IV. Budget and Personal Money Management

TEA Units of Study: TEKS "Knowledge and skills" subsections covered:

A. Building a budget

• (5) The student recognizes the impact of career choice on personal lifestyle.
  • (A) prepare a personal budget reflecting the student’s desired lifestyle
  • (B) use appropriate resources to compare and contrast salaries and educational requirements of at least three careers in the student’s interest area
  • (C) evaluate at least three career interests based on budget and salary expectations
• (1) The student explores personal interests and aptitudes as they relate to education and career planning.
  • (F) explore how career choices impact the balance between personal and professional responsibilities
• (2) The student analyzes personal interests and aptitudes regarding education and career planning.
  • (C) develop and analyze tables, charts, and graphs related to career interests

B. Lifestyle goals

• (5) The student recognizes the impact of career choice on personal lifestyle.
  • (A) prepare a personal budget reflecting the student’s desired lifestyle
• (1) The student explores personal interests and aptitudes as they relate to education and career planning.
  • (F) explore how career choices impact the balance between personal and professional responsibilities

C. Alternative career options (“Plan B”)

• (1) The student explores personal interests and aptitudes as they relate to education and career planning.
  • (F) explore how career choices impact the balance between personal and professional responsibilities
• (5) The student recognizes the impact of career choice on personal lifestyle.
  • (B) use appropriate resources to compare and contrast salaries and educational requirements of at least three careers in the student’s interest area
  • (C) evaluate at least three career interests based on budget and salary expectations

D. Banking options
1. Savings
2. Checking
3. Money market savings
4. 401K
5. College savings

• (6) The student demonstrates an understanding of personal financial management.
  • (A) compare the advantages and disadvantages of different types of banking services
  • (B) simulate opening and maintaining different types of bank
  • (C) simulate different methods of withdrawals and deposits
  • (D) reconcile bank statements, including fees and services
• (3) The student analyzes college and career opportunities.
  • (C) develop an awareness of financial aid, scholarships, and other sources of income to support postsecondary education

E. Balancing a checkbook

• (6) The student demonstrates an understanding of personal financial management.
  • (C) simulate different methods of withdrawals and deposits
  • (D) reconcile bank statements, including fees and services

F. Credit cards

• (6) The student demonstrates an understanding of personal financial management.
  • (A) compare the advantages and disadvantages of different types of banking services
  • (B) simulate opening and maintaining different types of bank accounts

G. Retirement savings

• (6) The student demonstrates an accounts understanding of personal financial management.
  • (A) compare the advantages and disadvantages of different types of banking services

Resources:

• Exploring Careers, Glencoe/McGraw-Hill Division, 2004
• From School to Work, Goodheart-Willcox Company, 2006
• Learning for Earning, Goodheart-Willcox Company, 2006
• Labor Market and Career Information / Career Orientation Curriculum
• Succeeding in the World of Work, Glencoe/McGraw-Hill Division, 2003
• Take Charge of Your Life!, Goodheart-Willcox Company, 2004
• Dictionary of Occupational Titles http://www.occupationalinfo.org
• Occupational Outlook Handbook http://www.bls.gov/oco
• O*Net online http://www.onetonline.org
• Reality Check http://www.lmci.state.tx.us/realitycheck
• Careers in Focus, Goodheart-Willcox, 2003
• Labor Market and Career Information / Career Investigation Newspaper
• Labor Market and Career Information / Career Success Newspaper
• Labor Market and Career Information / Licensed Occupations and Apprenticeship Contacts in Texas
• Labor Market and Career Information / Succeed at Work Express
• Labor Market and Career Information / Why Study This?
• Labor Market and Career Information http://www.lmci.state.tx.us
• Texas CARES http://www.lmci.state.tx.us/shared/cares.asp
• Family Economics & Financial Education http://www.fefe.arizona.edu
• FDIC – Money Smart for Young Adults http://www.fdic.gov/consumers/consumer/moneysmart/young.html
• Hands On Banking Program http://www.handsonbanking.org/en
• Jump$tart http://www.jumpstart.org
• NEFE High School Financial Planning Program http://www.hsfpp.nefe.org/home