Some students will start off at Level 2 (since their parents already taught them how to do this at home, or they pick things up really quickly), while others will linger in Level 1 Budgeting for a year or more.Īnd that’s totally okay – I just want to give you the tools you need to teach a baseline level of budgeting for everyone you work with.Įach level builds from the previous one – so don’t skip ahead. That’s why I started thinking of how to teaching budgeting in terms of different levels. Let’s face it – even within one classroom of same-aged students, you’re dealing with varying capabilities.ĭifferent learning capabilities, different money skills, different interest and engagement levels, different everything. How to Teach Budgeting – from Beginner to Advanced So how exactly do you get your students to be able to do all of this, from where they are right now?įortunately, I’ve put a lot of thought into this very problem.Īnd I’ve come up with three different levels of budgeting – so that you can teach students budgeting where they are at right now, and have a clear path forward with how to help them develop those critical budgeting skills. That’s a lot – and you typically won’t find spots on teen and kid budget worksheets to support them learning these skills. Understand how to carry a multi-week/multi-month money goal from one budget worksheet to the next.Know how to account for a monthly cost/bill on a weekly budget cycle.Understand the difference between fixed and variable expenses.Calculate budget percentages and compare them to see how their use of money is aligning with their priorities and money values.Track spending, and how that compares to the budget they created (planned vs.Track bill due dates, and line those up with income sources.Create and try on a new budget, based on a future life scenario.Recognize opportunity costs they’re giving up when they prioritize how they’ll use their money.Be able to create both a one-time, occasion-based budget (like with this prom budget template) as well as a personal weekly/bi-weekly budget.Choose a budget cycle duration (weekly, bi-weekly/by paycheck, monthly).Your students will eventually need to know how to: Hint: don’t look at this long list and click off my site – I promise I’ve got some help for how to tackle it, coming up. So, what exactly are the budgeting skills you’re trying to help them develop? It’s always good to understand the end goal (even if your students won’t reach these for years into the future). Budgeting Skills Kids and Teens Need to Learn It’s more like a football playbook that gets marked up, crossed-through, erased, and in general, worked up as the week moves on.Įspecially for kids and teens, who are still learning the budgeting process.īefore we dive into the how of teaching budgeting, let’s get clear on the budgeting skills your students need to learn. Here’s the one thing I want you (and your students) to understand from this article:Ī budget worksheet is not a piece of art. That’s because most budgeting worksheets for teens and kids look the same: a spot to fill in “income”, a spot to fill in “expenses”, and then a column for some simple math to make sure everything works out. Typical budget worksheets, while helpful, aren’t really set up for these challenges. Some kids have been receiving an allowance for years, while others receive no money to work with at all.Students don’t understand what things really cost in the real world.You’ve got limited time to teach financial literacy.Kids and teens come to the table with varying capability levels.
0 Comments
Leave a Reply. |
AuthorWrite something about yourself. No need to be fancy, just an overview. ArchivesCategories |