Real-Life Money Management

Grade 11•45 minutes• 9.1.12.FP.1: Create a clear long-term financial plan to ensure its alignment with your values. •9.1.12.FP.2: Explain how an individual’s financial values and goals may change across a lifetime and the adjustments to the personal financial plan that may be needed. 9.1.12.FP.3: Relate the concept of delayed gratification (i.e., psychological distance) to meeting financial goals, investing and building wealth over time. 9.1.12.PB.1: Explain the difference between saving and investing. 9.1.12.PB.2: Prioritize financial decisions by considering alternatives and possible consequences. 9.1.12.PB.3: Design a personal budget that will help you reach your long-term and short-term financial goals. 9.1.12.PB.4: Explain how you would revise your budget to accommodate changing circumstances.

Learning Objective

I can create a realistic budget and adjust it based on simulated real-life financial scenarios at different stations.

Practice Questions

This lesson includes 6 practice questions to reinforce learning.

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1. Regarding the 50/30/20 rule for budgeting as described in the video, give an example of a "need," a "want," and a "saving/investment" for a teenager.

2. Describe a situation where you might need to adjust your budget. What factors would you consider when making these adjustments?

3. The video mentions using budgeting apps or a notes app to track spending. What are the benefits of tracking your spending, and how can it help you achieve your financial goals?

...and 3 more questions

Educational Video

Budgeting Basics for Teens – How to Manage Your Allowance or First Paycheck

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