Lesson 14: Using a budget to plan for a holiday

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 seven 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