This is part three of a three lesson series. The previous lesson plans were Statement of Financial Position Lesson Plan and Income and Expense Statement. Although the lesson may be taught independently, it is recommended that the lessons are taught in order. Begin the lesson by having participants use play dough to initiate the spending plan development process. During facilitation, participants complete a Spending Plan for the Brown family. Conclude the lesson by writing a letter of advice to the Brown family explaining how their Spending Plan was created. Have participants interview an adult in the Mission Home Front activity. To assess knowledge, have participants create a Spending Plan for a scenario or themselves.
Upon completion of this lesson, participants will be able to:
Compare the differences between a statement of financial position, income and expense statement, and spending plan
Analyze why it is important to create a spending plan
Implement the process of developing a spending plan