Alicia Bates MEDLT

Personal Budgeting 101 WGU: TAT2 Task 3

Instructor’s Manual July 2019

Personal Budgeting 101

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Photo by Kelly Sikkema on Unsplash

Photo by Kelly Sikkema on Unsplash

Alicia Bates MEDLT

Personal Budgeting 101 WGU: TAT2 Task 3

Instructor’s Manual July 2019

Table of Contents Unit Overview 3

Instructional Goal 3

Delivery Approach 3

Instructional Sequence 4

Resources and Materials Needed 4

Lesson Descriptions 5

Performance Assessments of Adult Learners 7

Delivery of Instruction 8

Instructional Materials Needed 9

Physical Resources Needed 10

Lesson Plan 1 11

Lesson Plan 2 13

Lesson Plan 3 15

Lesson Plan 4 16

Lesson Plan 5 18

Lesson Plan 6 20

Lesson Plan 7 22

Lesson Plan 8 25

References 27

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Alicia Bates MEDLT

Personal Budgeting 101 WGU: TAT2 Task 3

Instructor’s Manual July 2019

Unit Overview Audience and Length: This household budgeting unit consists of eight lesson that should take approximately eight hours (one hour per lesson) to complete. This unit of instruction was developed for adult learners who have not previously had instruction on household budgeting, but this unit can also be used for older teenagers.

Instructions for Implementing this Technology-based Unit: The instructor will need to have a basic understanding of how to fill in Excel Worksheet templates. However, an instructional video for the Excel Templates used in this unit will be provided in the corresponding lessons so that the instructor and adult learners will know how to utilize the Excel Worksheets. 

Additionally, a basic understanding of how to use Google Calendar is necessary, but an instructional YouTube video is linked in the corresponding lesson.

Instructional Goal Adult learners will be able to create and maintain a personal household budget and focus on paying down debt by using Excel spreadsheets, Google Calendar, SMART goals, and a reflection notebook.

Delivery Approach Delivery will be via lecture and discussions as a class and one-on-one between the instructor and the individual students as needed. The adult learners will need guidance and structure from the instructor during the entire unit. However, some adult learners may be more advanced and will not need assistance while others will need extra help.

The adult learners will be able to access the course website from their home computers and mobile devices on their own, but course activities are instructional in nature and need to be completed with direction from the instructor.

The adult learners will be involved in instructor lead/prompted class discussions during which they will make connections with their own financial situations and SMART goals. The adult learners will work individually for approximately sixty to seventy percent of the course, connect with classmates for about twenty percent of it, and work with the instructor for the remaining ten to twenty percent.

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Alicia Bates MEDLT

Personal Budgeting 101 WGU: TAT2 Task 3

Instructor’s Manual July 2019

Once the instructor has introduced the content and prompted discussion, the adult learners will collaborate with one another and will then work individually on their own personal finances. 

Instructional Sequence Instructional objectives used in this unit plan are as follows: 

1. Using the SMART goals and list of expenditures, adult students will create at least one SMART goal that includes specific details into all five of the SMART goal categories. 

2. Using the bank statements that they receive in the mail, the adult learners will identify expenses by highlighting in orange the expenses that occur every month and highlighting in green the common areas of spending until all transactions are categorized accordingly. 

3. Using the highlighted bank statements, the adult learners will be able to arrange the expenses into at least 5 categories to prepare for creating a monthly household budget. 

4. Using the SMART goals and list of expenditures, adult students will create at least one new SMART goal that includes specific details into all five of the SMART goal categories.

5. Using a calendar and the list of expenses and income, adult learners will apply to the calendar at least five income/expenses for each of the twelve months.

6. Using their budget, adult learners will reduce at least one unnecessary expense. 7. Using a notebook, adult learners will create a finalized budget using Excel

Spreadsheet Templates.8. Using their notebook, the adult learners will write a reflection to describe how at

least one of the accountability methods will help them reach their SMART goals. 

Resources and Materials Needed Links to resources will be included in each lesson plan.

• Three months of bank statements• Billing statements• Highlighters: orange and green• Notebook• Pen/pencil • Computer• Printer• Google Calendar• YouTube Video on Setting Up Google Calendar• Link to SurveyMonkey.com Tutorial Videos• Optional: Keynote (or other presentation software)• SMART goal printout and worksheet (Appendix A)• SurveyMonkey.com: benchmark, qualitative assessment (Appendix B)

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Alicia Bates MEDLT

Personal Budgeting 101 WGU: TAT2 Task 3

Instructor’s Manual July 2019

• Kiplinger’s Household Budget Worksheet (Appendix C)• Excel Budget Spreadsheet Template (Appendix D)• Link to Budget Spreadsheet Tutorial Video• Excel Snowball Spreadsheet (Appendix E)• Link to Debt Snowball Spreadsheet Tutorial Video• SurveyMonkey.com: summative, qualitative exit assessment (Appendix F)• Rubric for Reflection Writing (Appendix G)• Link to Single-Point Rubric Tutorial Video

Lesson Descriptions Lesson One Summary:

Instructional strategy used was the Teaching for Understanding strategy. The lesson began by utilizing real-world usage of the SMART goal. The adult learners discussed and plotted out a real-world example of a common financial goal. The adult learners also journaled to reflect upon their goal. The instructional strategy supports the Constructivism learning theory because the students will be evaluating and reflecting upon their SMART goal in a notebook.

