Tracking income for a farming family

Updated Jun 02, 2022

Using a case study about a farming family, students calculate weekly and monthly net income and explore the impact of having irregular income.

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 help you plan ahead and make and follow a budget?
How does irregular income affect monthly net income?

Objectives

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

What students will do

Learn key terms related to income.
Use the “Tracking income for a farming family” worksheet to calculate weekly and monthly net income and to explore how net income changes as a result of irregular income.

Download activity

Teacher guide

cfpb_building_block_activities_tracking-income-farming-family_guide.pdf

Student materials

cfpb_building_block_activities_tracking-income-farming-family_worksheet.pdf

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

Explore related resources

Key information for this activity

Building block

(What are the building blocks?)

Executive function
Financial knowledge and decision-making skills

Topic

Earn (Becoming an entrepreneur, Getting paid, Making money), Spend (Budgeting)

School subject

CTE (Career and technical education), Math, Social studies or history

Audience

Grade level: High school (9-10), High school (11-12)

Age range: 13-15, 16-19

Student characteristics: English language learners, Low income, Rural

Activity characteristics

Activity type: Individual, Small group

Teaching strategy: Cooperative learning, Simulation

Bloom’s Taxonomy level: Apply, Analyze

Activity duration: 45-60 minutes

National standards

(What are the national standards? )

Standards: I. Earning income, II. Spending

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