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Calculating a Budget

This lesson prepares you to make a budget by introducing the concept of using a pie chart. Most good household budgets have categories with similar percentages, such as a home loan payment is about 33% of total income. You will explore these different budgets, and learn how to improve your budget.

Students will

  1. Calculate percents
  2. Use percents to construct a pie charts
  3. Review calculating payments
  4. Set up a budget based on income and expenses
  5. Compare personal expenses with typical published budget amounts

Math skills being utilized

  • Multiple digits: including decimals, addition, subtraction, multiplication and division
  • Decimal, Percent’s and Fractions
  • Comparing Numbers
  • Creating Pie Charts

Ideas for teaching

  • Encourage students to talk with their parents about their family budget.
    You might offer extra credit to students who want to make a pie chart based on their family’s budget.
  • This is a good time to show students why they may be struggling keeping money in their accounts. Encourage them throughout the week to look for cheaper bills and to redo their food menus.

 

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