Lesson Two Summary:

Instructional strategy used was the Teaching for Understanding strategy. The lesson began by utilizing real-world usage of the vocabulary. The adult learners discussed recurring and non-recurring expenses and necessary expenses and superfluous spending as it relates to their own lives. The adult learners also journaled to reflect upon their spending habits and why they spend in certain areas. The instructional strategy supports the Constructivism learning theory because the students will be evaluating and reflecting upon their spending habits in a journal.

Lesson Three Summary:

Instructional strategy used was the Teaching for Understanding strategy. The lesson began by utilizing real-world categories of expenditures. The adult learners discussed common categories that families would have as it relates to their own lives. The adult learners also journaled to continue breaking down the initial five categories into more specific categories. The instructional strategy supports the Cognitivism learning theory because the students will be categorizing their expenses.

Lesson Four Summary:

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Alicia Bates MEDLT

Personal Budgeting 101 WGU: TAT2 Task 3

Instructor’s Manual July 2019

Instructional strategy used was the Teaching for Understanding strategy. The lesson began by asking the adult learners why people normally create household budgets. The adult learners discussed discussed those reasons amongst the class. The adult learners create an additional SMART goal while ensuring that both SMART goals and the budget are in alignment. The instructional strategy supports the Constructivism learning theory because the students will be evaluating and reflecting upon their spending habits in a journal.

Lesson Five Summary:

The instructional strategy used was the Teaching for Understanding strategy. The lesson began by discussion of financial situations that tend to pop up in an adult’s life The adult learners then learned how to use Google Calendar and set up events and notifications to help with maintaining the household budget. The instructional strategy supports the Cognitivism learning theory because the adult learners will be organizing their expenses and income using Google Calendar.

Lesson Six Summary:

The instructional strategy used was the Teaching for Understanding strategy. The lesson began by the instructor leading a discussion in regard to reducing and/or eliminating unnecessary expenses and then demonstrated how to use the Excel Spreadsheet Templates. The adult learners then reviewed their expenses and figured out what areas (at least one) in which they can reduce their spending. The adult learners also reviewed their budget to ensure that it is set up to help them attain their SMART goals. The instructional strategy supports the Constructivism learning theory because the adult learners will be creating a real-world budget using the Excel Budget Spreadsheet Template and will make decisions on where to reduce at least one unnecessary expense.

Lesson Seven Summary:

The instructional strategy used was the Teaching for Understanding strategy. The lesson began with the instructor leading a discussion about the common mistakes that can occur when creating a budget. The instructor then introduced budgeting systems such as the zero-based budget and the 50-30-20 budget. The adult learners reviewed their Excel Worksheets that were created in Task 6, made any necessary changes according to the lecture and class discussion. The adult learners will continue the lesson by writing a reflection about how the budget will set them up for successful completion of their SMART goals. The instructional strategy supports the Constructivism

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Alicia Bates MEDLT

Personal Budgeting 101 WGU: TAT2 Task 3

Instructor’s Manual July 2019

learning theory because the adult learners will be creating an authentic task in a real world setting.

Lesson Eight Summary:

The instructional strategy used was the Teaching for Understanding strategy. The lesson began with the instructor leading the discussion on various accountability methods and the students continued the discussion of other methods they can come up with. The adult learners then chose at least one method and submitted said method to the instructor along with their reason for choosing it and how they will implement it. The adult learners will continue by writing a reflection to explain how the chosen method will help them stay on budget and attain their SMART goals. To end the unit, the adult learners will complete an exit survey on SurveryMonkey.com. The instructional strategy supports the Constructivism learning theory because the adult learners will be writing a reflection in which they discuss at least one accountability method they will implement immediately and how it will help support their SMART goals.

Performance Assessments of Adult Learners The adult learners will be assessed using qualitative methods, such as a single-point rubric for assessing journal entries, Likert Scale surveys, and checking for understanding and completion of Excel Spreadsheets and Calendaring tasks.

Because this unit has been created for adult learners who are interested in personal development in regard to their household finances, there is no letter grade associated with the unit/lessons/assessments. However, this unit has been created utilizing the Teaching for Understand instructional strategy. Therefore, the qualitative assessments mentioned are ideal for ensuring the adult learners are meeting the four parts of the Teaching for Understanding Framework.

Generative Topic:

The curriculum was built around an important and accessible topic that interests the adult learners and the instructor. Household budgeting is something that the adult learners have a strong desire to learn and implement and is a topic the unit creator has always maintained an interest in regard to helping others.

