Content Partner

Grade 9-12
,
Activity

Budgeting for Income and Expenses

Time: 45 mins,
Updated: November 13 2020,
Author: Intuit Education

Objective

Students will be able to:

  • Explain the purpose of creating a personal budget, also known as a spending plan.
  • List common personal expenses that may appear on an income and expense statement.
  • Analyze a personal budget and make recommendations for improved financial well-being.

Procedure

Prior to introducing students to Mint, we recommend teachers read through the Curriculum Overview (Section 1) to get acquainted with each activity and review the Curriculum Orientation (section 2). The Mint simulation is a hands on activity that lets students analyze and create a budget. Use Mint Answer Keys as a teacher guide.

Disclaimer

For students to be able to access Mint successfully, they must use the same computer or device every time they access Mint. Otherwise, they will be forced to re-create a new account. Paid advertisements appear in Intuit Mint. The Council for Economic Education does not endorse or evaluate the advertised product, service, or company, nor any of the claims made by the advertisement.

Assessments

 

FFFL Connection

Budgeting for Income and Expenses Simulation has been created as a real-world technology simulation to accompany FFFL 9-12, 3rd Edition lesson 8 titled Managing Your Money. If you have not taught this lesson plan, we recommend students are proficient in the net worth concepts.

In this personal Finance Activity students will use Mint, a real-world personal finance app, to follow Isaiah throughout the year and learn about budgeting for income and expenses.

Subjects:
Personal Finance