Budgeting

Author(s):
Lindsay Seifert
Ethan Schreiber

Grade Level: 12th Grade
Timeframe: 10 class periods
55 minute periods
Lesson Description or Explanation
This lesson is to assess and evaluate all aspects of creating a living budget, including researching, “purchasing”, paying for real life expenses, and creating a spreadsheet for calculating a monthly estimate. The students will engage in activities including researching purchase and credit rates, formulating a savings plan, and learning to use computer software to create a spreadsheet budget. These activities will help prepare the students to meet the challenges of post-graduate life with confidence and experience.


Indiana Curricular Standards

Social Studies Economics standard 6
E.6.3 Explain the role of banks and other financial institutions in the economy of the United States (History)
E.6.5 Compare and contrast credit, savings, and investment services available to the consumer from financial institutions.

English Standard 7, Comprehension
12.6.1 Demonstrate control of grammar, diction, and paragraph and sentence
structure, as well as an understanding of English usage.


ISTE Standards
1.Technology research tools
•Students use technology to locate, evaluate, and collect information from a
variety of sources.
•Students use technology tools to process data and report results.
•Students evaluate and select new information resources and technological
innovations based on the appropriateness for specific tasks.

Assessments
Formative/Summative
Formative assessment:
We will be using a variety of ways to assess student learning. The formative form of assessment will be journals, participation, and staying on task throughout the unit. Class discussions will provide great opportunities for formative assessment.

Summative assessment:
To know what the students have learned we will be grading their project, which includes research, calculations, and an essay. The essay will show us not only their skills in economics, but also their English skills. Their budgeting spreadsheet will account for their proficiency in using Excel and a vocabulary quiz will also be given to provide accountability of their learning of the overall topic. These words will be taken from the lesson and will reach several levels of Bloom’s taxonomy.

Prior Knowledge
Curricular Knowledge or Skills:
In this unit, students write an essay with a specific rubric requiring them to take their English skills and apply them in Economics. They must also create connections from their own lives that are related to the project topics. This unit is one of the first units of the semester and it will be used to enter into a unit that specifically ties into Economics Standard 6, Money and the Role of Financial Institutions. This unit will be brought up throughout the entire semester and is needed as a stepping stone to introduce how this entire subject, Economics, is important to the student.

Technology Knowledge:
Technology is something that some students will be well versed in while others may not have had the same opportunities to. This will be taken into consideration and we will assess their knowledge during the research part of the assignment and use that assessment to find a starting point on the technology part of the unit.

Questions, discussions, and ungraded quizzes are all pre-assessment strategies that could be used to activate prior knowledge and allow us to know the overall knowledge of the class in Economics, English, and Technology.

Technology

Internet Resources: (please list URLs)
www.kbb.com
www.rent.com

Hardware:
Computers with Internet Access

Software:
Excel
Microsoft Word

Procedure
Day 1:
Introduction/Anticipatory Set: Do Now: In your journals, compile a list of everything you have bought in the last 2 days.

Procedures:
Part 1 (5 minutes) – Do Now (formal – formative assessment)
Part 2 (10 minutes) – Direct instruction (PowerPoint)
A. Budget
a. Define
b. Example
c. Why is it taught in this unit?
d. Importance in real life
Part 3 (15minutes) – Introduction to Life Project
A. Divide Groups
B. Select Packets
C. Read over assignment
D. Questions
Part 4 (10 minutes) – Exploration of Project
Part 5 (5 minutes) – Journal – what things might you need to cut out of your budget after seeing your income? What are you most excited about finding out about after looking at the project? (formal – formative assessment)
Part 6 (10 minutes) – Class discussion

Any accommodations will be addressed prior to the lesson.

Closure/Evaluation: Class Discussion: What things (from the Do Now) might you need add or cut out of your budget? What is the first thing you are going to look for when budgeting? (price) What are some tools we could use to create a budget? This discussion is not formal, and will connect to the day’s lesson. It will also get the students thinking about their project and what tools we may be using. (informal – formative assessment)



Day 2:
Introduction/Anticipatory Set: Do Now: In your journals, write about what you are going to look for in an apartment for this project.

Procedures:
Part 1 (5 minutes) – Do Now (formal – formative assessment)
Part 2 (20 minutes) –Direct Instruction (PowerPoint)
A. Security Deposit, Contract, Lease
a. Define
b. Example
c. Why is it taught in this unit?
d. Importance in real life
B. Check Activity on Board
a. Journey of a check
Part 3 (20 minutes) – Research Apartments
***Monitor students to make sure they are staying on task***
Part 4 (10 minutes)- Class Discussion

Any accommodations will be addressed prior to the lesson.

Closure/Evaluation: Class Discussion: What things did you have to look for in apartments that you did not write in your journals? Anything surprise you will looking at apartments? This discussion is not formal, and will connect to the day’s lesson. (informal – formative assessment)



Day 3:
Introduction/Anticipatory Set: Do Now: In your journals, is the difference between a credit card and a debit card?

Procedures:
Part 1 (5 minutes) – Do Now (formal – formative assessment)
Part 2 (25 minutes) – Direct Instruction (PowerPoint)
A. Commercial banks, savings banks, credit unions.
a. Define
b. Example
c. Why it is taught in this unit?
d. Importance in real life
B. Discussion of these institutions and where they are located around us.
Part 3 (20 minutes) – Teacher led discussion on credit cards vs. debit cards.
A. Student opinions
B. Teacher opinions
Part 4 (5 minutes) – Reflect in your journals. Were you right about credit cards and debit cards? (formal – formative assessment)

Any accommodations will be addressed prior to the lesson.

