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Project Title: Personal Budgeting

Project Idea:

Students will collaborate with peers to create a portfolio presentation to fellow graduates (their group) at their ten-year high school reunion Students are to describe their life since high school.  Students are to include information about family and describe accomplishments and failures professionally and financially.

Entry Event: After researching an assigned personal career, students will participate in a simulation to experience making spending, saving and investing choices and create a budget. Students will attempt to purchase items and services from community businesses (banker, taxes, investing, grocery store, utilities, insurance, auto sales, home/apartment rental or purchasing, etc.).

Content Standards:

|Standards Directly Taught or Learned |Identified Learning Targets |Evidence of Success in Achieving Identified Learning Target |

|Through Discovery | | |

|SS.C.32 Examine the expectations and |Knowledge |Go onto the internet then research and analyze assigned career(s) |

|benefits of potential careers and |Types of careers. |Class discussion and generated see below for Personal Budgeting Step 1 |

|their impact on lifelong earning |  | |

|potential |Reasoning | |

| |Evaluate assigned career | |

|SS.C.34 Examine the causes of |Knowledge |Accurately read and interpret a pay stub |

|bankruptcy and how to avoid them |Define gross income, net income |Explain benefits package |

| |Calculate gross income, net income |Determine gross and net incomes |

| |Differentiate types of taxes, insurance and |Complete federal income tax forms. See below for Personal Budgeting |

| |retirement options on a pay stub |Step 5 |

| |  | |

| |Reasoning | |

| |Identify items on W2 forms | |

| |Identify types of taxes, | |

| |Identify types of insurance, | |

| |Identify types of pension (retirement) plans | |

| |Identify items on a payroll stub | |

|SS.C.30 Investigate the cost of |Define; Personal budget, income, expenses, |Create a personal budget using (see below) Budget Template |

|postsecondary education |bankruptcy, global economy, local economy, national|Create a personal finance plan using (see below) Personal Finance Plan |

|Determine personal exspenses |economy | |

|(hobbies, restaurants, entertainment,|  | |

|transportation, gas, bills, rent, |Reasoning | |

|insurcne, cellphone) |Determine income | |

| |Determine expenses | |

| |Analyze a personal budget | |

| |Analyze causes of individual bankruptcy | |

| |Analyze the implications of bankruptcy | |

|SS.C.38 Utilize traditional and |Knowledge |Reconcile Bank Statement |

|online banking services as well as |Be familiar with personal checking accounts |

|examining fees, services and hidden |Describe personal savings accounts |/ |

|costs of checking, savings, debit |Describe ATM services | |

|cards, Certificates of Deposit, etc. |Define check cards | |

| |Characterize Certificates of Deposits | |

| |Identify loans available | |

| |Identify investment services available | |

| |Reasoning | |

| |Describe banking services available | |

|SS.C.38 Utilize traditional and |Knowledge |Completion of credit applications |

|online banking services as well as |What is credit |Types of different lines of credit |

|examining fees, services and hidden |Appropriate uses of credit |

|costs of checking, savings, debit |Identify hidden costs |1.htm |

|cards, Certificates of Deposit, etc. |Credit cards | |

| |Identify personal line of credit | |

| |  | |

| |Reasoning | |

| |Identify relationship between types and cost of | |

| |credit | |

|SS.C.39 Examine financial habits that|Knowledge |See below for Personal Budgeting Step 8 |

|promote economic security, stability,|What is saving? | |

|and growth: |What is investing? | |

|Investments (e.g., stocks, mutual |  | |

|funds, certificates of deposits and |Reasoning | |

|commodity trading) |Formulate a savings/investment plan | |

|SS.C.39 Examine financial habits that|Knowledge |Organizer showing types, characteristics (benefits), and relative costs|

|promote economic security, stability,|Types of insurance policies available |of insurance available. See below for Personal Finance Step 7 |

|and growth: |  | |

|Insurance (e.g., life insurance, |Reasoning | |

|health insurance, automobile, home |Cost and benefits of various types of insurance. | |

|and renters insurance, and retirement| | |

|plans | | |

Performance Objectives:

Know

The difference between gross and net income.

Access to career choices.

How to make saving and investing choices

Types of insurance

Do

Students will create a personalized 21st-century budget.

Balance a bank statement

Create a personal financial plan

Open bank accounts

Driving Question: Why do I need a personal budget?

