Family Financial Profile

Mathematics, Measurement (includes Time), Data Analysis and Probability, Operations (+, -, x, /, etc.), Problem Solving

Objective

Students will determine the sizes of their families and the amount in their savings accounts by randomly drawing activity cards. They will identify the types of expenses that all families have in common. They will begin to record financial information.

Directions

Suggested Vocabulary
adults, children, spouse, marriage, infant, cost of living, income, expenses, bills, recreation
Procedure
Distribute the Family Profile Record Sheet to students. Explain that the purpose of this form is to keep a record of their incomes and to predict and estimate what their monthly and yearly expenses will be. Point out that this information is essential when determining a family's budget. (Note: The Family Profile Record Sheet will be used throughout this book. Students will continue to use their record sheets as they complete the remaining simulations.)
Discuss how family size affects income and expenses.
Cut apart the Family Size cards. Shuffle them and place them facedown in a stack or put them into an empty container. Invite each student to pick a card. Ask students to read aloud the information on their cards. Then tell them to record the information on their Family Profile Record Sheets.
Distribute My Family Picture to students. Have students draw pictures of their families according to the activity cards they have picked. You may wish to have them include the names, ages, and written descriptions for their family members. Encourage students to share their family pictures and information with the class.
Ask students to explain why savings accounts are important.
Cut apart the Savings Account cards. Shuffle them and place them facedown in a stack or put them into an empty container. Invite each student to pick a card. Ask students to read aloud the amounts shown on their cards. Then tell them to record the information on their Family Profile Record Sheets.

Resources

• Family Profile Record Sheet (page 10), one copy per student
• Family Size (pages 11 and 12), enough for one card per student on cardstock or heavy paper
• My Family Picture (page 13), one copy per student
• Savings Account (page 14), enough for one card per student on cardstock or heavy paper
• Optional:
• empty container