The Cave of Wonders advised: “touch nothing but the lamp,” but Abu couldn't resist the shiny thing. Think of a time that you really wanted something, but needed to save the money to buy it. What did you decide to do? Should you spend your money on those daily goodies or should you save your money to buy something you really want? Opportunity cost is the opportunity you gave up when you made a choice. What is the opportunity cost of buying those daily goodies? What do you give up? Make a Budget! In this activity, students make a budget after conducting research. Secondary For secondary, use the budgeting basics and calculators for from Practical Money Skills. Check out the Federal Reserve lesson plan on budgeting and download the budget planning spreadsheet below.
After gathering information, students create informational or persuasive posters, public service announcements, songs, or digital stories/memes about making budgets. Elementary For elementary, download the informational texts: Piggy Bank Primer and Great Minds Think. Educators can order free class sets of Piggy Bank Primer and Great Minds Think from the Federal Reserve.
Budget Activity in Great Minds Think Use Great Minds Think: A Kid's Guide to Money to learn about budgets and then complete the budget worksheet on page 7. Students can also use Budgeting Basics to conduct more research. Activities for Piggy Bank Primer 1) Activity 1: Project (pp. 4-6) Piggy Bank Primer: Saving and Budgeting on a screen (or have students read in their individual copies). Students discuss and write how we make choices about the goods and services we want. 2) Activity 2: (pp.7-11) Piggy Bank Primer: Saving and Budgeting. Students discuss and write about why they can't have everything they want and how they can prioritize their wants (refer to the activity on pages 8-9 where they have to decide which goods and services they can buy now and which ones they must save to buy. 3) Activity 3 (pp. 12-15) Piggy Bank Primer: Saving and Budgeting. Students should understand that opportunity cost is the value of the next best thing they gave up when they made a choice. 4) Activity 4 (16-17) Piggy Bank Primer: Saving and Budgeting. Students should understand how costs are something a decision-maker gives up and benefits are something they gain. On page 17 they make an informed decision by comparing costs and benefits of spending alternatives. Use the News! Use this activity on budgeting we created based on a Tampa Bay Times Newspaper in Education supplement. Watch the Whole New World video. Then, provide some advice to Aladdin on how he can create a budget so he can save for his next new flying carpet. Extension Activities
Florida Standards: Check out the standards covered by the activities on this post about budgets.
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