Closure/Evaluation: Class Discussion: Credit vs. Debit cards. This discussion is not formal, and will connect to the day’s lesson. (informal – formative assessment)



Day 4:
Introduction/Anticipatory Set: Do Now: In your journals, a credit card company sends you a flyer saying ‘Congratulations, you are qualified to receive $10,000!’ After doing the reading last night, should you take it or not? Why?

Procedures:
Part 1 (5 minutes) – Do Now (formal – formative assessment)
Part 2 (40 minutes) – Divide students into groups and assign sections.
A. Are you Credit Worthy – Credit Rating
B. Types of Credit – Loans, Credit Cards
C. Finance Charges – APR
- Students will be responsible for teaching two other groups their section.
Part 3 (10 minutes) – Class Discussion – Would you take the money after today’s lesson?

Any accommodations will be addressed prior to the lesson.

Closure/Evaluation: Do now discussion. This discussion is not formal, and will connect to the day’s lesson. (informal – formative assessment)



Day 5:
Introduction/Anticipatory Set: Do Now: In your journals, write a list of what you use computers for.

Procedures:
Part 1 (5 minutes) – Do Now (formal – formative assessment)
Part 2 (25 minutes) – Direct Instruction- This is another way to use computers!
A. Excel Handout
Part 3 (25 minutes)- Research
A. Apartments and Cars

Any accommodations will be addressed prior to the lesson.

Closure/Evaluation: Journals will be picked up and checked (Considered part of deadline grade)
Also, I will walk around to make sure the students are following along with the handout and verbal instructions.



Day 6:
Introduction/Anticipatory Set: POP QUIZ!

Procedures:
Part 1 (10 minutes) – Verbal Pop Quiz over last night reading.
Part 2 (25 minutes) – Direct instruction
A. Deductible, Co-payment
a. Define
b. Example
c. Why is it taught in this unit?
d. Importance in life
B. Worksheet and Simple Calculations
Part 3 (20 minutes) – Research
A. Apartment, Car, Mileage

Any accommodations will be addressed prior to the lesson.

Closure/Evaluation: Pop Quiz over readings

Homework: Proof of apartment, car, and mileage DUE!
Points taken off per rubric for late work.



Day 7:
Introduction/Anticipatory Set: Do Now: In your journals, write about the problems you and your new roommate have run into so far. If none, what is the most surprising thing you have found?

Procedures:
Part 1 (5 minutes) – Do Now (formal – formative assessment)
Part 2 (50 minutes) – Research
A. Walk around and make sure each group has the previous day’s assignment done.
B. Things they should be working on:
a. Electric Bills
b. Insurance
c. Childcare
d. Groceries
e. Fun items
f. Essay
g. Budget
***Monitor students to ensure they are staying on task and are using their time appropriately***

Any accommodations will be addressed prior to the lesson.

Closure/Evaluation: Students stayed on task and used their time efficiently.



Day 8:
Introduction/Anticipatory Set: Do Now – Study!
Procedures:
Part 1 (5 minutes)- Study, study, study!!!
Part 2 (50 minutes) – Review Game
A. Break class into three groups.
B. Each group will send one team member to the board.
C. They will be given a word from the vocabulary list and what to do with it:
a. Define it
b. Use it in a sentence
c. Write it’s significance to this unit
d. Draw a picture of it.

Any accommodations will be addressed prior to the lesson.

Closure/Evaluation: Team Participation



Day 9:
Procedures: Quiz Day!

When done with quiz, students may quietly work on their essay independently. If they are finished with their essay, they may read or work on other academic endeavors that allow them to work quietly and at their seats.

Any accommodations will be addressed prior to the lesson.

Closure/Evaluation: Quiz



Day 10:
Introduction/Anticipatory Set: Do Now: Get desks in a circle.
Procedures:
Part 1 (3 minutes) – Do Now
Part 2 (52 minutes) – Student led Discussion
***Teacher will step in when needed to guide discussion back on topic***
-Before being graded all projects will be passed around for
peer viewing.

Any accommodations will be addressed prior to the lesson

Closure/Evaluation:
Class Discussion-This discussion is not formal, and will connect to the day’s lesson. It will also get the students thinking about their project and what tools we may be using. (informal – formative assessment)
Final Project and Essay



Differentiated Instruction

ESL
We have acquired many new tools in this class that would be great to ensure all of the students had the same understanding of the assignment and the subject. Some of the tools that could be used to translate information such as the packet and the Excel handouts are:

http://translation.paralink.com/
http://babelfish.altavista.com/
www.worldlingo.com

With this assignment we would probably send home a pamphlet to the parents/guardians so they can better understand what their students are doing in our classroom. This could also be translated into Spanish for certain students.

Challenge/Extend
A student needing a challenge in our classroom could take this assignment to the next level by looking into college tuition and student loans and using excel to calculate the cost of that and entering that into his/her budget. This is a group assignment, but this is something that an individual student could be asked to do. While we think that is a great tool for all students to have, with limited amounts of time there is only so much a teacher can cover. They could also jump ahead to information on opportunity costs.

Special Needs
http://www.wested.org/cs/tdl/print/docs/tdl/home.htm
This website offers a wide variety of tools and information that would help us modify a lesson plan to meet certain needs. With this being a group assignment there would be the assistance of peers as well as the technology available online and at our school. It is very difficult to explain what tools we would use in every modification case, but some of the tools that could be used would be:
-Digital Text
-Audio Supports
-Digital Enhancement
-Visual Supports