5. Budgeting
This activity aims to learn about budgeting and why it’s important.

Discuss
When working, it’s great to get a paycheck. Part of being responsible is learning how to budget. Budgeting means making a plan for your money so you can buy what you need, save for the future, and still have some fun. Has anyone ever had to decide how to spend their money before? What are things you would need to budget for? [Note to Instructors: Pause for answers.]
Once you receive your paycheck you will consider things you need to spend money on bills or other necessities, like cellphone, rent, or groceries, or wants, like video games, going out to dinner, or a concert. Whether you’ve saved up for something special or had to make a choice of a need over a want, you’ve already used budgeting skills.
Understanding budgeting helps you determine how to spend or save your hard-earned money. It’s important to remember that your needs are necessary for daily life, while wants are extra things that you enjoy. Finding a balance can help you have financial stability while still enjoying life.

Resource
Here are some options to practice budgeting ideas. Encourage students to think about their choices and discuss their answers individually or in a group.
Option 1: Needs vs Wants Worksheet. Provides various questions to help students consider what are needs and what are wants.
Option 2: Lifestyle Calculator | OhioMeansJobs. Depending on technology available, this can be done individually or instructors, you can do this on a screen where all the students cans see. On the site you will be directed to choose a part of Ohio where you are. If you do not see your city listed, choose the closest city to you. You will be directed to review various needs and costs for things like housing, food, and utility bills account. You can access this site using your OMJ log-in.
Option 3: Monthly Budgeting Example and Worksheet. This worksheet provides an example of a monthly budget and a blank one for you to practice making your own budget. You will need to make your best guess, or estimate, how much you may spend in a month. It’s okay if you’re not sure, you can look up costs or think about what it cost before.

Click and Explore
- Financial and Digital Literacy | Community Life Guide – Employment First – This site includes tools and activities to help build and learn skills about financial and digital literacy. These topics start with introductory information and build to skills and tools to manage finances.
- Curriculum Units | Next Gen Personal Finance – Includes multiple areas of selfpaced, interactive curriculum for students starting in middle school.