Indiana Social Studies 5.E.5
The Standard
Explain the purpose and components of a personal budget, and compare factors that influence household saving and spending decisions.
2026 Indiana Academic Standards: K-12 Social Studies
Teacher's field guide
What This Standard Means
What Students Need to Do
- Students make a plan for money coming in, bills, other purchases, and savings. They compare how income, prices, family needs, and goals change what a household saves or spends.
What Mastery Looks Like
- Given an income and a list of expenses, students make a plan that covers needs and sets aside money to save. They explain why a higher food bill or a new goal changes what the household can buy.
Common Misconceptions
- Students may treat income as money left after bills or leave savings out of the plan. They may call every purchase a need or assume families with the same income can save the same amount.
How to Assess It
- Exit ticket: A household earns $100 and plans $40 for housing, $25 for food, and $15 for transport. Find the amount available to save, then explain how a $10 increase in food costs changes the plan.
Lesson moves
Ways to Teach It
Give pairs $100 in play money and envelopes labeled housing $40, food $25, transport $15, and savings; have them divide the cash.
Ask students to write: Why might two families earning $100 each save different amounts if one pays $20 more for transport?
Play a budget change game: draw a card marked “food costs rise $10” or “income drops $10,” then revise a $100 plan.
Use a grocery flyer to price two dinners for four, then show how choosing the cheaper one changes a family's weekly savings.
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Related Standards
- 3.E.8
Identify different ways people save their income, and explain advantages and disadvantages of each.
- E.4.3
Describe the major revenue and expenditure categories in state and federal budgets and their respective proportions, and the challenges of achieving a balanced ...
- 2.E.5
Explain the concept of savings and why this is important for individuals and for the economy.
- E.4.5
Define budget debt and budget deficit and distinguish between the two. Explain the effects of both on the economy.
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