Assessment Plan:

| |none |

|Major Group Products | |

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|Major Individual Products |Community activity check sheet |

| |A Personal Budget. |

| |Personal financial plan |

| |Completed 1040 EZ tax form |

| |Reconciled bank statement (savings and checking accounts) |

| |Completed credit card application, auto loan application, |

| |Excel spreadsheet for investing |

| |Chart – cost of borrowed money |

| |Graphic organizer – types of insurance |

Assessment and Reflection:

|Rubric(s) I will use: (Check all that apply.) |Collaboration | |Written Communication | |

| |Critical Thinking & Problem Solving | |Content Knowledge (see below for Personal Monthly|X |

| | | |Budget Rubric) | |

| |Oral Communication | |Other (see below for Portfolio Rubric) |X |

|Other classroom assessments for learning: (Check all |Quizzes/ tests |X |Practice presentations | |

|that apply) | | | | |

| |Self-evaluation (see below for End of Project |X |Notes | |

| |Self-Evaluation) | | | |

| |Peer evaluation | |Checklists/observations | |

| |Online tests and exams | |Concept maps |X |

|Reflections: |Survey | |Focus Group | |

| |Discussion |X |Task Management Chart (see below for Task |X |

| | | |Management Chart) | |

| |Journal Writing/ Learning Log | |Other | |

Map the Product:

Product:

|Knowledge and Skills Needed |Already Have Learned |Taught Before the Project |Taught During the Project |

|1. Differentiate between wants and needs | |X | |

|2. Differentiate between gross and net income | | |X |

|3.  Construct, analyze and monitor a personal budget | | |X |

|4. Categorize types of insurance policies | | |X |

|5. Differentiate between saving and investing | | |X |

|6. Advantages and disadvantages of credit | | |X |

Resources:

School-based Individuals:

Administration - scheduling

Technology:

Computer or computer lab with internet access

MS Excel

MS Word

PowerPoint

LCD projector

Community:

Banker,

Certified Financial Planner,

Representative from a grocery store,

Realtor,

Auto Dealer,

Insurance agent,

Tax preparer,

Parent volunteer(s)

Utilities representative(s) water/sewer, electric, gas

Other community members you can think of

Materials:

Worksheets

Individual student folders

Manage the Process:

Before beginning this unit it is highly recommended that teachers provide instruction on understanding the economy as a whole, the need for financial literacy, differences between wants and needs, identity theft and fraud,

 

Special needs students with will complete tasks, but may receive accommodations as needed on an individual basis that may include extended timelines, reading assistance, the breakdown of tasks into smaller components, working with a peer.

 

Step 1. Unit Introduction Have a spirited class discussion on why we budget

 

Step 2.  Careers Students will research assigned careers and provide an overview of the career, types of work activities, skills and abilities required, etc.

 

Step 3.  Community-based budgeting activity   Students will participate in a simulation to experience making spending, saving and investing choices in order to create a budget. Check sheet

 

Step 4.  Let’s add a twist.    Add a challenge that is also fun.

 

Step 5.  Taxes Complete a 1040EZ tax form online

 

Step 6.  Banking Services  Complete a generic credit application and reconcile a bank statement

 

Step 7.  Insurance  Organizer showing types, characteristics (benefits), and relative costs of insurance available

 

Step 8.  Investing  Exploring the fundamentals of investing

 

Step 8.  Wrap it up  Individual assessment and a group discussion using the “fishbowl method”. See below for The Fishbowl Method

Project Reflection and Evaluation:

Group discussion – The Fishbowl Method

End of Project Self Reflection

Personal Budgeting –Step 1

Step 1. Unit Introduction

• Review driving question as a class discussion. Why do I need a personal budget?

• Why budget – this is a lecture discussion as the teacher sees fit.

• Career discussion and research project – also see step two

• Budget Template Demonstrate how students can download a budget template off the internet for Excel. A printed copy of their completed budget will be turned in as part of their portfolio.

Personal Budgeting – Step 5

Step 5. Taxes,

Students are to download and complete a 1040EZ tax return with the information students have already gathered from their assigned career and the twist. Be certain a copy is printed and placed in student folders and be warn students to not actually file the return.

Visit pub/irs-pdf/f1040ez.pdf to download a 1040EZ tax form.

