Introduction to Budgeting

Lesson Overview

Grade Level: 3rd Grade
Subject: Social Studies
Unit: EUS 4 - Personal Economics
Focus of the Day: Introduction to the Game of Life (How much money does it take to live?)
Lesson Duration: 30 minutes
Standards Addressed:

• Economics: (National Curriculum Standards for Social Studies, Theme VII: Production, Distribution, and Consumption)
  • Understand how personal economic choices impact individual and community well-being.
  • Describe costs and benefits of individual economic decisions (saving, spending, donating, and earning).
• 21st Century Skills:
  • Critical Thinking and Problem-Solving
  • Creative Design

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Lesson Objectives

By the end of the lesson, students will:

1. Recognize the concept of budgeting and how it shapes personal economic decisions.
2. Build an understanding of the overarching question: "How much money does it take to live?"
3. Be introduced to the Performance Task: designing a modernized version of the Game of Life that incorporates budgeting concepts.
4. Begin exploring components of personal finances: earning, spending, saving, and donating.

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Materials Needed

1. A projector to play the Game of Life commercial (teacher preselects and downloads).
2. Whiteboard/Chart paper for brainstorming.
3. Individual student journals and pencils.
4. "Exit Ticket" index cards for written reflections.
5. Reference visuals that outline key personal economic terms (earning, saving, spending, donating).
6. Teacher-prepared guiding questions for the Performance Task.
7. Optional: Printouts with scenarios from real-life budgeting options for illustration.

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Lesson Structure

1. Engage and Warm-Up Activity (5 mins)

• Begin the lesson by posing a thought-provoking question to the class:
  "What are some things your family spends money on every day?"
  • Take a few volunteer answers (examples might include groceries, rent, toys, bills).
• Introduce the overarching question of the unit: "How much money does it take to live?"
  • Acknowledge that this question doesn’t have one right answer—it depends on what choices people make with their money!

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2. Watch and Discuss: The Game of Life Commercial (8 mins)

1. Let the class know they’ll be watching a short video about a popular game called "The Game of Life."
2. Play the commercial and ask students to pay attention to what kinds of things people do in this game (earning money, solving problems, making decisions about life events).

After watching:

• Ask, "What did you notice about the game? Was it realistic about how people earn and spend money?"
• Lead a brief discussion, focusing on how the game shows players moving through life while making important money decisions.

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3. Introduce the Performance Task: Game Redesign (10 mins)

Explain that the Game of Life is a great start, but times have changed, and now it’s their job as "game developers" to create a more updated version. Use language accessible for 3rd graders:

• "Your job is to create a fun and educational game about budgeting!"
• "Your game should include real-life choices about earning, spending, saving, and donating money. You can make either a board game or an app to teach others about how money works!"

Use a simple example to illustrate:

• "For example, in your game, a player might choose a job and earn $5 a turn. The player could then decide to save money in case they land on a ‘Car Repairs’ space later!"

Guiding Questions for Brainstorming:

• What kinds of things can a person do to earn money in real life? (e.g., chores, selling items)
• What are everyday things we spend money on? (e.g., clothes, food, school supplies)
• Why might someone want to save money instead of spending it all?
• What are ways someone could help others with their money? (e.g., donations, gifts)

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4. Explore: Begin Game Design Thinking (5 mins)

Let students think creatively and begin imagining what their game could look like. Guide their brainstorming by asking:

1. "What will you name your game?"
2. "How will you show earning money?"
3. "What kinds of spending events will happen in your game?"
4. "How could saving money in your game help the player?"

Students can jot down their ideas or share with a partner. If there’s time, collect a few examples to spark inspiration across the class.

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5. Exit Ticket Reflection (2 mins)

Pass out blank index cards. Ask students to write a short answer to the day's overarching question:
"How much money does it take to live?"

• Encourage them to think about the choices people make with earning, spending, saving, and donating money.
• For those struggling to write, offer prompts:
  • "It costs a lot because…"
  • "We need money to…"
  • "Saving money is important when…"

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Assessment and Evidence of Learning

1. Classroom Participation: Active engagement during the warm-up discussion and brainstorming session will indicate comprehension of budgeting concepts.
2. Exit Ticket Reflection: Students' written answers provide insight into their early understanding of the overarching question and basic economic terms.

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Differentiation Strategies

For Advanced Students: Allow them to develop deeper or more detailed ideas for their game design—e.g., including consequences for not saving, or creating “benefit spaces” for donating to others.

For Struggling Students: Pair them with a partner during the brainstorming session to scaffold their creative ideas for the Performance Task. Use picture cards for earning, saving, spending, and donating to support vocabulary comprehension.

For ELL Students: Provide word banks for keywords like "budget," "spend," "save," and "donate." Use images or simple sentences to support the Performance Task explanation.

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Key Takeaways for Students

• Budgeting is about making choices with your money.
• Everyone's life costs money—and people spend it differently!
• You can control your money by understanding earning, saving, spending, and donating.

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This lesson introduces real-world applications of personal economics in a playful, engaging way. As students dive deeper into the unit, they’ll explore more specific budgeting scenarios while retaining creative ownership of their game development.