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Alicia Bates MEDLT

Personal Budgeting 101 WGU: TAT2 Task 3

Instructor’s Manual July 2019

Understanding Goals:

Goals for the unit are explicitly stated and will support the learners’ understand of the material. Additionally, because this unit is in regard to one’s personal household finances, the instructor will be working with each adult on an individual basis to ensure that each adult has a clear plan of action for attaining the SMART goals they set up for themselves.

Performances of Understanding:

The adult learners will be performing their understanding of the material by participating in class discussions, completing assigned tasks, completing a Likert Scale qualitative assessment at the beginning and at the end of the unit, and will be reflecting on their learning and making connections to their real-life situations by writing in their journals.

On-going Assessment:

Assessments are occurring consistently within the unit and specifically within each lesson. The instructor will utilize the journal entries for assessing the understanding of each adult learner in addition to ensuring that other assessment tasks are completed thoroughly and correctly according to each adult learner’s personal financial situation and SMART goals. The journaling method also helps the learner’s to reflect on their progress and ensure that their budgeting plan is in alignment with attaining their SMART goals.

Delivery of Instruction Can be recreated by another instructor

Planned pedagogies for this unit are a combination of lecture, class discussion, one-on-one instruction, active learning, technology integration, and this unit can be adapted for distance learning.

Lecture:

The instructor will need to introduce the lesson and begin the discussion, which will continue with the adult learners conversing as a class.

Class Discussion:

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Alicia Bates MEDLT

Personal Budgeting 101 WGU: TAT2 Task 3

Instructor’s Manual July 2019

After the lesson topic is introduced by the instructor, the adult learners will continue the discussion as a class to thoroughly investigate the topic.

One-on-One Instruction:

Depending on each adult learner’s skill and confidence level, the instructor may need to provide extra assistance with the technological aspects of this unit.

Active Learning:

The adult learners will be able to participate in discussions, listen to others, write and reflect on what they are learning and how they will be able to apply it to their real-life situations.

Technology Integration:

Technology is integrated throughout the unit via Excel Spreadsheets, Google Calendar, YouTube, Keynote (or other presentation software, Survey Monkey website, and Kiplinger’s website. Additionally, the adult learners will need a computer, printer, calculator, and internet.

Distance Learning:

This unit can be adapted for distance learning by using a Facebook Support Group for discussions, an online classroom, such as Kajabi, Teachable, Thinkific, etc.

Instructional Materials • Google Calendar• YouTube Video on Setting Up Google Calendar• Link to SurveyMonkey.com Tutorial Videos• Optional: Keynote (or other presentation software)• SMART goal printout and worksheet (Appendix A)• SurveyMonkey.com: benchmark, qualitative assessment (Appendix B)• Kiplinger’s Household Budget Worksheet (Appendix C)• Excel Budget Spreadsheet Template (Appendix D)• Link to Budget Spreadsheet Tutorial Video• Excel Snowball Spreadsheet (Appendix E)

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Alicia Bates MEDLT

Personal Budgeting 101 WGU: TAT2 Task 3

Instructor’s Manual July 2019

• Link to Debt Snowball Spreadsheet Tutorial Video• SurveyMonkey.com: summative, qualitative exit assessment (Appendix F)• Rubric for Reflection Writing (Appendix G)• Link to Single-Point Rubric Tutorial Video

Physical Resources Needed • Three months of bank statements• Billing statements• Highlighters: orange and green• Notebook• Pen/pencil • Computer• Printer

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Alicia Bates MEDLT

Personal Budgeting 101 WGU: TAT2 Task 3

Instructor’s Manual July 2019

Lesson Plans Lesson Plan #1 Title: SMART Goals

Performance Objective: Using the SMART goals and list of expenditures, adult students will create at least one SMART goal that includes specific details into all five of the SMART goal categories.

Resources or Materials Needed: • SMART goal printout and worksheet (Appendix A)• Notebook• Pen/pencil • Computer• Printer • Rubric for Reflection Writing (Appendix G)• SurveyMonkey.com: survey (Appendix B) • Link to SurveyMonkey.com Tutorial Videos• Optional: Keynote (or other presentation software)

Time: 60 minutes

Step 1: Pre-Instructional Activities: The adult learners will first complete a survey on SurveyMonkey.com to assess the adult learners current habits, attitudes, and confidence levels in regard to household budgeting and SMART goals familiarity prior to beginning instruction. (Appendix B)Begin by discussing what to expect in this unit. Then discuss current attitudes toward money and current language that is used in today’s society.In their notebook, the adult learners will reflect and answer these questions: What negative influences/language are you using about money? For example, “I can’t afford…” or Mom/Dad always said no to things because she couldn’t afford it.What will you be able to stop spending money on so that you can reach your goals?

