• Personal Budgeting

• ### Resources

 Assessment Form Group Presentation Evaluation Form

• ### Explore

##### Documentation tool

Do you get weekly or monthly allowance from your parents?

?Do you have any idea on what you will spend it

Do you remember how much you spent last week?

?Do you spend on luxuries before spending on basic needs

Do you take into account saving some money for emergencies?

#### It's research time!

Ask your family, friends, or anyone in your surroundings if they have monthly budget. Let them explain to you how they organize it.

Then, conduct a research to find examples of schedules you can use to make your personal budget.

• ### Elaborate

#### First Case Study

Preparing for a Snow Trip
Fadi was the class representative at school. His classmates had elected him during the second trimester to represent them and voice their ideas and needs before the administration.
One day, Fadi decided to organize a trip before holidays. He met with his classmates and decided to go on a snow trip. So, he started preparing for the event as follows:
What kid of expenses do we need to organize the snow trip?
What is the sum of expenses?
How much should each student pay?
What are the possible solutions in case the expenses exceed the revenues?

These are the steps that Fadi followed.
The first step: What do we need for the outing and what are the expenses?
Bus or transportation costs: 300,000 L.L.
Food: 15 000 per student * 20 = 300 000 L.L.
Entrance fee to the ski slopes: 100 000 per student * 20 = 2 000 000 L.L.
Ski equipment rental: 50 000 per student * 20 = 1 000 000 L.L.
Ski instructor fees: 200 000 per student * 20 = 400 000 L.L.
Total expenses: 4 000 000 L.L.
The second step: how much money do we have?
To collect the money needed to cover the expenses, Fadi divided the total expenses between himself and his classmates, which means that he divided L.L. 4,000,000 among 20 students. Each student therefore had to pay L.L. 200,000.
Fadi collected the money, and it turned out that he still needed L.L. 200,000 because Lara and Omar were short of money and contributed with only L.L. 100,000.
The first possibility: Lara and Omar did not go on the snow trip, which would reduce the expenses and the money would be enough.
The second possibility: he increases the fees per student.
The third possibility: he organizes an event to raise funds.

Aiding Material for the teacher: The case study

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