(CNN Student News) -- Students will learn about the importance of monitoring their money and setting up personal budgets.
Point out that some people don't know where to start when it comes to creating a budget or personal financial plan because they don't keep track of their income and expenses. Instruct each student to keep a two-week "money diary" of his or her income (generated from jobs, allowances, etc.) and expenses (for essential and non-essential items). Direct students to list their income and expenses on a daily basis. Then, at the end of the two-week period, have them add up their total income and expenses. After students share their experiences, ask:
Have students discuss what they learned by monitoring their money, and how they think that this experience could benefit them when setting up a budget or financial plan later in life.
Standard 11: Role of Money
Level IV [Grade: 9-12]
Money makes it easier to trade, borrow, save, invest, and compare the value of goods and services. Related concepts: Exchange, Money Management, Money Supply, Currency, Definition of Money, Money, Characteristics of Money, Functions of Money
Standard VII: Production, Distribution and Consumption: Students will learn about how people organize for the production, distribution, and consumption of goods and services.
budget, income, expenses