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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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