Financial literacy activities

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Tracking income for a farming family

Using a case study about a farming family, students calculate weekly and monthly net income and explore the impact of having irregular income.

Topic

Earn (Becoming an entrepreneur, Getting paid, Making money), Spend (Budgeting)

Subject

CTE (Career and technical education), Math, Social studies or history

Grade Level

High school (9-10), High school (11-12)

Duration

45-60 minutes

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Updated

Big idea

Knowing your monthly net income is helpful when creating and managing a budget.

Essential questions

  • How does having a clear picture of monthly net income help you plan ahead and make and follow a budget?
  • How does irregular income affect monthly net income?

Objectives

  • Recognize different sources of income
  • Use a financial tracker to organize income
  • Begin to understand how monthly net income can vary due to irregular income

What students will do

  • Learn key terms related to income.
  • Use the “Tracking income for a farming family” worksheet to calculate weekly and monthly net income and to explore how net income changes as a result of irregular income.

Download activity

Teacher guide

cfpb_building_block_activities_tracking-income-farming-family_guide.pdf

Student materials

cfpb_building_block_activities_tracking-income-farming-family_worksheet.pdf

Note: Please remember to consider your students’ accommodations and special needs to ensure that all students are able to participate in a meaningful way.

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