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lesson one
 the art of budgeting teacher’s guide
 
web sites for the art of budgeting
 The Internet is probably the most extensive and dynamic source of information in our society.The following Web sites can provide studentsand others with current information,assistance,and data related to thislesson.Web addresses ending in “.com”are commercial;“.org”are nonprofit;and “.gov”are government.Board of Governors of 
www.federalreserve.gov 
the Federal Reserve SystemCNN Financial News
money.cnn.com
Consumer Price Index
www.bls.gov/cex/ 
& Inflation Data
research.stlouisfed.org/fred/data/cupdate.html
Federal Reserve Bank 
www.ny.frb.org
– New York Fool.com:Finance and Folly 
www.fool.com
Investing
www.businessweek.com/investor/index.html
 Jump$tart
www.jumpstart.org
Kiplinger’s Personal
www.kiplinger.com
Finance MagazineNational Consumers League
www.nclnet.com
Springboard:
www.ncfe.org
Consumer Credit ManagementSmart Money Magazine
www.smartmoney.comNote:
Addresses and content of Web sites change,and new sites are created daily.Use searchengines such as Yahoo,AltaVista,Infoseek,Lycos,or Hotbot,to update and locate Web sitesrelated to this topic.
 the art of budgeting
web sites
www.practicalmoneyskills.com
 the art of budgeting
 teacher’s guide 1-i
 
lesson 1 overview
"The month's too long for our budget.If the month was only 20 days long,we'd have enoughmoney to last." This is a common dilemma faced by households when it comes to budgetingand managing money.Effective money management starts with goal setting.If you don't know where you are going, you may end up somewhere else and not even know it.Financial goals should be realistic,spe-cific,have a time frame,and imply an action to be taken.Encourage students to take some timeand effort to develop financial goals.Most people could not tell you how their money is spent.All they know is that the money isgone all too soon.In this chapter students will monitor their spending habits (in writing) tolearn how to better obtain the most value for their available dollars.This chapter will alsodemonstrate that by carefully considering needs and wants,an individual or family will spendappropriate amounts for living expenses while saving and investing for long-term financial secu-rity.
lesson 1 goals
Assist in identifying and prioritizing personal and financial goals,create a plan to achieve thosegoals,and provide practice setting up and maintaining a personal budget.
lesson 1 objectives
■
Identify and prioritize some of your personal and financial goals
■
Identify the steps you can take and the resources you will need to achieve your goals
■
Identify and examine your current spending behaviors and patterns
■
Understand what it means to budget,and identify the reasons to maintain a budget
■
Create and maintain a personal budget that supports your personal and financial goals
lesson 1 overheads
1-A 
Budgeting Process
1-B
Goal-Setting Guidelines
1-C
Setting Up and Maintaining a Budget
lesson 1 activities
1-1
 What Are Your Goals?
■
Ask students what some of their goals are based on their life situations.List theanswers at the front of the room,separating them into short-,intermediate-,andlong-term goals.
■
Pick one goal from each group.Have the class brainstorm what steps they could takeand what resources they would need to achieve those goals.
■
Have students individually work through “What Are Your Goals?”and “Working
 the art of budgeting
lesson outline
 teacher’s guide 1-ii
www.practicalmoneyskills.com
 the art of budgeting
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