Georgia SS7E10.b
The Standard
Understand that a budget is a tool to plan the spending and saving of income.
Georgia Standards of Excellence for Social Studies · Understand that a basic principle of effective personal money management is to live within one's income.
Teacher's field guide
What This Standard Means
What Students Need to Do
- Students divide a fixed amount of income among needs, wants, and savings. They adjust expenses so the total stays within the available income.
What Mastery Looks Like
- A student can build a balanced budget with realistic income, expense, and savings amounts. The student can explain how one spending change affects another category or the savings goal.
Common Misconceptions
- Students may treat credit as income or assume savings means whatever remains after spending. They may also confuse a budget with a record of money already spent.
How to Assess It
- Exit ticket: You receive $120 and plan to save $30, spend $70 on needs, and spend $35 on wants. Identify the problem and revise the plan.
Lesson moves
Ways to Teach It
Give pairs $200 in play money and expense cards, then have them create a budget that includes at least $20 in savings.
Ask students to write which budget category they would cut first if income dropped by 15 percent, then explain their choice.
Play Budget Balance Bingo, where students revise sample budgets to remove deficits and meet a stated savings goal.
Have students use local store prices to plan one week of lunches within a fixed food budget.
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Printable SS7E10.b Worksheet
A ready-to-print activity worksheet aligned to SS7E10.b, with an answer key for the teacher on its own page. No account needed.
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Related Standards
- SS6E13.b
The 6th Grade version of this standard.
- SS6E13
Understand that a basic principle of effective personal money management is to live within one's income.
- SS4E2
Identify the elements of a personal budget (income, expenditures, and saving) and explain why personal spending and saving decisions are important.
- SS5E4
Identify the elements of a personal budget (income, expenditures, and saving) and explain why personal spending and saving decisions are important.
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