Financial Literacy: Household Budget Project
About This Product
Financial Literacy: Household Budget Project - Taxes, Insurance, Loans, Rent, Groceries and More!
This resource is a ready-to-print and engaging project designed to teach high school students about personal finance and budgeting.. Each student is assigned a fictional career with a specific salary and student loan debt- which makes the budgeting process as realistic as possible! You could be a doctor with a high salary and a huge debt, a cashier with no debt but a very low salary, or something in between.
Tasks:
Income tax calculations using percentages written as decimals
Rent options research and saving up for a house down payment in the future
Loan repayment (if you have one)
Transportation options: bus, leasing a car with no money down, saving up for a car
Budget allocations for food and clothing
Making monthly payments such as health insurance, electricity bills, and subscription services
The flexibility of this project allows students to work at their own pace following the step-by-step instructions. If they encounter a shortfall in funds, they will need to re-evaluate their spending habits which offers an invaluable lesson in financial prioritization. Sometimes you can't have it all!
Grades to Use With:
This lesson is primarily designed for high school students in grades 8-12. It could be used in math class, career and personal planning, or family studies course. It could also be used for enrichment in grade 7 or in a life skills class with enough support and the use of calculators.
Flexible Application
This project can be used for whole-group instruction, small-group work, or an independent project. All of the instructions are clearly included, so students should be able to work at their own pace. At the end, a reflection is included so students can discuss what they have learned about the budgeting process. This is the kind of learning that stays with students long after math class ends!
What's Included:
A total of 7 pages in PDF format including 15 unique career cards to assign to students.
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