Topic outline

    • Introduction

      Time:

      Single class period

      Materials:

      Activity One:  Grace’s holiday budget

      Introduction: 

      Budgeting and planning can help you save money day-to-day but can also help you plan for a future event. Think of what you may need money for and if the amount you can save would be enough for it. For example, it could be for a holiday, a new phone, a birthday present or just saving for a rainy day. Budgets can be used to plan for a future event.

      • Step-By-Step Instructions

        Activity One:  Grace's holiday budget

        1.   Display Grace’s story on the whiteboard/projector.

        2.   Read Grace’s story aloud to the class.

        3.   Invite students to identify the event/purchase for which Grace needs to budget.

        4.   Ask students to call out answers to the following questions:

        • How much does Grace want to have for her holidays?
        • How much time has she to save up for her holiday?
        • How much will she need to save a week to ensure she has €150 for Clifden?
        • Do you think Grace can save this in time for her holiday?

        5.   Invite students to look at the money that Grace has coming in (money in) and the money she has going out (money out).  She has 7 weeks until her holiday. How will she save €150?

        6.   Distribute one copy of Student Worksheet – Grace’s budget to each student.

        7.   Invite each student to use their worksheet to plan the next 7 weeks for Grace. Remind them to consider the following:

        • Will Grace be able to save same amount every week?
        • What if there’s an unexpected expenditure (money out)? For example, what if Grace gets sick one week and can’t babysit for her sister?
        • 7 weeks is a long time so include three tips on how Grace can stay motivated to keep saving for her holiday.

        8.   Conclude by highlighting the fact how people budget is driven by their personal needs and wants and there is no right or wrong answer.  However, it is important to develop the skill of budgeting as it makes money goals more achievable and realistic.

        • Homework Task

          Ask students to come up with a plan for Grace to make her €150 last when she is on her holiday in Clifden.

          Depending on your class you may decide to take-up and correct these plans once complete.