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Tracking income and benefits

Updated

Using a case study about an urban family, students calculate monthly net income and explore how irregular income may make it challenging to manage monthly expenses.

Big idea

Knowing your monthly net income is helpful when creating and managing a budget.

Essential questions

  • How does having a clear picture of monthly net income and benefits help you plan ahead and make and follow a budget?
  • What types of challenges does irregular income present for money management?

Objectives

  • Recognize different sources of income
  • Use a financial tracker to organize income and benefits
  • Begin to understand how monthly net income can vary due to irregular income

What students will do

  • Learn key terms related to income and benefits.
  • Use the “Tracking income and benefits” worksheet to explore a case study looking at the income challenges of part-time employees and calculate weekly and monthly net income.
  • Explore how net income changes as a result of irregular monthly income.

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Teacher guide

Tracking income and benefits (guide)

Student materials

Tracking income and benefits (worksheet)

Note: Please remember to consider your students’ accommodations and special needs to ensure that all students are able to participate in a meaningful way.

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