Activity on Budgeting and Prioritizing 1

Resource Info

Basic Information

NISM is an educational initiative from the Security & Exchange Board of India (SEBI) that has been working on financial literacy programs for school children. This activity on 'What is a budget?" is taken from their website. Let your learners apply the basics of math, economics & sustainable living skills into their daily life.
 
Duration: 
00 hours 30 mins
Introduction: 
The teacher/parent needs to explain the terms contained in the attachment carefully before the child/learner proceeds.
 
Objective: 

To help them understand prioritizing their financial decisions.

The scenario

Mr. and Mrs. Grover are worried and wondering how will they meet the demands of the family. They have to buy a silk quilt as a birthday gift for Mr. Grover’s father. Sweta, their daughter wants a scooter. Ravi, their son wants a cricket set, Kanta bai, their domestic help has made a demand of Rs.2000/- as advance for her son’s marriage. Mrs. Grover wants to go for a vacation and Mr. Grover wants to get their house painted. Along with the entire family, consider each of these demands in the Grover household and discuss amongst yourselves as to what demands will get a delayed gratification and which ones instant gratification. Provide the necessary justification. This will help your children understand the parameters that you consider while prioritizing your financial decisions.
Activity Steps: 

Ask them to fill in the blanks and justify their choices

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