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Budgeting Household Expenses (ON)

Subject Area: Mathematics

Link to Ontario Mathematics Curriculum:
  • Demonstrate an understanding of proportional relationships using percent, ratio, and rate.
  • Collect and organize categorical, discrete, or continuous primary data and secondary data and display the data using charts and graphs, including relative frequency tables and circle graphs.
Brief Overview of the Lesson:

The class will be asked to think about why families might need to make a budget and what kinds of expenses a household has monthly. They will be put into pairs for a THINK-PAIR-SHARE activity. Students will look at two samples of Household Budgets. Then each student will be assigned the task of brainstorming what household expenses their family might have every month. Using this data, they will calculate the percentages of the expenses and savings. Then they will design their own Family Household Budget in the form of a Pie Graph.

Estimated Time Required for Implementation:

One class period

Materials Needed:
  • Copies of the Sample Household Budgets provided, blank paper
Suggested Implementation Strategy:
  • Ask the students to find a partner and THINK-PAIR-SHARE ideas about why families might plan a budget and what kinds of expenses a household has.
  • Stop the THINK-PAIR-SHARE activity and give each partnership a copy of the Household Budget Samples.
  • They are to use these charts as examples of pie charts, not to copy them.
  • The students are to generate their own pie charts, representing the percentages of household expenses of their family.
Options for Consideration:
  • The teacher may decide to keep the students in pairs to make the pie charts.
  • The teacher may want to have the students use a computer program to create the pie charts.
Extended Learning Opportunities:
  • Assume the family monthly income is $3000. Using the pie charts, ask the students to calculate the amount of money that would be spent or saved on each item.
  • Let them play an Internet game called the “Budget Odyssey.” In this game, the students will have to calculate the monthly income and expenses to see if they have a surplus or a debt at the end of the month. The website link is: https://www.econedlink.org/resources/budget-odyssey/
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