Essential Questions:
Unit Overview
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Lesson Topic: Budgeting Money
A personal budget is a financial plan that allocates future income toward expenses, savings, and debt repayment. Students need to understand where their money goes. To effectively manage their money, students need to start with a goal then develop a plan for saving and spending.
Key Mathematical Practices:
Maryland College and Career Ready Standards – Algebra I
Personal Financial Literacy Standards
The Partnership for Assessment of Readiness for College and Careers (PARCC) has awarded the Dana Center a grant to develop the information for this component. This information will be provided at a later date. The Dana Center, located at the University of Texas in Austin, encourages high academic standards in mathematics by working in partnership with local, state, and national education entities. Educators at the Center collaborate with their partners to help school systems nurture students' intellectual passions. The Center advocates for every student leaving school prepared for success in postsecondary education and in the contemporary workplace.
How will evidence of student prior knowledge be determined? Teachers know student readiness in terms of a lesson such as this. If you have not taught how to graph equations using coordinate points and you have not taught how to create equations in one and two variables, then your students will not be ready for this lesson.
What will be done for students who are not ready for the lesson?
Coherence
Across-Grade Coherence: Content Knowledge from Earlier Grades
This lesson connects to the prior learning of percent of a number, from Grade 6 (6.RP.A.3).
Within-Grade Coherence: Content from Other Standards in the Same Grade that Provide Reinforcement
Students will take their understanding of how to construct one and two variable equations (A.CED.2) and extend that knowledge to creating equations with many variables. Additionally, they will use their knowledge of equations to solve for a variable of interest (A.CED.4). Students will need to explain the constraints on a person’s budget by applying inequalities to a situation. Income needs to exceed expenses in order to stay out of debt.
Rigor
Procedural Skill Students will be asked to substitute values in for a variable and solve equations for an unknown variable. This allows students to practice solving for a variable of interest given one set of information.
Conceptual Understanding Students will discuss and collaborate ideas about what total percent seems appropriate to allocate to a category in one’s budget. Additionally, students will be asked to make sense of those percentages and how they apply to the bigger picture (total budget). Students will begin to understand how mathematics can be used to make sense of their finances.
Modeling/Application Students will display their knowledge of equations and other representations, like graphs and tables, by switching from one type of representation to the next. Allowing students to use different types of representations to model the situation helps them better make sense of the situation as a whole.
Learning Experience