Step 2: Content Presentation: After discussing current societal attitudes toward money and the language that is used, discuss goals using the SMART goal printout (Tracy 2018). The adult learners will have the printout on hand while the instructor goes through each section. The SMART goal printout can be found in Appendix A.

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Alicia Bates MEDLT

Personal Budgeting 101 WGU: TAT2 Task 3

Instructor’s Manual July 2019

Step 3: Learner Participation: Follow along with Tracy’s SMART goal printout: Beginning with the S: Specific, Go through the worksheet using an example goal that the adult learners will come up with. Discuss the Five Ws for answering the Specific portion. When the adult learners are able to appropriately answer the Five Ws for the example goal, move on to the M: Measurable. Continue through the rest of the letters in SMART ensuring that each adult learner is clear on how specifically to answer each section. Then review the examples provided in the handout to ensure that the adult learners are understanding how to complete the SMART goals.

Step 4: Assessment: The adult learners will complete the SMART goals template and submit the completed worksheet to the instructor (Appendix A).

Step 5: Follow-Through Activities: In their notebook, the adult learners will reflect on their goal by answering these questions: Why is this goal important to me? What will accomplishing this goal do for me? An additional activity could be to have the adult learners create a digital dream board using presentation software such as Keynote.

Lesson Plan Summary: Instructional strategy used was the Teaching for Understanding strategy. The lesson began by utilizing real-world usage of the SMART goal. The adult learners discussed and plotted out a real-world example of a common financial goal. The adult learners also journaled to reflect upon their goal. The instructional strategy supports the Constructivism learning theory because the students will be evaluating and reflecting upon their SMART goal in a notebook.

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Alicia Bates MEDLT

Personal Budgeting 101 WGU: TAT2 Task 3

Instructor’s Manual July 2019

Lesson Plan #2 Title: Identifying Expenses

Performance Objective: Using the bank statements that they receive in the mail, the adult learners will identify expenses by highlighting in orange the expenses that occur every month and highlighting in green the common areas of spending until all transactions are categorized accordingly.

Resources or Materials Needed: • Three months of bank statements• Highlighters: orange and green• Notebook• Pen/pencil• Billing statements• Rubric for Reflection Writing (Appendix G)• Link to Single-Point Rubric Tutorial Video•

Time: 60 minutes

Step 1: Pre-Instructional Activities: • Vocabulary:

• Define recurring and non-recurring expenses• Define necessary expenses and superfluous spending

Students will work together to define the terms as they already know them to see if they align with the actual definition. Students will give examples of each to solidify the meaning of each term. Step 2: Content Presentation: The instructor will begin by using a demonstration bank statement and will highlight in orange the recurring, necessary expenses, such as mortgage/rent payments, auto payments, utilities, etc. Then will highlight in green the areas of superfluous, unnecessary spending that are common, such as trips to the coffee shop, craft stores, etc. While highlighting each type of expense, the instructor will discuss each item to further explain why each expenditure is categorized as recurring or superfluous. Step 3: Learner Participation: The Instructor will use a new bank statement example and the students, as a class, will tell the instructor which expenses should be highlighted in orange and which should be highlighted in green and will give reasons why for each expense. Step 4: Assessment: The students will now go through their own bank statements (three months). They will first compare each bank statement with the other two so they can see patterns and identify recurring, necessary expenses. They will then highlight in orange the recurring, necessary expenses and will highlight the superfluous, non-necessary expenses in green.

• Recurring, necessary expenses highlighted in orange

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Alicia Bates MEDLT

Personal Budgeting 101 WGU: TAT2 Task 3

Instructor’s Manual July 2019

• Superfluous, non-necessary expenses highlighted in green• Every line item is categorized into either one of the two categories. Nothing is left

unassigned.

Step 5: Follow-Through Activities: Students will journal in their notebook their findings in regard to their recurring, necessary expenses and if there are any that they think they might be able to reduce or stop completely. They will then journal about the superfluous, non-necessary spending. They will reflect on their spending habits: What surprised them about their spending? What do they think about their spending habits? Do they want to keep those spending habits so that they need to be worked into their budget?Lesson Plan Summary: Instructional strategy used was the Teaching for Understanding strategy. The lesson began by utilizing real-world usage of the vocabulary. The adult learners discussed recurring and non-recurring expenses and necessary expenses and superfluous spending as it relates to their own lives. The adult learners also journaled to reflect upon their spending habits and why they spend in certain areas. The instructional strategy supports the Constructivism learning theory because the students will be evaluating and reflecting upon their spending habits in a journal.

Lesson Plan #3 Title: Categorizing Expenses

Performance Objective: Using the highlighted bank statements, the adult learners will be able to arrange the expenses into at least five categories to prepare for creating a monthly household budget.

