Money Management Styles

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Duration  20-40 minutes

Lesson Overview  In this lesson, students will build knowledge about how to live

within their means. Students will explore how to avoid spending

traps and how practical money management habits can help them

achieve their long-term goals. Students also will learn about both

traditional and modern ways to handle money. They will gain

understanding about how to handle their money within the current

economic system.

Big Idea  A budget impacts your financial wellness

 There are different types of expenses that impact ones short- and

long-term finances.

 Your purchases and expense decisions impact your budget.

 Saving money impacts your short-term and long-term budget.

Essential Questions At the end of the lesson, students should be able to answer the

following:

 What is living within your means?

 What does it mean to live beneath your means?

 What does it mean to live beyond your means?

 Why is important to know about living within your means?

 What are traditional ways of handling money?

 What are modern ways of handling money?

Skills  How to live within one’s means and how to avoid spending traps

 Understanding both traditional and modern ways of handling

money, and how to use the modern methods.

Vocabulary  Living beyond, at, and beneath one’s means

 Traditional money management

 Modern money management