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Semester Course9.2 Budgeting 101Student Activity PacketName: In this lesson, you will learn to: Understand what budgeting is and why it is important Explain how budgeting can be used to reach their financial goals Describe the importance of calculating one’s net worth and how budgeting can help increase their net worth Determine their personal needs and wants and understand how they play a role in creating an effective budgetResourcesQuestions1 What Does the Average Household Spend Money On? Analyze the image on the worksheet to answer the questions on this Data Crunch.Estimated time: 10 mins2What is Wealth?Many people think that being wealthy means you own “a lot of stuff”. However, it turns out that the number of things you have does not determine your wealth. Watch this video to learn more about what wealth means. Then, answer the questions at right. Estimated time: 4 minsYour friends and you notice a classmate who always has brand new clothes, shoes, and electronics. What would you need to know in order to tell if this classmate’s family is actually wealthy? How do you think keeping a budget can impact your overall wealth? 36 Reasons Why You NEED a BudgetYou probably know by now that a budget is a useful way for you to keep track of your money. But what exactly makes it such a powerful tool? Skim through this article to find out. Then, answer the questions to the right. Estimated time: 6 minsOut of the six reasons provided, which is the most important to you? Why? Despite these six reasons for keeping a budget, many people do not have a budget. Why do you think this is? 4Needs vs. WantsA key part of creating a budget that works for you is determining your needs from your wants. Watch this video to learn more about how you can distinguish between the two. Then, answer the questions. Estimated time: 4 minsWhen deciding if you should buy something, what can you ask yourself to determine if the item is a need or want? Why do you think people spend so much money on their wants despite the financial costs? 5COMPARE: Needs vs. WantsYou’ll now get the chance to reflect on your learning and your personal values to budget your discretionary spending appropriately. Follow the directions on the worksheet to complete this activity. Estimated time: 16 mins6Exit TicketEstimated time: 5 minsGive one reason for why it is important to create, and stick to, a budget. How can budgeting impact your overall wealth? What role do your needs and wants play when creating a budget? ................
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