Financial planning made easy
Objective:
Learners learn the steps involved in drawing up a financial plan using a practical example. They structure savings goals, create a budget and learn more about suitable forms of investment. They also receive templates for creating their own financial plan.
Contents and methods:
The worksheet teaches the categorization of savings goals into short-term, medium-term and long-term plans. The students analyze income and expenditure in order to identify savings potential. They learn about different forms of investment and assign them to the respective savings goals. Group work, templates and reflection promote practical transfer.
Skills:
- Structured financial planning and budgeting
- Differentiation and selection of suitable forms of investment
- Critical thinking and a reflective approach to consumer wishes
Target group and level:
Year 10 and above
52 other teachers use this template
Target group and level
Year 10 and above
Subjects
Financial planning made easy
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Introduction
In this worksheet, you will learn how to create a financial plan in order to achieve targeted savings goals. You will analyze a person's income and expenditure and find out more about various savings options so that they can achieve their goals. You will also receive a template to create your own financial plan.
Lisa
📌 The person wants to organize their finances better in order to achieve their savings goals. Help them to divide their goals into short-term, medium-term and long-term categories.
📝 Task
Fill in the table by specifying the time period and the planned savings amount for each goal. Divide the goals into short-term, medium-term and long-term savings plans.
| Short-term goals | Medium-term goals | Long-term goals |
|---|---|---|
📝 Task
🎬 Find out more about the emergency fund in this explanatory video.
Create a budget
To save money, you should first draw up a budget. Make a note of all monthly income and expenditure. This will show you how much money is left over that can be saved.
📌 The person has already drawn up a budget in which their income and expenditure are recorded. Take a close look at the plan and answer the following questions.
| Income | Fixed Expenses | Variable Expenses | Emergency Fund |
|---|---|---|---|
| Parental Support: $1000 | Rent: $600 | Groceries: $200 | $4500 |
| Mini-job: $500 | Utilities: $100 | Transport: $100 | |
| Insurance: $50 | Entertainment: $100 | ||
| Miscellaneous: $150 |
📌 Now think about how the person should best invest the money for their savings goals. Get to know various options and decide which are suitable for the respective goal.
📌 Well done! You've helped the person organize their finances. As a result, they will soon be able to achieve their savings goals.
Note for the teacher
Here you will find a sample solution for the table as well as templates for a budget and planning your own savings goals. These can be used for the learner's personal financial plan.
✅ Example
| Short-term goals | Medium-term goals | Long-term goals |
|---|---|---|
|
Buy a new laptop Timeframe: 6 months Target savings: $1000 |
Travel Timeframe: 1 year Target savings: $2000 |
Own a car Timeframe: 3 years Target savings: $5000 |