Instructions
for teachers: Managing your money
This section of the Web site focuses on teaching students how to manage money.
Most of the section discusses financial basics. Students should read each section
in order.
After reading these sections, students will be ready to create
their own spending plans. Have them click on the spending
plan worksheet for a basic template of a plan. This worksheet contains
two parts: one for monthly income and one for monthly expenses.
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First, have students complete the monthly
income section of the worksheet. Income from all sources should be included. Students can enter their
numbers directly into the worksheet. The worksheet will add up their
totals automatically. |
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Next, have students complete the worksheet
section on monthly expenses. Here, students should list all of the expenses they have during a typical
month. If expenses in one category vary from month to month, have students
estimate an average. Some students may wish to add up the exact amounts
spent during the year and divide the total by 12. |
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Each expense plan should list savings first. If students don’t
have a regular amount to save, suggest that they start with an amount
equal to 10 percent of their monthly income. They may wish to set aside
another 5 percent for investments and 5 to 10 percent for donations.
The amount chosen is up to the student, but you can be helpful in setting
guidelines. |
Ask students to check their income and expense totals. Do these amounts
match? If a student’s income is more than his or her expenses, congratulate
him or her. Other students may need to make some adjustments. Have students
read the section on making
adjustments for ideas to improve their plans. The important
thing is to create spending plans that actually work.
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