Budgeting and Money Management
Objectives
Start
Story
Budgeting and Money
Budgeting Tools
Simple Interest Rate
Summary
Story
Budgeting and Money
A budget helps manage income and expenses to achieve financial goals. Let's see some examples.
Example 1:
Monthly income of $2000 with expenses of $1500 leaves a surplus of
Example 2:
A student budgets their allowance to save for a new video game.
The student has to calculate:
Total Income - Total Expenses Savings,
Surplus= 2000 - 1500 = 500
and save until they reach the value of the video game.
$500
Budgeting Tools
Monthly Budget Planner
Example 1: A young Peruvian professional tracks their monthly expenses and savings goals with a table.
Simple Interest Rate
Now, let's see the simple interest,
An important concept when we are investing our money or need some leverage.
Let's look at some concepts related with lending and borrowing money in a bank.
borrow
lend
Principal Amount
Interest Rate
r%
Simple interest is a method of calculating the interest charged or earned on a principal amount over a specific period of time.
Formula: Total simple interest is calculated as follows:
I=P×r×t
is the principal amount.
Here:
Periods of time.
is the interest rate (in decimal form)
Fixed Term Bank Deposits
Suppose you invest $1,000 in a bank at an annual interest rate of 5% for 3 years.
To find the simple interest earned, we can plug the values into the formula:
I=$150
Future value (or total amount) with simple interest is the total value of the debt or the investment at the end of a specified period
Formula: Future Value (Total amount) A:
A=P(1+rt)
is the principal amount.
Here:
Periods of time.
is the interest rate (in decimal form)
Try it by yourself:
Try it by yourself:
Summary: Budgeting and Money Management
budgeting
simple interest
Total Income- Total Expenses Savings,
budgetingtable
- Interest
- Interest rate
- principal amount
- future value
Great job!
See you next time
Welcome 6th graders!
A journey soon begin through Social Science experiences!
9TH-BUDGETING-AND-MONEY-MANAGEMENT-EN © 2024 by CASURID is licensed under CC BY-NC-ND 4.0
"MA.912.FL.2 Develop an understanding of basic accounting and economic principles." MA.912.FL.2.2 Solve real-world problems involving profits, costs and revenues using spreadsheets and other technology. MA.912.FL.2.5 Develop budgets that fit within various incomes using spreadsheets and other technology. ELD.K12.ELL.MA.1 English language learners communicate information, ideas and concepts necessary for academic success in the content area of Mathematics.
MATERIAL
It is highly advised to have:
- Grid paper.
- Pencils of different colors.
- Eraser.
- A rule.
- A calculator.
- Geogebra installed on your phone/tablet/computer (or use online version).
WEEK 28-BUDGETING-AND-MONEY-MANAGEMENT
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Transcript
Budgeting and Money Management
Objectives
Start
Story
Budgeting and Money
Budgeting Tools
Simple Interest Rate
Summary
Story
Budgeting and Money
A budget helps manage income and expenses to achieve financial goals. Let's see some examples.
Example 1: Monthly income of $2000 with expenses of $1500 leaves a surplus of
Example 2: A student budgets their allowance to save for a new video game.
The student has to calculate:
Total Income - Total Expenses Savings,
Surplus= 2000 - 1500 = 500
and save until they reach the value of the video game.
$500
Budgeting Tools
Monthly Budget Planner
Example 1: A young Peruvian professional tracks their monthly expenses and savings goals with a table.
Simple Interest Rate
Now, let's see the simple interest,
An important concept when we are investing our money or need some leverage.
Let's look at some concepts related with lending and borrowing money in a bank.
borrow
lend
Principal Amount
Interest Rate
r%
Simple interest is a method of calculating the interest charged or earned on a principal amount over a specific period of time.
Formula: Total simple interest is calculated as follows:
I=P×r×t
is the principal amount.
Here:
Periods of time.
is the interest rate (in decimal form)
Fixed Term Bank Deposits
Suppose you invest $1,000 in a bank at an annual interest rate of 5% for 3 years.
To find the simple interest earned, we can plug the values into the formula:
I=$150
Future value (or total amount) with simple interest is the total value of the debt or the investment at the end of a specified period
Formula: Future Value (Total amount) A:
A=P(1+rt)
is the principal amount.
Here:
Periods of time.
is the interest rate (in decimal form)
Try it by yourself:
Try it by yourself:
Summary: Budgeting and Money Management
budgeting
simple interest
Total Income- Total Expenses Savings,
budgetingtable
Great job!
See you next time
Welcome 6th graders!
A journey soon begin through Social Science experiences!
9TH-BUDGETING-AND-MONEY-MANAGEMENT-EN © 2024 by CASURID is licensed under CC BY-NC-ND 4.0
"MA.912.FL.2 Develop an understanding of basic accounting and economic principles." MA.912.FL.2.2 Solve real-world problems involving profits, costs and revenues using spreadsheets and other technology. MA.912.FL.2.5 Develop budgets that fit within various incomes using spreadsheets and other technology. ELD.K12.ELL.MA.1 English language learners communicate information, ideas and concepts necessary for academic success in the content area of Mathematics.
MATERIAL
It is highly advised to have: