Managing Your Paycheck

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  • Lesson Identification and TEKS Addressed

    Cluster : Hospitality and Tourism

    Course : Practicum in Culinary Arts

  • TEKS Student Expectations

    Practicum in Culinary Arts

    • (4) The student applies academics with job-readiness skills. The student is expected to:
      • (B) develop a personal budget based on career choice

    • (8) The student evaluates personal attitudes and work habits that support career retention and advancement. The student is expected to:
      • (F) determine effective money management and financial planning techniques

    Practicum in Hospitality Services

    • (4) The student applies academics with career readiness skills. The student is expected to:
      • (B) develop a personal budget based on career choice

    • (8) The student evaluates personal attitudes and work habits that support career retention and advancement. The student is expected to:
      • (F) determine effective money management and financial planning techniques
  • Basic Direct Teach Lesson

    Instructional Objectives

    Students will:

    • identify the steps to creating a personal budget
    • plan future financial goals
    • evaluate spending needs
    • estimate future salary
    • calculate fixed and flexible expenses
    • organize a personal budget
    • distinguish between needs and wants
    • test their financial knowledge
  • Rationale

    Script:

    You have a job! How will you spend your money? What will you buy?
    Will you save money for a college education? Now is the time to plan how and where you will spend and save your money. Creating a personal budget will help you see control where your money goes, plan toward short- and long-term goals, keep you from overspending and reduce wasteful spending. This lesson will help you get started with your financial planning.

  • Duration of Lesson

    Three 45 minute class periods

    Note: Revisit the personal budget monthly to allow students to keep track of their income and expenses.

  • Word Wall

    Budget: An estimate of income and expenditure for a set period of time

    Deductions: An amount that is or may be deducted from something, especially from taxable income or tax to be paid

    Expenses: The amount of money that is needed to pay for or buy something

    Financial plan: A comprehensive evaluation of an investor’s current and future financial state by using currently known variables to predict future cash flows, asset values and withdrawal plans

    Income: Money received, especially on a regular basis, for work

    Money management: The process of budgeting, saving, investing, spending or otherwise in overseeing the cash usage of an individual or group

    Paycheck: A check for salary or wages made out to an employee

    Personal budget: A finance plan that allocates future personal income towards expenses, savings and debt repayment

    Wage: Money that is paid or received for work or services, as by the hour, day or week

  • Materials/Specialized Equipment Needed

    Equipment:

    • computer with projector for PowerPoint™ presentation
    • computers with Internet access (be sure to follow school district guidelines)

    Materials:

    • bills (various)
      • car
      • cell phone
      • home (mortgage or rent)
      • insurance (car and home)
      • utilities
    • receipts (various)
      • clothing
      • dining out
      • entertainment (concerts, games, movies)
      • gas
      • grocery
    • wages (check stubs)

    Note: Be sure to cover confidential information on the documents.

    Supplies:

    • calculators
    • recycled paper

    • copies of handouts (see All Lesson Attachments tab)
  • Anticipatory Set

    Before class begins:

    Become familiar with the Texas Reality Check sponsored by the Texas Workforce Commission and the Texas Education Agency.

    • Texas Reality Check
      Don’t know how much money you will need to earn in the future? Don’t know which occupation to choose? No problem! Below are three options to help you select the right career for your spending needs.
      http://www.texasrealitycheck.com/


    Display as many items from the Materials or Specialized Equipment Needed tab as you have available on a table in front of the room so that students may view as they enter.

    Using recycled paper, instruct students to make a list of all of the monthly expenses they currently have as a student in high school. Instruct them to add the total.

    Examples may include:

    • car payments
    • cell phone
    • credit card
    • gas
    • gym membership
    • insurance

    Ask the students the following questions:

    • Are you earning enough money to pay your monthly bills?
    • Do you have a credit card? What is the interest rate?
    • How often do you go out to eat with your friends? How much do you spend?
    • How much do you spend on entertainment? (bowling, movies, skating)
    • Are you saving any money for emergencies? For college?

    Allow time for discussion.

  • Direct Instruction with Special Education Modifications/Accommodations

    Introduce lesson objectives, terms and definitions.

    Select and distribute a handout or graphic organizer such as Note-taking Organizer (link below) from the Instructional Strategies drop down menu in Classroom Essentials or instruct students to take notes in their journal books or on their own paper.
    http://cte.sfasu.edu/wp-content/uploads/2012/07/Note-taking-Graphic-Organizer.pdf

    Distribute the graphic organizer Managing Your Paycheck Notes (see All Lesson Attachments tab) so that students may complete the sections on budgets.

    Introduce the PowerPoint™, Managing Your Paycheck (see All Lesson Attachments tab). Students will be expected to take notes while viewing the slide presentation. Allow time for classroom discussion.

    View the YouTube™ videos in this order:

    • Managing Your Money, Budgeting and Paychecks
      Being able to manage money properly starts with knowing the items of a paycheck such as gross income, net income, taxes, and FICA. Budgeting tools allow consumers to know exactly where they’re spending their money.
      https://youtu.be/elXhIg_6Ocs

    • Avoiding Impulse Buys
      Fixed expenses are costs that generally don’t change and are paid on a monthly basis, whereas variable expenses can change from month to month. Being able to avoid impulse buys will allow a person to make smarter shopping decisions and lower their variable expenses.
      https://youtu.be/1XTqR-vseI0

    Individualized Education Plan (IEP) for all special education students must be followed. Examples of accommodations may include, but are not limited to:

    • check for understanding
    • provide a printed copy of the slide presentation

  • Guided Practice with Special Education Modifications/Accommodations

    Distribute the graphic organizer My Future Financial Goals (see All Lesson Attachments tab) and instruct the students to list three short- and long-terms goals with an approximate cost and date to be attained. They should also add three reasons why money should be set aside for emergencies.

    Introduce students to the Texas Reality Check sponsored by the Texas Workforce Commission and the Texas Education Agency.

    • Texas Reality Check
      Don’t know how much money you will need to earn in the future? Don’t know which occupation to choose? No problem! Below are three options to help you select the right career for your spending needs.
      http://www.texasrealitycheck.com/
    1. Reality Check
    2. Future Salary
    3. Occupation Direct

    Allow students to explore all three options.

    Individualized Education Plan (IEP) for all special education students must be followed. Examples of accommodations may include, but are not limited to:

    • working with a peer tutor
    • copy of text-version of website

  • Independent Practice/Laboratory Experience with Special Education Modifications/Accommodations

    If students have access to Microsoft Excel™ on computers, allow them to download the blank version of the Personal Budget template to use.

    If computers are not available, distribute the handout Personal Budget (see All Lesson Attachments tab) and guide the students through the income and expenses sections.

    Students may skip/delete items if it is not applicable to them. They may also replace items with items that are not on the list.

    If students are using the printed copy, they will have to calculate the expenses and subtract from their income. If they have access to computers, the Excel™ program will do it for them.

    Note: Each students’ personal budget will be different based on current employment.

    Individualized Education Plan (IEP) for all special education students must be followed. Examples of accommodations may include, but are not limited to:

    • encourage participation
    • provide extra time if needed

  • Lesson Closure

    Review lesson objectives, terms and definitions.

    It is important to be able to distinguish between our financial needs and wants.

    Distribute the graphic organizer Needs vs. Wants (see All Lesson Attachments tab) and instruct the students to identify and list some items that are necessary for them to purchase with their income and a few items that they would like to purchase. Remind them to add a cost to the items.

  • Summative/End of Lesson Assessment with Special Education Modifications/Accommodations

    Introduce the students to MyMoney.gov website and the money quizzes.

    Allow students to take the five short quizzes to see how much they know about money.

    • Money Quizzes
      Test your knowledge on the My Money five financial principles and get access to resources that will further assist you on your journey to financial security. These questions ask both what you know and what you do. The questions and answers were drawn from the 2011 National Strategy for Financial Literacy, and the web resources provided were compiled from a wide range of federal government resources agencies. Those resources can be found throughout the MyMoney.gov website. See how much you know!
      http://www.mymoney.gov/quiz/Pages/Quizzes.aspx
    • Borrowing Quiz
    • Earning Quiz
    • Protecting Quiz
    • Savings Quiz
    • Spending Quiz

    Individualized Education Plan (IEP) for all special education students must be followed. Examples of accommodations may include, but are not limited to:

    • oral quizzes
    • print version of website

  • References/Resources

    Textbook:

    • Littrell, J. J., Lorenz, J. H., & Smith, H. T. (2009). From school to work. Tinley Park, IL: Goodheart-Willcox.

    Websites:

    • Money Quizzes
      Test your knowledge on the My Money five financial principles and get access to resources that will further assist you on your journey to financial security. These questions ask both what you know and what you do. The questions and answers were drawn from the 2011 National Strategy for Financial Literacy, and the web resources provided were compiled from a wide range of federal government resources agencies. Those resources can be found throughout the MyMoney.gov website. See how much you know!
      http://www.mymoney.gov/quiz/Pages/Quizzes.aspx
    • Texas Reality Check
      Don’t know how much money you will need to earn in the future? Don’t know which occupation to choose? No problem! Below are three options to help you select the right career for your spending needs.
      http://www.texasrealitycheck.com/

    YouTube™:

    • Avoiding Impulse Buys
      Fixed expenses are costs that generally don’t change and are paid on a monthly basis, whereas variable expenses can change from month to month. Being able to avoid impulse buys will allow a person to make smarter shopping decisions and lower their variable expenses.
      https://youtu.be/1XTqR-vseI0
    • Managing Your Money, Budgeting and Paychecks
      Being able to manage money properly starts with knowing the items of a paycheck such as gross income, net income, taxes, and FICA. Budgeting tools allow consumers to know exactly where they’re spending their money.
      https://youtu.be/elXhIg_6Ocs
  • Additional Required Components

    English Language Proficiency Standards (ELPS) Strategies

    • word wall
    • draw visual representations of terms on word wall
    • add terms and definitions to personal dictionary
  • College and Career Readiness Connection

    AchieveTexas Career Cluster Crosswalks

    The Career Cluster Crosswalks housed on the AchieveTexas website http://www.achievetexas.org/index.html provide Texas teachers with a direct connection between their CTE course TEKS and the College and Career Readiness Standards (CCRS). Language Arts, Mathematics, Science, Social Studies and Cross-Disciplinary integration are the focus of the CCRS. These college and career readiness standards are essential in the planning and delivery of CTE lessons. The extent to which the integration occurs is determined by the methods and strategies utilized by each teacher.

    Career Cluster Crosswalks for Education and Training, Hospitality and Tourism and Human Services Career Clusters can be found at:
    http://www.achievetexas.org/Career%20Cluster%20Crosswalks.htm

  • Recommended Strategies

    Reading Strategies

    Other articles pertaining to this lesson that students may read include:

    • How to Make a Personal Budget
      Living within your means is an important step toward long-term financial stability, and knowing how to make a personal budget is critical. If you are concerned about your cash flow, outstanding debts or saving for your future, a budget helps you stay on top of your financial situation.
      http://www.ehow.com/how_4970482_personal-budget.html

    Reading Strategy
    Encourage students to “visualize” as they read. Many students are visual learners and will benefit from making sketches or diagrams on scrap paper as they read. Providing students with graphic organizers to help them organize their thoughts is also helpful.
    http://cte.sfasu.edu/rgroup/instructional-strategies/page/4/

  • Quotes

    A good job is more than just a paycheck. A good job fosters independence and discipline, and contributes to the health of the community. A good job is a means to provide for the health and welfare of your family, to own a home, and save for retirement.
    -James H. Douglas, Jr.

    If you must have motivation, think of your paycheck on Friday.
    -Noel Coward

    It’s not about earning a paycheck, it’s about doing something good that you believe in.
    -Adam Kinzinger

  • Multimedia/Visual Strategies

    PowerPoint™:

    • Managing Your Paycheck
    • Presentation Notes – Managing Your Paycheck

    Technology:

    • TED Talk:
      • TEDxWallStreet – Alexa von Tobel – One Life-Changing Class You Never Took
        Alexa von Tobel is the founder and CEO of LearnVest.com which she has been developing and growing since 2006. LearnVest is the leading personal finance and lifestyle website that brings financial literacy to women. Since launching LearnVest, Alexa has been widely quoted as a personal finance expert and entrepreneur in top tier business and consumer publications including: New York Times, The Wall Street Journal, New York Post, BusinessWeek, Shape, Fast Company, Marie Claire, ForbesWoman, InStyle, People StyleWatch, Time Out New York, The Huffington Post, among many others.
        http://tedxtalks.ted.com/video/TEDxWallStreet-Alexa-von-Tobel

    Files for downloading:

  • Graphic Organizers/Handout

    Graphic Organizers:

    • Managing Your Paycheck Notes
    • Managing Your Paycheck Notes (Key)
    • My Future Financial Goals
    • Needs vs. Wants

    Handouts:

    • Personal Budget (Excel and PDF)

    Files for downloading:

  • Writing Strategies

    Journal Entries:

    • I am saving my money for …
    • My paycheck seems to …
    • I think a budget will help me …

    Writing Strategy:

    • RAFT Writing Strategy:
      • Role – consumer
      • Audience – creditor
      • Topic – lowering the interest rate on my credit card
      • Format – letter

    Write a letter to the credit card company requesting a lower interest rate on your credit card due to you being a full-time student with a part-time job.

  • Communication 90 Second Speech Topics

    • Three long-term financial goals are …
    • Having a savings is important because …
  • Other Essential Lesson Components

    Enrichment activity

    Encourage student to create a budget on their future career and the salary that they would be earning. They could compare and contrast their income and expenses with a Venn Diagram.

    Infographic:

    Infographics are graphic visual representations of information, data or knowledge intended to present complex information quickly and clearly.

    The infographic below is related to this lesson. Allow students to view the image on a projector and lead a discussion concerning the information provided.

    TED Talk:

    TEDx is a program of local, self-organized events that bring people together to share a TED-like experience. At a TEDx event, TEDTalks video and live speakers combine to spark deep discussion and connection in a small group. These local, self-organized events are branded TEDx, where x = independently organized TED event.

    The video below is related to this lesson. Allow students to view the video and lead a discussion concerning the TED Talk.

    • TEDxWallStreet – Alexa von Tobel – One Life-Changing Class You Never Took
      Alexa von Tobel is the founder and CEO of LearnVest.com which she has been developing and growing since 2006. LearnVest is the leading personal finance and lifestyle website that brings financial literacy to women. Since launching LearnVest, Alexa has been widely quoted as a personal finance expert and entrepreneur in top tier business and consumer publications including: New York Times, The Wall Street Journal, New York Post, BusinessWeek, Shape, Fast Company, Marie Claire, ForbesWoman, InStyle, People StyleWatch, Time Out New York, The Huffington Post, among many others.
      http://tedxtalks.ted.com/video/TEDxWallStreet-Alexa-von-Tobel
  • Family/Community Connection

    Encourage your students to share their knowledge of how to create a personal budget with their family and so that everyone can see their spending habits and where they may be able to save money for a family vacation or a new car.

  • CTSO connection

    Family, Career and Community Leaders of America

    http://www.fcclainc.org

    • Career Investigation
      An individual event – recognizes participants for their ability to perform self-assessments, research and explore a career, set career goals, create a plan for achieving goals and describe the relationship of Family and Consumer Sciences coursework to the selected career.
  • Service Learning Projects

    Successful service learning project ideas originate from student concerns and needs. Allow students to brainstorm about service projects pertaining to this lesson.
    www.ysa.org

    Possible ideas:

    Students may contact the parental involvement coordinator in their school district and offer to train parents how to use the personal budget template on Excel™.

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