Resources or Materials Needed: • Previously highlighted bank statements• Notebook• Pen/pencil• Calculator• Billing statements• Kiplinger’s Household Budget Worksheet (Appendix C)

Time: 60 minutesStep 1: Pre-Instructional Activities: The adult learners will review the highlighted bank statements from the previous lesson looking for areas of commonality among the expenses. For example, fuel, repairs, registration, etc. are categorized under Automotive.Step 2: Content Presentation: The adult learners will discuss categories of spending that they noticed within their bank statements.Step 3: Learner Participation:

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Alicia Bates MEDLT

Personal Budgeting 101 WGU: TAT2 Task 3

Instructor’s Manual July 2019

The adult learners will calculate how much is spent on a monthly basis in each category. This is the beginning of budget creation. Step 4: Assessment: The adult learners will have categorized their expenses into at least five categories using Kiplinger’s Household Budget Worksheet. (Appendix C) Step 5: Follow-Through Activities: The adult learners will continue to break down the initial five categories into more specific categories by accessing the Kiplinger’s Household Budget Worksheet website for assistance. Lesson Plan Summary: Instructional strategy used was the Teaching for Understanding strategy. The lesson began by utilizing real-world categories of expenditures. The adult learners discussed common categories that families would have as it relates to their own lives. The adult learners also journaled to continue breaking down the initial five categories into more specific categories. The instructional strategy supports the Cognitivism learning theory because the students will be categorizing their expenses.

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Alicia Bates MEDLT

Personal Budgeting 101 WGU: TAT2 Task 3

Instructor’s Manual July 2019

Lesson Plan #4 Title: Determine, Review, Assess

Performance Objective: Using the SMART goals and list of expenditures, adult students will create at least one new SMART goal that includes specific details into all five of the SMART goal categories.

Resources or Materials Needed: • Previously highlighted bank statements• Notebook• Pen/pencil• Calculator• Billing statements• Rubric for Reflection Writing (Appendix G) • SMART goal printout and worksheet (Appendix A)• Kiplinger’s Household Budget Worksheet that was created in Task 3.

Time: 60 Minutes

Step 1: Pre-Instructional Activities: Instructor will ask the adult learners why people normally create household budgets. The adult learners will discuss why maintaining a household budget is important.

Step 2: Content Presentation: 1. (Step one of Content Presentation will be immediately followed by step one of

Learner Participation) Instructor will reiterate the various reasons for maintaining a household budget that the adult learners came up with and will help the adult learners to identify at least one reason that resonates with their own financial situation.

2. (Step two of Content Presentation will be immediately followed by step two of Learner Participation) Instructor will discuss how to align SMART goals with budgeting in order to achieve the SMART goals. The Instructor will then direct the adult learners to review the previous written SMART goals and the Kiplinger’s Household Budget Worksheet from Task 3 to make any necessary adjustments, as well as, ensure that the reason for maintaining a household budget aligns with the SMART goal.

Step 3: Learner Participation: 1. (This step should immediately follow step one of Content Presentation) The adult

learners will make a note of their reasons for maintaining a household budget in their notebook.

2. (This step should immediately follow step two of Content Presentation) The adult learners review the previous SMART goal and the Kiplinger’s Household Budget

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Alicia Bates MEDLT

Personal Budgeting 101 WGU: TAT2 Task 3

Instructor’s Manual July 2019

Worksheet to revise if necessary and to ensure that the SMART goal is in alignment with their reason for maintaining a household budget.

Step 4: Assessment: The adult students will create at least one new SMART goal that includes specific details into all five of the SMART goal categories (Appendix A).

Step 5: Follow-Through Activities: The adult learners will review their spending habits and will write a reflection in their notebooks to assess their SMART goals in relation to their budget to ensure there is consistency and alignment between the goals, reasons for maintaining a budget, and spending habits.

Lesson Plan Summary: Instructional strategy used was the Teaching for Understanding strategy. The lesson began by asking the adult learners why people normally create household budgets. The adult learners discussed discussed those reasons amongst the class. The adult learners create an additional SMART goal while ensuring that both SMART goals and the budget are in alignment. The instructional strategy supports the Constructivism learning theory because the students will be evaluating and reflecting upon their spending habits in a journal.

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Alicia Bates MEDLT

Personal Budgeting 101 WGU: TAT2 Task 3

Instructor’s Manual July 2019

Lesson Plan #5 Title: Calendaring

Performance Objective: Using a calendar and the list of expenses and income, adult learners will apply to the calendar at least five income/expenses for each of the twelve months.

Resources or Materials Needed: • Previously highlighted bank statements• Notebook• Pen/pencil• Calculator• Billing Statements• Rubric for Reflection Writing (Appendix G) • SMART goal printout and worksheet (Appendix A)• Kiplinger’s Household Budget Worksheet that was created in Task 3• Google Calendar• YouTube Video on Setting Up Google Calendar: CLICK HERE

Time: 60 Minutes

Step 1: Pre-Instructional Activities: Instructor will lead discussion in regard to irregular planned expenses and unplanned expenses. The adult learners will add to the discussion other financial situations that tend to pop up in an adult’s life.

