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Family Feud

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									                                                          Family Feud




Purpose: The purpose of this exercise is for students to gain an understanding of the
fundamentals of adult living within a family unit and develop an understanding of a
personal budget. Throughout the project, students will be challenged to live within their
financial means, utilize a written personal budget, and work with other students to
achieve a mutual goal. Have fun and use your imagination!!!

      Use this packet with your family throughout the week.
      The completed packet will be turned in at the end of the project.
      Group Roles: recorder, materials, facilitator, researcher
       Recorder- this person records group information in the packet.
       Materials- this person gathers any materials or supplies the group needs and is
       the only one away from their seat throughout the project.
       Facilitator- this person keeps the group on task and monitors group progress and
       keeps the group moving along in a timely manner.
       Researcher- this person researches and checks all spelling, grammar, problem-
       solving, accuracy, and information. Make sure the product turned in is the
       group’s best effort.

Learning Activities:
Part 1: Dividing the Class into Families
Part 2: Choosing the Family Income
Part 3: Creating the Budget
Part 4: Taxes
Part 5: Debt

Reflections: Throughout the week you will respond to a few discussion questions.
Write the prompts and your response on a sheet of paper in your “Homework” section of
your binder. Label the paper(s) you use to write prompts and respond as “Family Feud
Reflections.” Don’t forget your name! At the end of the week you will turn in your
“Family Feud Reflections” together as a homework assignment.



Resources:
Ramsey, Dave. Financial Peace: for the next generation.
                                       Money, Money, Money




                                          Family Name:
                                     ______________________

Group Members:                                            Group Roles:
_________________                                         ___________________
_________________                                         ___________________
_________________                                         ___________________
_________________                                         ___________________
_________________                                         ___________________




Resources:
Ramsey, Dave. Financial Peace: for the next generation.
                                                               Unit Plan
                                                          (Instructor’s Guide)
      Monday- Call roll
          1. Debbie Jones from Compass Bank will be visiting 2nd period to teach a “Banking
              101” class as an introduction into the week. She will introduce checking and
              savings accounts, personal budgets, credit card payments, debt, etc. (45 minutes).
          2. Debbie Jones will leave materials for you to discuss and go over with the rest of
              the classes for the remainder of the day…..discuss “what is a budget, why save,
              checking accounts, credit card debt, etc.”
      Tuesday- Call roll. Begin Part 1-3 of Family Feud.
          1. Divide the class into their “families” as they enter class. Use the class rolls that
              have been numbered to put groups in the appropriate “families.”
          2. When class begins explain that for the remainder of the week their groups will
              represent families of different “make-ups.” Briefly discuss different family
              “make-ups.” (2 parents, 2 kids; elderly couple; 2 parents, 4 kids; single parent, 2
              kids; etc.) (5 minutes)
          3. Have each group send one representative to draw their family “make-up.”
                   Use the family “make-up” zip-lock bags for each period to draw from.
          4. Pass out the Money, Money, Money packets to each family (1 packet per family).
              Explain that they will keep the packets in the classroom in their period’s
              designated area at the end of each day.
          5. Give groups 2 minutes to decide on a family name. Record the family name on
              the front of the packet and group member’s names.
          6. Review the group roles and responsibilities and give groups 1 minute to quickly
              assign roles.
          7. Explain the purpose of this exercise throughout the week is for students to gain an
              understanding of the fundamentals of adult living within a family unit and a
              personal budget. Explain that throughout the activity, the families will be
              challenged to live within their financial means, utilize a written personal budget,
              and work with other students to achieve a mutual goal. Tell them to have fun,
              take their time, and use their imagination!!!! (5 minutes)
          8. Remind students that this is a class simulation for learning purposes and none of
              their personal financial information is to be discussed.
          9. Have groups send another representative to draw a family income. Explain that
              the income they are drawing will represent the total household income for that
              family. So, the single parent might get the largest income. Things like that
              happen in the real world. The largest family may have to budget the lowest
              income. (5 minutes)
                  a. Use the family “income” zip-lock bags for each period. The incomes
                      range from $25,000-$65,000.
          10. Explain that each group must divide the total household income they drew by 12
              to determine their monthly income for budget purposes. Record this monthly
              budget income on the “Family Budget Form” found in the packet. (5 minutes)
          11. Begin Part 3: Creating the Budget. (Remainder of class)
                  a. Using the Family Budget Form instruct students to work together in
                      writing out a budget based on the needs of their assigned family. Discuss


