Budgeting - The Basics, Part 1
Developed by: Marco Aliberti, UMF; Tabitha Fillmore, UMF; Julie Titcomb, UMF; Kent Burnham, UMF; Allison Kulick, UMF; Ann Jackson, Great Salt Bay School; Ed Finch, Gardiner High School; Chris Lockwood, MMA; Betsy Fitzgerald, Erskine Academy

Grade Level: K-2, 3-4, 5-8 (adaptable for all these age groups)

The MLR performance indicators listed below are for illustrative purposes. Depending on the focus of the lessons as developed by individual teachers, these indicators may or may not be addressed. Conversely this is not a definitive listing of all of the performance indicators which could be addressed in this lesson.

MLR - Elementary:   Social Studies:   (Economics A - 1,2, B - 2); Mathematics:   (Computation B-1), (Statistics C-1,2), (Reasoning J-1), (Communication K-1)

MLR - Middle Grades: Social Studies: (Economics A - 2, B - 1,3);  Mathematics: (Statistics C -  2, 3), (Reasoning J - 1, 2), (Communication K - 2)

Task Description

An introduction to the idea and process of making a budget will be presented. For the K-2 students - start with a personal budget. Given a specific amount of money, students will be able to select from a list of possible items how they would spend their money. The list would include an array of toys, clothes, computer games, Nintendo and games, Game-Boy and games, and move on to larger items. Through discussion, students would arrive at the point where they would have to make decisions and defend those decisions, as their funds would not cover all their choices. For Grades 3-4 and 5-8, the concept of a classroom and/or playground budget could be introduced. Given a set amount of money, students would make selections in small group settings, and return to the larger group to present their selections and the large group would make the final decisions. Student Council Representatives could be invited to talk with students. (Were this lesson pertinent, students could make presentation to the school administrators and/or the School Committee).

Student Products/Performances

Class presentations can be organized using a hearing format. Presentations to school administrators and/or the School Committee can be organized as oral presentations with accompanying written testimony.

Resources

Newspaper sale flyers, appropriate catalogs of equipment for playgrounds, and classrooms.

   Additional Resources:

What is the ideal process for approving the town budget? Dana Lee, Town Manager, Mechanic Falls (pop. 3,051)

A Beginner's Budget Glossary, from Maine Townsman, January 1993

Budget Presentation: Citizens' demand for understandable financial information coupled with computer technology has greatly improved budget communications, from Maine Townsman, January 1996

A Tax-Cutting Primer: Gardiner officials address financial crisis, from Maine Townsman, January 1999

A Review of Some Sample Budget Article Formats, from Maine Townsman, "Legal Notes," March 1997

Budget Committees: In some communities they are a major player, in others they assume an "advisory" role
from Maine Townsman, January 1993

User Fees: When given the choice, most citizens prefer service charges and user fees over property taxes to fund municipal services, from Maine Townsman, January 1994

Criteria for Evaluating Quality of Product or Performance

Students will be able to articulate organized and appropriate presentations to convey their selections of equipment while staying within the budget guidelines of the lesson. Students will also show an understanding of the give and take of budget decisions through discussion.