Step 2: Content Presentation: Instructor will demonstrate how to use Google Calendar for creating regular notifications to help with creating reminders for bill paying by having the adult learners view and follow along with the YouTube video: https://youtu.be/1EjJ55BODn0. The instructor will be actively assisting the adult learners in this activity.

Step 3: Learner Participation: The adult learners will create their Google Calendar by inputting events for when they need to pay their bills according to each billing statement due date and setting reminders accordingly.

Step 4: Assessment: The adult learners will print out at least three months from the Google Calendar which have at least five income/expenses to submit to the instructor.

Step 5: Follow-Through Activities: In their notebooks, the adult learners will reflect on how using the notifications on Google Calendar will help them stay on track with their budgeting.

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Alicia Bates MEDLT

Personal Budgeting 101 WGU: TAT2 Task 3

Instructor’s Manual July 2019

Lesson Plan Summary: The instructional strategy used was the Teaching for Understanding strategy. The lesson began by discussion of financial situations that tend to pop up in an adult’s life The adult learners then learned how to use Google Calendar and set up events and notifications to help with maintaining the household budget. The instructional strategy supports the Cognitivism learning theory because the adult learners will be organizing their expenses and income using Google Calendar.

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Alicia Bates MEDLT

Personal Budgeting 101 WGU: TAT2 Task 3

Instructor’s Manual July 2019

Lesson Plan #6 Title: Reviewing and Deciding

Performance Objective: Using their budget, adult learners will reduce at least one unnecessary expense.

Resources or Materials Needed: • Previously highlighted bank statements• Notebook• Pen/pencil• Calculator• Billing Statements• SMART goal printout and worksheet (Appendix A)• Kiplinger’s Household Budget Worksheet that was created in Task 3 • Excel Snowball Spreadsheet (Appendix E)• Tutorial for Excel Snowball Spreadsheet: CLICK HERE• Excel Budget Spreadsheet Template (Appendix D) • Tutorial for Excel Budget Spreadsheet: CLICK HERE

Time: 60 Minutes

Step 1: Pre-Instructional Activities: The instructor will lead a discussion in regard to reducing and/or eliminating unnecessary expenses.

Step 2: Content Presentation:

Project 1: The instructor will demonstrate the Excel Budget Spreadsheet Template and how to input information.

Project 2: The instructor will introduce two methods of organizing the Debt Snowball Spreadsheet and will demonstrate how to input information according to each method. Method A: Debt Snowball: This method is used to pay off debt according starting with the creditor with smallest balance. As each of the smaller balances are paid off, the money that was budgeted for that bill is added to the payment for the next bill. For example, one has the following bills: Best Buy-$500 at 14% interest with $50/month minimum payment; Sears-$1200 at 18% interest with $100/month minimum payment; Auto Loan-$7800 at 3% interest with $250/month minimum payment. This is how the Debt Snowball method would be applied: The Best Buy account would be paid off first because it is the lowest balance. Once paid off, that $50 payment is added to the Sears debt, which would increase the monthly payment from $100 to $150. Once paid off, that $150 payment is added to the auto loan payment, which would increase the monthly auto loan payment from $250 to $400. This method allows one to see progress because the smaller debts are eliminated.

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Personal Budgeting 101 WGU: TAT2 Task 3

Instructor’s Manual July 2019

Method B: Debt Avalanche: This is prioritizing debt according to highest interest. One would begin with paying off the debt that has the highest interest rate. Using the same example scenario, this is how the Debt Avalanche method would work: Best Buy-$500 at 14% interest with $50/month minimum payment; Sears-$1200 at 18% interest with $100/month minimum payment; Auto Loan-$7800 at 3% interest with $250/month minimum payment.One would first pay off the Sears debt because it has the highest interest rate at 18%. Then that $100/month payment would be added to the Best Buy card, which is the next highest interest rate making the payment $150 instead of $50. Once Best Buy is paid off, the $150 payment is added to the auto loan payment because it is the lowest interest rate, which makes the payment $400 instead of $250.

Step 3: Learner Participation: The adult learners will discuss the advantages and disadvantages of each method and will choose one to set up their Excel Debt Snowball Spreadsheet. (Special Note: while the worksheet is called the Debt Snowball Spreadsheet, it is possible to set it up so that the Avalanche method is used.)The adult learners will also create their budget using the Excel Budget Spreadsheet Template while referencing their SMART goals, the Kiplinger’s Household Budget Worksheet, and billing statements for information.

Step 4: Assessment: The adult learners will submit their Excel Budget Spreadsheet with at least one unnecessary expense reduced as well as their Excel Debt Snowball Spreadsheet.

Step 5: Follow-Through Activities: The adult learners will review both of the Excel Spreadsheets to see what other areas of expenditures they can reduce to help them attain their SMART goals.

