Objective

By the end of this lesson, Fiona will understand how to create a budget, calculate savings timelines, and develop a plan for paying off debt. She will learn the importance of financial planning and how to manage her money effectively, setting her up for future financial success.

Materials and Prep

• Notebook and pen for taking notes
• Calculator (optional for calculations)
• Access to the "Teenage Boss" budgeting show on ABC
• Quiet space to watch the show and reflect on the lessons learned

Activities

1. Watch "Teenage Boss"

   Begin the lesson by watching an episode of "Teenage Boss." This show features teenagers learning about budgeting and financial responsibility. Take notes on key lessons and strategies used by the featured teens.

2. Calculate Savings Timeline

   Help Fiona calculate how long it will take her to save $1,000 by saving $30 a week. Use the formula: Total Savings Goal / Weekly Savings = Number of Weeks. Discuss the importance of setting savings goals.

3. Debt Repayment Plan

   Create a plan for paying off a $500 debt at a rate of $50 per week. Calculate how many weeks it will take and discuss strategies for managing debt effectively.

4. Long-Term Financial Planning

   Encourage Fiona to think about her long-term financial goals. What does she want to save for in the future? Discuss the importance of budgeting for both short-term and long-term goals.

Talking Points

• "Why is it important to save money? Saving helps you prepare for emergencies and reach your financial goals."
• "How long will it take to save $1,000 if you save $30 each week? It will take you about 33 weeks!"
• "What strategies can you use to save money? Consider cutting back on non-essential expenses."
• "Why is it important to have a debt repayment plan? It helps you stay organized and pay off your debts faster."
• "If you pay $50 a week on your $500 debt, you will be debt-free in 10 weeks!"
• "What are some long-term savings goals you might have? Think about things like college, a car, or travel."
• "How can budgeting help you achieve your financial goals? It allows you to track your spending and save more effectively."
• "What did you learn from the 'Teenage Boss' show? Share your favorite tips!"
• "How can you apply what you've learned today to your own life? Start by creating your own budget!"
• "Remember, budgeting is not just about restrictions; it's about making your money work for you!"
• "What are some unexpected expenses you might need to plan for? Think about things like gifts or school supplies."
• "How does setting financial goals help you stay motivated? It gives you something to work towards!"
• "What are some resources you can use to learn more about budgeting and saving? Look for books, websites, or financial apps!"
• "Why is it important to review your budget regularly? It helps you adjust to changes in your income or expenses."
• "How does saving money now impact your future? The earlier you start saving, the more you can accumulate over time!"