Managing Your Income

The student will learn about managing their income.

Teaching Objectives

  • Identify the components of a budget.
  • Evaluate the relationship between budgets and goals.

Standard 1.1  The student will describe the importance of earning an income and
explain how to manage personal income using a budget.

Suggested Grade Level

6th – 12th Grade

Lesson Excerpt:

Most of us work hard for our money. However, few of us
can really explain what happens to it each month. When
the paycheck arrives, it seems like a lot of money — but
by the end of the month, we are digging in our closet to
find an old coat to see if there is extra change in the
pocket! What happens?

The reality is this: it is not how much money we make; it is how much money we
spend. If we do not learn how to control our spending, we will never have enough
money to be happy or to pay our bills. Wealthy people who are careless with their
spending will quickly become poor. On the other hand, moderate to low income
people will become wealthy if they practice good money management skills.

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Categories Earning Money,

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