Resources:
Ramsey, Dave. Financial Peace: for the next generation.
                      “What is a need or necessity?” (5 minutes) Instruct the students to as a
                      family brainstorm as many, varied, and unusual needs/necessities one
                      might include in a budget. Use the back of this paper to write down your
                      responses. (2 minutes)
                  b. Compare their list of needs/categories to the Family Budget Form. “Was
                      the process difficult? Why or why not? Explain?” (2 minutes)
                  c. Students must stay within their specified household income.
                  d. Use the financial forms and resources available (category estimates, %
                      estimates, etc.). They need to bring their calculators for class this week!
                  e. Walk around the room and assist.
                  f. Remind them of appropriate group behavior/noise level and group roles
                      they assigned.
                  g. Families may spread out around the room.
                  h. If they cannot participate properly remove them immediately and assign
                      them book-work from pages 438-442. (Copy the chapter, read & answer
                      questions on pg. 442, etc.) Send them to Mr. Jones or Mr. Posey.
          12. Groups will need to begin the budgeting process. Students need to bring materials
              and research from Mrs. Dobbs class to Civics class throughout the week as well.
              They will be learning how to write checks, budget, professions incomes, estimates
              for budgets, etc. in math throughout the week. Have students use a PENCIL.
      Wednesday- Call roll. Family Feud Parts 3-4.
          1. Continue the budgeting process until groups are finished.
          o If groups finish before you begin with taxes let them work at the Money, Money,
              Money Financial Learning Center (check over their work first). Explain that
              same etiquette, rules, and contract for positive behaviors apply at this learning
              center like at the Anchor Activity Center (NO ANCHOR
              ACTIVITIES….students can work at the $$$ Financial Learning Center if they
              finish early instead. When they complete an activity at this center they turn it in
              where they would turn in Anchor Activities (just leave them there and I’ll take
              care of them when I return).
          2. Once they have accounted for everything, tell them that they have to pay income
              tax! Make a big deal out of it…ha ha!
          3. Discuss taxes….what are they….why do we pay them? (10 minutes)
          4. Tell them to multiply their monthly income by .8 as they will pay 20% income
              tax. They must then refigure their budget based on the new numbers.
          5. Model the Tax Simulation Formula: .8 x T=Net Income (T= Total Income). Use
              an example income such as $30,000 to demonstrate. (5 minutes)
          6. Record their new monthly income on their Family Budget Form and begin to
              refigure their budgets. Walk around and assist. (20-30 minutes)
          7. If groups finish early have them work at the Money, Money, Money Financial
              Learning Center. .
          8. You may begin Part 5: Debt if all groups are ready to move forward.
      Thursday- Call roll. Family Feud Part 5.
          1. Once updated budgets are complete allow families to brainstorm 3 items they can
              do without (2 minutes). Discuss how this happens throughout people’s lives and
              budgeting….ask “When might this situation occur in real life?” (5 minutes)


Resources:
Ramsey, Dave. Financial Peace: for the next generation.
           2. Refigure budgets now that they have cut out 3 items they didn’t need. (10
              minutes).
           3. Have groups send a representative to draw credit card and car payment amounts
              they will have to add to their budgeting.
                    Use the car payment and credit card zip-lock bags for each period.
                    Discuss how credit card debt is acquired. (5 minutes)
           4. Explain that they will have to refigure their budgets accounting for the new credit
              card payments and car payments.
           5. If groups finish early have them work on the financial anchor activities.
      Friday- Call roll.
           1. Groups need to finish their final budget and revisions from the day before.
           o “Family Feud” packets are DUE today before they leave class…they need to turn
              them into their period’s cubby drawer.
           2. Pass out the “Self-Evaluation & Participation” form to everyone in the class for
              them to privately complete. Stress that only I will read these evaluations….they
              need to follow the directions on the form on how to complete it correctly. They
              need to turn them into their period’s cubby drawer when they are finished.
           3. Write the following questions on the board and ask them to “reflect” on this past
              week. They’ll need to “reflect” and respond to the following questions on a sheet
              of paper and turn it into their period’s cubby drawer by the end of class. Tell
              them to explain their thoughts as clearly as possible. They need to head their
              papers properly (name, date, period, and assignment name “Family Feud
              Reflection”)
           o What is a budget? What are the advantages of creating and using a budget?
           o What are the advantages of U.S. citizens being economically responsible?
           o How can you apply what you’ve learned and experience throughout class this
              week to your lives now? How can you play a responsible role in our economy
              NOW?
           4. If they finish early have tem work at the $$$ Financial Learning Center. You can
              also have a debriefing discussion on how the week went, what did they think, are
              there any other questions they have, etc. Feel free to throw in your personal
              experience and knowledge with them.

