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Backward Design Plan Template

Title: Let’s Make a Budget Subject/Course: Mathematics

Time: 40 minutes
Level: 5/6

Lesson Description
Students will be exploring definitions of income, expenses, savings, and how to make a budget. They will be looking at
the importance of budgeting and saving money.

Stage 1: Desired Results

Big Question (link to the real world)
 How can I make a budget?
Ontario Curriculum Overall Expectation
Grade 5: Financial Literacy
F1. Money and Finances: demonstrate the knowledge and skills needed to make informed financial decisions

Ontario Curriculum Specific Expectation

Grade 5
F1.3: design sample basic budgets to manage finances for various earning and spending scenarios

Key Concepts and/or skills to be learned/applied: Prior Knowledge Activation:

 What are expenses?  What money is, how money is earned, money
 What is income? transactions.
 What is savings? And why is savings
important?
 How to make a budget and why budgeting
is important
Stage 2: Planning learning experience and instruction
Learning Goals: “clearly identify what students are expected Instructional Strategies:
to know and be able to do, in language that students can  Teacher explanation
readily understand.”  Student discussion
Success criteria: “describe in specific terms what successful
 Hands on
attainment of the learning goals looks like” (Growing
Success p. 33).  Worksheet
 Watch a video
1 – Learning Goal: Today we will… Choose instructional strategies purposefully and based
 Look at expenses, income, and savings on the learning goal.
 Make a budget
2 – Why: So that…
 We can make a budget and understand the
importance of making budgets.
3 – Success Criteria for this Lesson:
You know you understand when…
 Students have created a budget, and can
explain why having a budget and saving
money is important
Materials/Student Groupings Differentiation
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 Handout  Reduce assignment handout for students

 Jamboard with IEP
 No student groupings  Provided further explanation and
examples to some students
 Provide extra time to some students
Assessment For Learning, Checking for Understanding & Feedback
 Students have created a budget and identified the importance of having a budget and savings
Stage 3: Learning Activity
Motivational Hook (_5_ MINS.):
 Using jamboard: What is income? Can anyone tell me what income is? (write down their responses), Now
what are goods and services? (write down their responses), What are expenses? Can anyone give me a
definition of what they think expenses are? (write down their responses)

Open (_20_MINS):
 Difference between needs and wants (necessities vs non-necessities)

o Okay so now that we have created a list of expenses are all of these expenses’ things that we need?
Categorize (needs or necessities are things that we must have to survive-like food, water, and shelter)
Wants are desires, things that we don’t need to survive but we like having. There’s nothing wrong with
wanting things, but we have to make sure that we are meeting our needs first so things like food,
shelter, electricity. Those are things that we cannot live without. Emphasize that rent, food, electricity
are NEEDS
o Okay so now that we have talked about income and expenses, we are going to talk about how we can
make sure that we have enough money for our needs and our wants. Watch video:
https://www.youtube.com/watch?v=b5CnIF5K9VY

o Using jamboard again; define budget and why having a budget is important. Having a
budget ensures that you will have enough money for the things you need and for
things that are important to you (things that you want).
 You also have to make sure that when you are creating a budget for
yourself that your expenses are not more than your income! Your income
is the amount of money you will have in a period of time, so if your
expenses are more than your income you won’t have enough money to
pay for certain things! But that is why we create a budget, so we know
what we can afford! And how much money we have to spend on things.
 Part of building a budget is working your expenses around your income.
Every one’s budget is going to look different, because we all have different
incomes and different needs or wants. But it’s important to build your own
specific budget around your expenses and your income. For example, we
bought a house in September and we had to make sure our mortgage (the
money we have to pay for our house every month) was not more than our
income (the money we make). We also had to make sure that on top of
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our mortgage we could afford our necessities like our electricity bill,
internet bill, and food! So, building a budget takes a lot of time because
you have to really think about all the things you will need to spend money
on.
o Talk about savings: why is saving money important? It is also important to make sure that when you are
saving some money every month because there are a lot of unexpected things that can happen! It
doesn’t have to be a lot; it can be however much you can afford. Everyone’s income and expenses are
different so our budgets will look different, but it is always important, no matter how big or little the
amount, that you are putting some money away in savings. We bought a house in September and
about a month after we bought our house, our hot water heater unexpectedly stopped working, so we
had to buy a new one. Luckily, we had been putting money for emergencies, so we were lucky that we
had money in our savings to pay for it.

 The other part of savings is putting money aside for something you know you want to do in the
future so for example, if you know you want to go on a vacation in a year you can save money
every month or week in order to take that vacation.

Body (modeling, collaborative work, individual = gradual release of responsibility, synthesis) (_10_ MINS):
 Introduce and go over assignment handout (this can be be done as homework)

Close (success criteria visited) (_10 _ MINS):

 Go over assignments in class and discuss student answers

Stage 4: Reflection
Student Reflection of Learning (metacognition)

Teacher Reflection
 When students are struggling to provide examples, have some prepared for them
 Make sure you are watching the time
 Reduce the assignment for students with IEP’s
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