F1.3 Design sample basic budgets to manage finances for various earning and spending scenarios.
Activity 1: Bake Sale
Propose a bake sale to raise funds for an end-of-year trip. Explain to students that ingredients for a minimum of 5 different recipes will be needed. Invite students to come up with recipes and create a simple budget to determine the profits needed to make and cover the purchase costs for ingredients, packaging, labels, etc.
Activity 2: A Raptors Game
Suggest the following scenario:
João lives in Toronto and would like to go to a Raptors game. His tickets to this NBA game would be $125. He works part time, cleaning the community centre, for which he earns $20 a week.
How long would it take him to save enough money for a ticket to see the Raptors? Will he always save the $20? Are there other expenses to consider (for example, snacks, movie nights)?
Invite students to make a budget incorporating João's earnings and possible expenses.
Activity 3: STEM Activities
Budgets can also be taught within the context of the learning in other subject areas. For example, suppose students or team will need to create a budget for a STEM project, such as:
- The construction of a device to protect an egg using purchased reused or recycled materials.
- The construction of a structure or bridge requiring the purchase of materials (blocks, spaghetti, etc.).
- A robotics competition where the winning group creates the most functional robot at the lowest cost.