Lesson Plan Summary: The instructional strategy used was the Teaching for Understanding strategy. The lesson began by the instructor leading a discussion in regard to reducing and/or eliminating unnecessary expenses and then demonstrated how to use the Excel Spreadsheet Templates. The adult learners then reviewed their expenses and figured out what areas (at least one) in which they can reduce their spending. The adult learners also reviewed their budget to ensure that it is set up to help them attain their SMART goals. The instructional strategy supports the Constructivism learning theory because the adult learners will be creating a real-world budget using the Excel Budget Spreadsheet Template and will make decisions on where to reduce at least one unnecessary expense.

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Personal Budgeting 101 WGU: TAT2 Task 3

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Lesson Plan #7 Title: Common Mistakes and Creating the Final Budget

Performance Objective: Using a notebook, adult learners will create a finalized budget using the Excel Spreadsheet they created in Task 6.

Resources or Materials Needed: • Previously highlighted bank statements• Notebook• Pen/pencil• Calculator• Rubric for Reflection Writing (Appendix G) • SMART goal printout and worksheet (Appendix A)• Kiplinger’s Household Budget Worksheet that was created in Task 3 • Excel Snowball Spreadsheet that was created in Task 6 • Excel Budget Spreadsheet that was created in Task 6

Time: 60 Minutes

Step 1: Pre-Instructional Activities: The instructor will begin a discussion in regard to common mistakes that are made when budgeting, such as setting unrealistic expectations, budgeting based off of gross income instead of net income, failure to consider major changes, etc.

Step 2: Content Presentation: The instructor will go over budgeting systems such as the zero-based budget and the 50-30-20 budget in addition to other methods.

The explanations for each of the methods listed below are from T. (https://atypicalfinance.com/7-best-budgeting-methods/)

• The Balanced Money Formula (AKA 50-30-20)This method, popularized by Elizabeth Warren and Amelia Tyagi, is also called the 50-20-30 method.The idea is to spend 50% of your total income on your needs, 20% on saving, and 30% on wants. The 50-20-30 method is very simple to maintain, which is one of the reasons why I find it to be among the best budgeting methods.

• Cash-Only BudgetingAlso, called “Envelope Budgeting,” Cash-Only Budgeting is where you use actual cash (those are the green pieces of paper you rarely see in the U.S. these days)to use as your spending money. There is no room for plastic here!

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Personal Budgeting 101 WGU: TAT2 Task 3

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What you do is allocate your money to your separate categories and then withdrawal cash out from your bank account. You then put the cash in envelopes labeled to match your categories.

• Zero-based BudgetZero-Based Budgeting is where the money you have in income matches exactly what is going out of your account.

• The 60% SolutionThis method was first proposed by then editor-in-chief of MSN Money, Richard Jenkins.60% of your income is used for what Richard calls “committed expenses.” These include your mortgage, food, basic clothing, car payments, insurance, etc. The remaining 40% of your income is divided into four categories with 10% allocated to each category: Retirement, Long-Term Savings, Short-Term Savings, Fun Money.

• The “No Budget” BudgetThe only thing you have to pay attention to is your bank account balance. There isn’t even a need to track your expenses.This way you can simply add up all of your bills, make sure that money is in the right account, and then not have to worry about it from there.

• Values-based BudgetThe hook of this method—which still involves tracking your spending—is to spend money based on your values rather than worrying about how much you are spending in specific categories.

• Create-Your-Own-BudgetIn order to create your own budget, you have to first do some research and learn about the budgeting methods available to you. You also want to ask yourself exactly what you want out of your budget. Knowing your options will give you a good start in creating your own budget.

Step 3: Learner Participation: The adult learners will review their Excel Budget Worksheet and make any changes according to the Pre-Instructional Activity Discussion and the Content Presentation.

Step 4: Assessment:

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The adult learners will finalize their budget by choosing a budgeting method and will submit to the both Excel Spreadsheets to the instructor.

Step 5: Follow-Through Activities: The adult learners will write a reflection on how their chosen method of budgeting and how will set them up for successful completion of their SMART goals.

Lesson Plan Summary: The instructional strategy used was the Teaching for Understanding strategy. The lesson began with the instructor leading a discussion about the common mistakes that can occur when creating a budget. The instructor then introduced budgeting systems such as the zero-based budget and the 50-30-20 budget. The adult learners reviewed their Excel Worksheets that were created in Task 6, made any necessary changes according to the lecture and class discussion. The adult learners will continue the lesson by writing a reflection about how the budget will set them up for successful completion of their SMART goals. The instructional strategy supports the Constructivism learning theory because the adult learners will be creating an authentic task in a real world setting.

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Lesson Plan #8 Title: Accountability

Performance Objective: Using their notebook, the adult learners will write a reflection to describe how at least one of the accountability methods will help them reach their SMART goals.

