1.0 EARNING AN INCOME

Chapter 1: Spending and Saving
You will need:
Key Terms:
  • disposable income
  • fixed expenses
  • variable expenses

Tasks:
  1. Add and define the key terms into your glossary
  2. Read the textbook pages
  3. Draw the Figure (left) into your books and explain each reason that encourages us to spend or save products. Give an example for each factor
  4. Complete the table below in pairs. 
  5. Classify the following items as either fixed or variable expenses. You may use columns to assist. 
Clothes, insurance, computer software, food, fuel, furniture, DVD hire and/or purchases (Netflix), electricity, books and magazines, rent, movie tickets, vehicle registration, fees, shoes, house payments, Internet access, video games, gifts, phone charges

HOMEWORK ACTIVITY
Imagine your income is $300 per week. Think about how you would divide this amount amongst the 7 spending and saving options in the diagram (LEFT). In a small paragraph decide on how much yo would allocate and discuss your decisions. 
Chapter 2: Managing Your Money
You will need:
Key Terms:
  • budget
  • fixed expenses
  • variable expenses
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Tasks:
  1. Class Discussion Review: Why is it important to have a savings plan?
  2. Complete the Rates of Saving worksheet (attached -->) What do you notice about saving that little bit extra each week.? 
  3. Click on the following website: https://www.commbank.com.au/personal/students.html
  • List and explain the suggestions that can help you achieve your financial goals
  • Use the 'student budget calculator' to see how much more you would be able to save when sticking to a budget.
  • What other services does a bank provide to students. (These are found on the home page. 

WRITING ACTIVITY
Choose ONE of the following statements and write a structured paragraph in response to it. 
  • a) A budget is like a road map
  • b) A budget helps make wise choices
  • c) A budget should always make provision for saving
  • d) It is important to have a goal when preparing a budget
  • e) Saving is an integral part of personal finance
DUE: This will be collected on Thursdays lesson. 

RATES OF SAVING WORKSHEET

Rates of Saving WORKSHEET.docx
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File Type: docx
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