Minds On
Earning and spending money
Student Success
Think-Pair-Share
Work with a partner, if possible, and explore this scenario:
A post office employee has $3,750.00 to spend this month. How would they spend this money?
Below is a list of items and their cost per month.
| List of items: | Cost of each item/month |
|---|---|
| Apartment rent | $2,500.00 |
| Gas (for their car) | $60.00 |
| Electricity/hydro | $80.00 |
| Groceries | $250.00 |
| New clothes | $175.00 |
| Books | $25.00 |
| Pet supplies | $75.00 |
| Video games | $40.00 |
| Movies | $25.00 |
| New shoes | $95.50 |
What will they choose to spend their money on? How did you decide what they would buy and what they would not buy? Were they able to buy everything they needed/wanted for the month? Did they have any money left over at the end of the month? Why did/didn’t they spend all $3,750.00?
Note to teachers: See your teacher guide for collaboration tools, ideas and suggestions.
Action
Budget and budgeting
What is a budget? Explore the videos below to guide your thinking.
A budget is something that people make when they want to keep track of their money. Budgets can help you track how much money you are earning, spending, and saving. Budgets help people to save up money for their short-term and long-term goals.
Press ‘What needs to be included in a budget?’ to review budgeting.
What needs to be included in a budget?
- The money you earn.
- The money you spend.
- The money you save.
Task 1: Creating a budget
Work together with a partner to explore the following two scenarios:
Scenario 1
A pet store employee wants to buy the new Apple iPhone. Let’s say this iPhone costs $1,035. The employee wants to create a budget so they can save up enough money to buy the new iPhone.
We are going to help the employee save up enough money for an iPhone. This graphic organizer includes the employee’s goal (to buy the iPhone), their earnings, expenses, and savings.
You can use speech to text, the organizer below, or an organizer of your choice.
Complete the Budget Organizer in your notebook or using the following fillable and printable document.
How many weeks will it take for the pet store employee to have enough money saved to buy the new iPhone?
Press ‘Is there a way for them to get it faster?’ to explore other ways to approach this problem.
Is there a way for them to get it faster?
The employee could work more hours, spend less money on other items each week, or they could change their goal. They could research a less expensive iPhone to buy.
Scenario 2
If you would like, you can complete this activity using TVO Mathify. You can also use your notebook or the following fillable and printable document.
Press the ‘TVO Mathify' button to access this resource and the ‘Activity’ button for your note-taking document.
TVO Mathify (Opens in new window) Activity (Open PDF in a new window)
Help a high school graduate determine how to budget their money for their first year of university. Sameen would like to go to university in their hometown of Toronto, Ontario and needs to calculate their student budget. They worked at a grocery store throughout high school and have saved $4,000.00. They now have a new job at a community centre where they work 15 hours a week at $17.00/hour.
Use the internet to research universities in Toronto then select two. For each university, record the university’s tuition fees for first-year, full-time undergraduate students from Ontario.
In addition to the cost of tuition, consider the other expenses that Sameen may have. For example, they may need to budget for residence fees, books, and other school related expenses.
Record your budget comparison using a method of your choice. Which university should Sameen go to? Should they live at home or on campus? Explain your thinking.
Consolidation
Task 1: Create your own budget
Now that you have created a budget for someone else, create your own theoretical budget. Set a goal and think of a way or ways that you can earn money and how much money you will earn. You will also need to consider the expenses that you have each week.
Create your budget using the same graphic organizer you used in the Action section. Record your goal, weekly earnings, expenses, and savings.
Complete the Budgeting for Yourself in your notebook or using the following fillable and printable documents.
Task 2: Answer the questions
Brainstorm
Consider your budget
Answer these questions:
- Was it hard or easy to make a budget for yourself?
- Do you think it would be difficult to follow your budget? Why or why not?
- What might get in the way of following a budget?
Reflection
As you read through these descriptions, which sentence best describes how you are feeling about your understanding of this learning activity? Press the button that is beside this sentence.
I feel...
Now, record your ideas using a voice recorder, speech-to-text, or writing tool.
Connect with a TVO Mathify tutor
Think of TVO Mathify as your own personalized math coach, here to support your learning at home. Press ‘TVO Mathify’ to connect with an Ontario Certified Teacher math tutor of your choice. You will need a TVO Mathify login to access this resource.
TVO Mathify (Opens in new window)