Resources or Materials Needed: • Previously highlighted bank statements• Notebook• Pen/pencil• Calculator• Rubric for Reflection Writing (Appendix G) • SMART goal printout and worksheet (Appendix A)• Excel Spreadsheet that was created in Task 6• Excel Snowball Spreadsheet that was created in Task 6 • SurveyMonkey.com: survey (Appendix F) • Link to SurveyMonkey.com Tutorial Videos

Time: 60 Minutes

Step 1: Pre-Instructional Activities: The instructor will lead a discussion in regard to accountability and how to hold one’s self accountable for sticking to the budget.

Step 2: Content Presentation: The instructor will introduce various accountability methods such as automation, the envelope system, expenditure tracking, and setting up regular budget review.

• Automation of ExpensesAutomating one’s expenses can be done by setting up auto pay either through one’s bank/credit union or directly with the creditor. The payment is made electronically or the bank/credit union “writes” a check and mails it to the creditor.

• The Envelope SystemThe envelope system is when cash is pulled from the bank and divided into envelopes. This is a great way to help reduce overspending on areas such as fuel and groceries because one is limited to the cash on hand. A trick to this method is to leave the credit cards and ATM cards at home to avoid temptation of going over the cash amount.

• Setting up a Regular Budget ReviewWhen one is first beginning to maintain a budget, the recommendation is to review the budget once per week. This is to help catch overspending and forgotten bills or payments that will cause problems with the budget. Once one has developed a habit of sticking to the budget, one can move to reviewing the budget to each payday, whether that be twice per month, every other week, or once per month.

• Log Expenses/Spending Daily

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At the end of each day, one can manually log their expenses/spending into their budget. This requires diligence and daily consistency, which can be difficult for a busy adult.

• Use a Budgeting Application on Your PhoneTo assist with the daily logging of expenses/spending, one can utilize a phone application, which can be connected to one’s bank account so that expenses/spending is logged automatically in real time.

• Consistently Review SMART GoalsOne should regularly review SMART Goals to ensure that the budget is still assisting in attaining the SMART Goals. Sometimes, it is necessary to make adjustments to a goal or to the budget and regular review will allow one to see where the changes need to be made.

• Create a Dream Board/Vision BoardA dream board is a very powerful way to keep one’s goals front and center in their daily life. It is possible to make one digitally using Keynote, Google Slides, PowerPoint and one can print it out and post it in a visible location.

Step 3: Learner Participation: The adult learners will continue to discuss other accountability methods and will consider their own personal situations and what will work best for them.

Step 4: Assessment: The adult learners will complete a summative, qualitative exit assessment using SurveyMonkey.com.

Step 5: Follow-Through Activities: The adult learners will write a reflection on which of accountability methods was chosen and how implementing the method will help them stay on budget and attain their SMART goals.

Lesson Plan Summary: The instructional strategy used was the Teaching for Understanding strategy. The lesson began with the instructor leading the discussion on various accountability methods and the students continued the discussion of other methods they can come up with. The adult learners then chose at least one method and submitted said method to the instructor along with their reason for choosing it and how they will implement it. The adult learners will continue by writing a reflection to explain how the chosen method will help them stay on budget and attain their SMART goals. To end the unit, the adult learners will complete an exit survey on SurveryMonkey.com. The instructional strategy supports the Constructivism learning theory because the adult learners will be writing a reflection in which they discuss at least one accountability method they will implement immediately and how it will help support their SMART goals.

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References

Bates, A. (2019, July 29). How to Use the Budgeting Worksheet. Retrieved July 30, 2019, from https://youtu.be/MWyJVYk84r0

Bates, A. (2019, July 29). How to Use the Debt Snowball Worksheet. Retrieved July 30, 2019, from https://www.youtube.com/watch?v=-lwe0BdtLj8

Bates, A. (2019, July 29). How to Use the Single-Point Rubric. Retrieved July 30, 2019, from https://youtu.be/_q0c8jIXpPQ

Household Budget Worksheet. (2017). Retrieved July 11, 2019, from https://www.kiplinger.com/tool/spending/T007-S001-budgeting-worksheet-a- household-budget-for-today-a/index.php

IMovie. (n.d.). Retrieved July 11, 2019, from https://www.apple.com/imovie/

Keynote. (n.d.). Retrieved July 11, 2019, from https://www.apple.com/keynote/

Meadors, B. (2013). Debt Snowball Spreadsheet [Numbers/Excel]. Brian Meadors via Wordpress, from https://decadefive.wordpress.com/2015/05/02/6/.

Numbers (Apple) [Household Budget Template]. (n.d.).

T. (n.d.). The 7 Best Budgeting Methods. Retrieved July 27, 2019, from https://atypicalfinance.com/7-best-budgeting-methods/

Tracy, B. (2018). SMART Goals 101: Examples, A Free Template, And A Quick Worksheet For Writing Them. Retrieved July 8, 2019, from https://www.briantracy.com/

We're more than survey software. (n.d.). Retrieved July 11, 2019, from https://www.surveymonkey.com/

YouTube. (n.d.). Retrieved July 11, 2019, from https://www.youtube.com/

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