Money Management Basics

Objective

By the end of this 45-minute lesson, 8th-grade students will be able to:

• Define key money management concepts: earning, saving, and budgeting
• Identify at least three sources of income
• Understand the importance of money in daily life decisions
• Create a simple personal budget outline

Common Core Alignment

CCSS.ELA-LITERACY.RI.8.1 – Cite textual evidence to support analysis of what the text says explicitly and inferences drawn.
CCSS.ELA-LITERACY.SL.8.1 – Engage effectively in a range of collaborative discussions with diverse partners on grade 8 topics.
CCSS.ELA-LITERACY.W.8.2 – Write informative/explanatory texts to examine a topic and convey ideas clearly.
CCSS.MATH.PRACTICE.MP4 – Model with mathematics (using budgeting activities to understand money management).

Although Common Core primarily focuses on English Language Arts and Math, this lesson integrates these standards through reading, discussion, writing, and modeling activities to support business education.

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Materials Needed

• Whiteboard or smartboard
• Markers
• Student notebooks or worksheets
• Projector or printed images depicting different sources of income
• Budget template handouts (simple income/expense tables)

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Lesson Timing & Activities

1. Hook & Introduction (5 minutes)

• Begin with a brief interactive question: "What would you do if you received $100 today? How would you decide to spend or save it?"
• Students share quick answers aloud.
• Teacher writes keywords on the board: Earning, Saving, Budgeting
• Explain today’s focus: understanding how money works and why managing it matters.

2. Direct Instruction – Money Concepts (10 minutes)

• Define and discuss:
  • Earning: Money received through work or allowances
  • Saving: Setting aside money for future use
  • Budgeting: Planning how to spend and save money
• Use visuals: images representing jobs, piggy banks, and budgets
• Highlight common sources of income: jobs, gifts, allowances, selling crafts or services.

3. Guided Practice – Income Sorting Activity (8 minutes)

• Distribute printed cards or show projected images of various income sources.
• Students in pairs sort cards into “Earned Income” and “Other Income” categories aloud.
• Discuss as a class why understanding different income sources helps with money management.
• Aligns with CCSS.ELA-LITERACY.SL.8.1 by encouraging collaborative discussion.

4. Interactive Mini-Lesson – Budget Planning (12 minutes)

• Distribute a simple budget worksheet with columns: Income, Expected Expenses, Savings Goal.
• Teacher models filling out the worksheet with a hypothetical example: total income $50 from allowance + part-time job, expenses including snacks, movies, school supplies, and a savings goal.
• Students then complete their own mini-budget identifying how they’d allocate $30 of earned money.
• Encourage inclusion of at least 3 categories.
• This integrates CCSS.MATH.PRACTICE.MP4 (modeling with mathematics).

5. Reflective Writing & Sharing (7 minutes)

• Students write a short paragraph answering: "Why is it important to earn, save, and budget money?"
• Volunteers share their responses in small groups or to the class.
• This supports CCSS.ELA-LITERACY.W.8.2 and speaking/listening standards.

6. Exit Ticket & Wrap Up (3 minutes)

• On index cards, students write one new thing they learned about money management today and one question they still have.
• Collect cards for informal assessment of student understanding.

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Assessment & Differentiation

• Formative: Monitor pair discussions and participation during sorting activity
• Worksheet Review: Check budget planning worksheet for understanding
• Exit Ticket: Review for misconceptions or unaddressed questions

Differentiation:

• Provide sentence starters for reflective writing for students who need writing support
• For advanced learners, ask them to consider how unexpected expenses might impact a budget and discuss briefly

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Extension Idea (for homework or next lessons)

• Track personal spending for 3 days and record how students earn, save, or spend money using a daily journal format.

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Teacher Notes

• Age-appropriate vocabulary use is key; avoid complex financial jargon.
• Encourage real-life connection: money is not just paper or coins but a tool for planning life choices.
• Foster a judgment-free zone to allow students to share diverse experiences about money.

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This approach integrates communication, math modeling, collaboration, and writing within the Common Core framework—empowering students with foundational money management skills in an engaging, age-appropriate way.