Keeping Financial Records (check registers)

The Personal Financial Literacy unit finally answers the eternal mathematical question:

We began our Personal Financial Literacy (PFL) lessons last week by discussing taxes taken from a paycheck.  We then talked about ways that you can pay for something (cash, check, debit, automatic payment, or money transfer).  Now that we know how we get money and how to spend it, we need to make sure we are KEEPING TRACK.  .I know that many of us have moved away from actually using checks, but we all still need to keep track of the money that is coming in (income/deposits) and the money that is going out (expenses/withdrawals) to make sure that we do not overspend.  So, it is time to learn how to keep a check register.

I used a lesson from smartertexas.org entitled "Where Does All My Money Go?"  In this lesson students learn the importance of keeping financial records.  We began by tracking "Roberto's" income and expenses to find an ending balance for the month.  To see the how using a check register was explained, please watch the video Check Register.  After filling out the register, we needed to answer some questions:

• What is the total amount of income? (add all the amounts under "Deposit")
• What is the total amount of expenses?  (add all the amounts under "Withdrawal")
• Total income minus total expenses equals the balance of money left over.  
• What is the balance of money at the end of the month for Roberto?

Before we could answer the final three questions, the students had to complete the financial record for Maria.  They were allowed to use a calculator!  Once the financial record was complete, the students answer the same 4 questions as they did for Roberto.  Then they should be able to answer the last three:

• What is the balance of money at the end of the month for Maria?

• Who won the challenge?

• How much more money did the winner have?

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Real world mathematics.... now they see!