SHS3 Social Studies · Semester 2 Week 14: Financial Literacy

Lesson notes

Learning Objectives

Indicator: 3.6.4.LI.2 - Create a personal budget based on income, expenses, and financial goals

By the end of the lesson, learners can:

Identify the key components of a personal budget, namely income, fixed expenses, variable expenses, and savings.
Classify given expenses as fixed or variable and as needs or wants.
Set at least one short-term and one long-term financial goal and calculate the monthly savings required to achieve each.
Create a complete personal budget using a spreadsheet (Microsoft Excel) or a budgeting app, ensuring total expenses and savings do not exceed total income.
Present and explain their personal budget to a partner, justifying the choices they made and how the budget helps them reach their financial goals.

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Curriculum details

Strand: Production, Exchange and Creativity (Strand 6)
Sub-strand: Financial Literacy (6.4)
Content standard: 3.6.4.CS.1 - Demonstrate knowledge and understanding on how to take control of personal finances and make sound financial choices 3.6.4.LO.1 Examine how to take control of personal finances and make sound financial choices
Indicator: 3.6.4.LI.2 - Create a personal budget based on income, expenses, and financial goals
Suggested placement: Semester 2, Week 14 (Week 34 of the year)
Our suggestion, laid out in curriculum order across three terms of twelve weeks. NaCCA does not fix the week, so follow your school's scheme of learning.
Source document note: The official curriculum document has a fault in this entry, so the curriculum text above is transcribed exactly as printed:

indicator text - p.109: this indicator is printed 3.6.6.LI.2 under 3.6.4.CS.1 and is assessed by 3.6.6.AS.2; the later 3.6.6 sub-strand prints the same LI and AS codes again, so this appears to be a sub-strand-code error; recoded to 3.6.4.LI.2 (and its assessment to 3.6.4.AS.2) for import, since the whole printed block sits under 3.6.4.CS.1 in sub-strand 6.4 and continues its budgeting indicator, while the real 3.6.6 block prints its own LI.2 on p.111
Curriculum reference: NaCCA curriculum document, p. 109

Exemplars (from the NaCCA curriculum)

Technology-Based Learning: Learners utilize budgeting and personal finance apps, and digital tools to track their own understanding expenses and create personal budgets Learners practice the use of Microsoft Excel to create their personal budget
Teaching and Learning Resources:
- Stationery
- Microsoft Excel Software
- Computers/ laptops
- ICT laboratory
- 89
- Internet access
- Standard textbooks
Assessment (3.6.4.AS.2):
Level 1 Recall
Level 2 Skills of conceptual
Level 3 Strategic reasoning
Level 4 Extended critical thinking and reasoning