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Money Instructor Menus Home lessons learning about contact registerWhat are Income and Expenses? A Beginner’s Guide to Understanding Money Management Lesson .entry-header Students learn the essentials of managing finances, from understanding income sources to controlling expenses. They discover simple strategies for saving, avoiding debt, and planning for future financial goals. Explore the basics of managing finances with a focus on income, expenses, budgeting, and setting financial goals. Understand different ways to earn money, including passive income from investments like stocks and bonds, and the importance of saving for unexpected costs with an emergency fund. Additionally, learn how to avoid debt by balancing spending against income and strategies for increasing earnings. Mastering these skills can lead to smarter financial decisions and a more secure future. CONCEPTS Use this video lesson on the topic of income and expenses. Learn basic related concepts of Income Types Expense Management Budgeting Techniques Emergency Funds Earning Income Saving Spending Investing Budgeting GRADE LEVEL 7-12th grades. High School. Adult Education. TIME REQUIRED 30-45 Minutes. It may be necessary to adjust the lesson plan and allocate more or less time to certain topics, depending on the needs and interests of the students. More in-depth lesson plan below will be longer. PROCEDURE Hand out the worksheet below (see the GET LESSON button near the bottom of the page). Show students the video and have and have them complete the worksheet. Review the questions on the worksheet. For a more in-depth lesson, complete the lesson plan below. What are Income and Expenses? A Beginner’s Guide to Understanding Money Management After watching the video, ask students to summarize the main points made in the video. Lesson Plan: What are Income and Expenses? Overview: This lesson plan is designed to help students understand the basics of income and expenses, crucial concepts in personal finance. By the end of this lesson, students will be able to identify different types of income and expenses and apply this knowledge to create a basic budget. Objective: Define and distinguish between different types of income and expenses. Understand the impact of taxes on income. Learn the basics of budgeting and setting financial goals. Appreciate the importance of emergency funds and how to plan for unexpected expenses. Materials Needed: Video: What are Income and Expenses? A Beginner’s Guide to Understanding Money Management” Worksheets for budgeting exercises Quiz on income and expenses (to be taken at the end of the lesson) Lesson Duration: 45 minutes Lesson Outline: Introduction (5 minutes) Introduce the topic and its relevance to daily life. Preview main concepts: income, expenses, budgeting. Video Viewing (10 minutes) Watch the video What are Income and Expenses? A Beginner’s Guide to Understanding Money Management”. Discussion (10 minutes) Discuss the video content and clarify any concepts. Address student questions or confusions. Activity: Budget Creation (15 minutes) Students will use the worksheets provided to create a simple budget based on hypothetical income and expenses. Facilitate discussions about choices and priorities in budgeting. Quiz and Review (5 minutes) Administer a short quiz to assess understanding of the video’s content. Review quiz answers and clarify any misunderstandings. Discussion Questions: What are the different types of income mentioned in the video? How do taxes affect your actual income? Can you list some fixed and variable expenses from your own life? Why is budgeting important? How does it help with financial planning? What steps would you take if your expenses exceeded your income? How can an emergency fund be beneficial in managing unexpected expenses? Lesson Resources What are Income and Expenses? A Beginner’s Guide to Understanding Money Management LESSON WORKSHEET Worksheet includes multiple choice quiz. .entry-content Get Lesson LESSON CATEGORIES For additional related lessons, explore our main category pages: Budgeting Lessons Spending Money and Consumer Math Lessons Credit Lessons Taxes Lessons Investing Money Lessons Money & Personal Finance LessonsCategories Budgeting , Credit , Debt , Earning Money , Saving & Investing , Spending Money , Taxes , Tags 10th Grade , 11th Grade , 12th Grade , 7th Grade , 8th Grade , 9th Grade Leave a comment .entry-footer Credit Cards vs. Debit Cards: Which is Right for You? A Simple Guide for Beginners Lesson .entry-header This lesson teaches students to dive into the differences and functionalities of credit and debit cards to enhance their financial understanding. It highlights how debit cards help manage spending by using existing funds and preventing debt, while credit cards offer opportunities to build credit and earn rewards, provided they are managed well to avoid hefty debts. Students will learn about the security features that favor credit cards, especially useful during travels, and gather practical tips on selecting the right card according to their financial behavior and objectives. This knowledge is essential for anyone looking to make informed financial decisions and utilize their cards to the fullest advantage. CONCEPTS Use this video lesson on the topic of credit and debit cards. Learn basic related concepts of Budget Management Credit Usage Debt Avoidance Financial Security Credit and Debt Money Management Risk Management Consumer Rights GRADE LEVEL 9-12th grades. High School. Adult Education. TIME REQUIRED 30-45 Minutes. It may be necessary to adjust the lesson plan and allocate more or less time to certain topics, depending on the needs and interests of the students. More in-depth lesson plan below will be longer. PROCEDURE Hand out the worksheet below (see the GET LESSON button near the bottom of the page). Show students the video and have and have them complete the worksheet. Review the questions on the worksheet. For a more in-depth lesson, complete the lesson plan below. Credit Cards vs. Debit Cards: Which is Right for You? After watching the video, ask students to summarize the main points made in the video. Lesson Plan: Credit Cards vs. Debit Cards Objective: To understand the differences between credit and debit cards, their benefits, and drawbacks, and how to choose wisely based on personal financial situations. Materials Needed: Video: Credit Cards vs. Debit Cards: Which is Right for You?” Projector or Smart Board for video playback Quiz on video content Whiteboard and markers Handouts for group activities Lesson Duration: 45 minutes Lesson Outline: Introduction (5 minutes) Brief overview of the importance of choosing the right card. Introduction to the main concepts of debit and credit cards. Video Viewing (10 minutes) Play the video: Credit Cards vs. Debit Cards: Which is Right for You?”. Discussion (10 minutes) What are the key differences between debit and credit cards mentioned in the video? Discuss the pros and cons of each type of card in groups. Quiz (5 minutes) Conduct a short quiz based on the video to reinforce key concepts. Wrap-up and Reflection (5 minutes) Discuss what students learned and how they might apply this knowledge in their own financial decisions. Discussion Questions: How can using a debit card help you manage your budget? What are the risks of using a credit card irresponsibly? How does building good credit help with major financial decisions? Discuss the security features of credit and debit cards. Which do you think offers better protection? Extension Activity: Create a personal budget and financial plan illustrating when to use a debit card and when to use a credit card. Assessment: Students will be assessed based on their participation in discussions, the accuracy of their responses in the activity, and their scores on the quiz. Lesson Resources Credit Cards vs. Debit Cards: Which is Right for You? A Simple Guide for Beginners LESSON WORKSHEET...