In this lesson, students grasp the importance and techniques of budgeting for school supplies using a video and the “MI chat” chatbot, which fosters deep understanding through critical inquiry and probing questions. Through discussions, interactive sessions, and hands-on budgeting activities, students are equipped to integrate budgeting principles into their daily lives and are assessed via participation, the quality of their budget plans, and reflective essays.

CONCEPTS

Use this video lesson on the topic of student loan basics. Learn related concepts of:

• Budgeting Basics
• Spending Priorities
• Price Comparison
• Expense Tracking
• Financial Prioritization
• Consumer Decision Making
• Expense Documentation
• Resource Allocation
• Savings Management
• Price Research
• Financial Adaptability

GRADE LEVEL

7-12th grades. Middle School. High School. College. Adult Education.

TIME REQUIRED

45-60 minutes. It may be necessary to adjust the lesson plan and allocate more or less time to certain topics, depending on the needs and interests of the students.

PROCEDURE

Budgeting for School Supplies

 

Lesson Plan: Budgeting for School Supplies with MI chat

Objective:

Students will understand the importance and techniques of budgeting for school supplies and will be able to apply the principles of budgeting in their lives using questioning with “MI chat”.

Materials Needed:

• Access to the video “Budgeting for School Supplies” (see below)
• Devices with internet access
• Access to the “MI chat” chatbot (see below)
• Pen and paper (or digital note-taking tools)

Lesson Procedure:

1. Introduction (10 minutes)

   Begin by discussing the importance of planning and budgeting in everyday life.
   Show the video titled “Budgeting for School Supplies.”

2. Initial Discussion (10 minutes)

   Ask students to reflect on the main points from the video.
   Open a group discussion to understand their initial takeaways.

3. Introduction to MI chat (5 minutes)

   Introduce the “MI chat” chatbot as a digital tool that uses questioning to explore concepts deeply.
   Briefly demonstrate how to interact with “MI chat.”

4. Interactive Session with MI chat (20 minutes)

   Assign students to work individually or in pairs.
   Instruct students to converse with “MI chat” on the video topic and take notes on the questions and insights generated.
   If necessary, provide a few starting questions like:

   • What is the purpose of budgeting?
   • How does one determine financial priorities?
   • Why is it essential to track expenses?
   • How can budgeting be a lifelong skill?
     
     

5. Group Reflection (15 minutes)

   Have students share some of the questions they asked “MI chat” and the insights they gained.
   Discuss how this method helped deepen their understanding of budgeting.

6. Activity: Real-time Budgeting (20 minutes)

   Ask students to create a hypothetical budget for their school supplies using the principles discussed in the video.
   Encourage them to use “MI chat” if they have questions or need clarification during this process.
   Ask them to consider aspects like essentials, luxuries, and in-betweens, as well as opportunities for discounts and sharing.

7. Conclusion & Reflection (10 minutes)

   Discuss the benefits of using a tool like “MI chat” in understanding and applying concepts.
   Emphasize the importance of budgeting not just for school but for life.
   Encourage students to apply these budgeting skills in other aspects of their lives.

Homework/Extension Activities:

1. Real-world Budgeting Challenge:

   Ask students to keep track of their personal expenses for a week and then reflect on their spending habits. They should use “MI chat” to analyze and get insights on areas of improvement.

2. Essay Reflection:

   Assign students to write a short essay on their experiences with budgeting and how the lessons learned from the video and “MI chat” will influence their future financial decisions.

Assessment:

• Active participation in class discussions and the MI chat interactive session.
• Quality and depth of the hypothetical budget created during the activity.
• Reflection essays and the real-world budgeting challenge completion.

Note to Educator:

Remember to encourage students to ask open-ended questions when interacting with “MI chat.” The goal is to drive deep reflection and critical thinking, not just to get straightforward answers.

 

Here are some additional questions related to initiating the budgeting process:

Understanding the Budget: Before you begin, do you understand why budgeting is compared to a GPS for your money? How might a clear budget provide direction for your spending?

Determining Available Funds: How much money do you currently have available for school supplies? Where is this money coming from (allowance, savings, part-time job, parents)?

Listing the Essentials: What are the first few items that come to mind when you think of essential school supplies? Why do you consider these items crucial?

Differentiating Wants from Needs: Can you name an item that you’d love to have, but recognize as more of a luxury or “just for the swag”?

Research and Planning: Before you buy anything, how will you ensure you’re getting the best deal? Do you know any places to compare prices or seek discounts?

Collaboration: Have you considered discussing school supplies with classmates or friends? What benefits might come from such discussions?

 

Lesson Resources

• Budgeting for School Supplies | Step-by-Step Guide

MI Chat Chatbot Tool

• MI Chat Chatbot – The MI chat chatbot is an interactive platform tailored to deepen your understanding of various subjects, aligning with your specific queries and thoughts. Offering personalized insights, it directs you towards a clearer grasp of topics, ensuring they match your learning pace, knowledge level, and cognitive goals.