           Homework:
      Throughout the week remind them to check our websites for pictures, video, and
       discussion questions from New York!!!!
      Immigrant Personas are due Monday, August 27th
      Family Feud packets will be turned in in class Friday, August 24th & the reflections they
       write in class need to be turned in.



THANK YOU!!!!!!!!!!!!!!!!




Resources:
Ramsey, Dave. Financial Peace: for the next generation.
                                                          Family Feud Tasks
                                                           (Student Version)

Part 1: Dividing the Class into families
    1. You will be divided into families of 4-5 people
    2. You will draw your family “make-up”
    3. Once groups and family “make-ups” are assigned decide on a family name.
    4. Write your family name on the front cover of the packet.
    5. You may also decide on family members names based on your family “make-up.” Record
        those on the front as well.
    6. Choose group roles. Write your role title next to your name on the front cover. If a
        group has more than four members have two researchers.

Part 2: Choosing the Family Income
    1. The materials person will draw your family’s income. Available incomes range from
        $25,000 to $65,000.
    2. The income drawn will represent the total household income for your family.
    3. Divide your income by 12 to determine your monthly income for budget purposes.
    4. Record the monthly income on your Family Budget Form.

Part 3: Creating the Family Budget
    1. As a family brainstorm as many, varied, and unusual categories one might include in a
        budget. Use the back of this paper to write down your responses.



Resources:
Ramsey, Dave. Financial Peace: for the next generation.
     2. Now compare your list to the categories on the Family Budget Form. You will work
        together in writing out a budget based on the needs of your family….keep in mind your
        family “make-up.” What you need may differ from other families. You must account for
        every category that would apply for your family!!! If you run out of $$$, you still have to
        account for everything! This will give your family an idea of how much $$$ you have left
        over or how far in debt your family is.
     3. Use the category estimates and suggested budget percentages form provided from Mrs.
        Dobbs class to help you realistically estimate how much each category will cost.
            a. Consider how much you want to spend on savings, housing, phone, mobile phone,
                entertainment, etc.
            b. What are your priorities?
            c. Brainstorm First!!!…use the back of this page if needed.
     4. Use knowledge and learning from Mrs. Dobbs class this week. Bring materials from
        math class to Civics!!!
     5. Take your time….it may take you a couple of tries to make your budget work. Use a
        pencil!!!




Part 4: Taxes
    1. Guess what? Your family owes income taxes!
    2. Multiply your monthly income by .8 because you will pay 20% in income tax.
            a. Tax Simulation formula: .8 x T= Net income
            b. (T= Total Income)
    3. Now you must refigure your family budget based on the new monthly income.
    4. Record your new budget information on the Family Budget Form next to your old budget
        information. Take your time! Make well-thought decisions as a family.
Part 5: Debt
    1. Once budgets are completed your family needs to decide on 3 items you can do without.
        Cross those three items off of your Family Budget Form and refigure your budget.
    2. You’ve just acquired some credit card debt. The materials person needs to draw 1-2 slips
        of paper that will tell you how much credit card debt you have to payoff and how the
        amount you will pay each month to get out of the debt (you can’t keep charging to the
        credit card). Account for the monthly payoff amount in your budget.
    3. You’ve got a car payment due….the materials person needs to draw 1 slip of paper that
        will tell you how much your car payments are per month. You may have 2 cars but, one
        is already paid off or you could still owe payments on both of your cars. You might also
        only have one car. Account for your monthly car payments in your budget.
    4. Readjust your budgets to account for credit card debt and car payments. Record your
        budget changes on your Family Budget Form.




Resources:
Ramsey, Dave. Financial Peace: for the next generation.
Resources:
Ramsey, Dave. Financial Peace: for the next generation.

								
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