There are additional sites such as Turbo Tax that will do the 1040EZ for free.

Budget Template

You can Google “budget template” or click on the links below to choose a template.

Family Budget Planner



Personal Monthly Budget



Microsoft Planner



Excel Planner



______________________Personal Financial Plan

(your name here)

Updated _____________

(Date)

Current Net Worth $__________________

|Personal Goal |Financial Goal |Steps to take |Timeline |

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Personal Budgeting – Personal Budgeting Step 8

Step 8. Investing

Teachers can invite a guest speaker from a local brokerage house (AG Edwards, Fidelity Investments, etc.) to speak to the class about investing. Also, teachers can create their own presentations to cover what the guest may have missed.

Information should include the following:

• Reasons for investing

• Researching investments

o Sources of investment information

• General principals of investing

o Principal Growth

o Investment returns

• Investment strategies

o Long term

o Diversification

o Types of markets – Bull vs. Bear

o Risks – low vs. high

• Short term vs. long term needs

• Investments – savings bonds, other bonds, retirement accounts (401K, 403b pensions) mutual funds, stocks, real estate,

Students will create a spreadsheet of stocks and/or mutual funds based on the initial project activity. This can be done using Microsoft Excel which has a feature, “Smart Tags”, that allows for updated mutual fund and stock quotes.

Students will create a Personal Financial Plan (see previous page)

Alternative evaluations;

Evaluation can be based on a quiz of the above.

Students can also do an abbreviated version of “The Stock Market Game”

End-of-Project Self-Assessment

Name. ___________________________ Date. __________Period. ____ Project. ___________

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|As a result I learned the following: |

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|About the subject matter |

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|About conducting an investigation |

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|About presenting to an audience |

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|About |

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|I learned my strengths are: |

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|I learned I need to work on: |

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|I would make the following changes if I were to do the project again: (how can this project be improved?) |

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Personal Monthly Budget Rubric

|Criteria |Distinguished |Above Mastery |Mastery |Below Mastery |

| |Expected income shown from all sources|Expected income from more than one |Expected income from one source listed|No personal income included |

|Income |listed |source listed | | |

| |Amount saved per month is realistic |Amount saved per month is realistic |Amount saved per month is of |Not included |

|Savings |and | |questionable | |

| |responsible | | | |

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|Expenses |At least five expenses are listed |At least four expenses are listed |At least three expenses are listed |Less than three expenses are listed |

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|Total the sections | |All sections totaled and budget is |Changes needed to balance budget |Budget is not balanced |

| | |balanced | | |

Portfolio Rubric

|Criteria |Distinguished |Above Mastery |Mastery |Below Mastery |

| |10-9 |8-7 |6-5 |4-3 |

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|Overall Appearance and Content of |Highly organized |Organized and includes complete table |Loosely organized, has cursory table |Loosely organized, no table of |

|Portfolio |with a table of contents |of contents |of contents and introductory statement|contents |

| |Tabs for easy location of |Specific information is difficult to |Specific information is difficult to |Appears to be hastily |

| |artifacts |locate |locate |prepared |

| |Information carefully selected |Easy to read, streamlined | |Sections not logically |

| |Easy to read, streamlined |All present |Readability is diminished |sequenced |

| |All present, labeled and easy to | |Most present |Artifacts missing or not included |

| |locate | | | |

| |All required artifacts present and |All required artifacts |Most artifacts present |Some artifacts present |

|Work samples |labeled clearly |present | | |

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|Sub Total | | | | |

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|Total |

Adapted from cah.csudh.edu/history/PortfolioRubric.pdf -

Task Management Chart

|Step |Name of Activity |Date Begun |Date finished|initial |

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Evaluation and Reflection

The Fishbowl Method

1. Arrange students in a large circle

2. Place a smaller circle of five to seven chairs in the center of the large circle.

3. Have selected students sit in the inside circle. Keep one chair vacant.

4. Students in the inner circle discuss the outcomes of the project. The audience in the outer circle listens. The vacant chair is for any member of the audience who wants to join the discussion to add a comment or ask a question. Once the comment has been made or the question asked, the participant returns to the audience so that another member of the audience may join the inner circle.

Note. The Fishbowl method can be used for project planning or other tasks that require a group discussion

Project based learning 2nd edition, Buck Institute for Education pg 122 copyright 2003

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