUBTOTAL | $500 |
| $2.500 |
|
|
|
|
|
|
|
| EXPENSES: |
|
|
|
|
| Rent or Room & Board | $275 |
|
|
|
| Utilities | $20 |
|
|
|
| Telephone | $30 |
|
|
|
| Groceries | $100 |
|
|
|
| Car Payment/Transportation | $0 |
|
|
|
| Insurance | $50 |
|
|
|
| Gasoline/Oil | $50 |
|
|
|
| Entertainment | $30 |
|
|
|
| Eating Out/Vending | $50 |
|
|
|
| Tuition |
|
| $2,145 |
|
| Books |
|
| $300 |
|
| School Fees |
|
| $100 |
|
| Miscellaneous Expense | $50 |
|
|
|
| EXPENSES SUBTOTAL | $655 |
| $2,545 |
|
|
|
|
|
|
|
| NET INCOME (INCOME LESS EXPENSES) | -$155 |
| -$45 |
|
As we can see we are in the hole in both areas. Students are then as the month goes on they will see what they actually have done and can then adjust the budget accordingly. Right now though it gives students a sense that life is going to be expensive but it is worth it to accomplish the goals and ambitions they have for themselves. Through careful planning they can use the budget system wisely and effectively.
*I recommend doing the worksheet in two different colors—one for budget and one for actual*
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