Let your students get hands-on and totally engaged with this fun Ultimate Party Budget Planner activity.
The word budget can make grown-ups groan with boredom but your students will be totally engaged with this fun task!
Who wouldn’t want to plan their ultimate party? This activity is designed to bring budgeting to life!
This fun project features several tasks that are sure to engage your Grade 5 and 6 students every step of the way.
Your students are going to love planning their ultimate party while learning about budgeting and making sensible financial decisions. The main objective of this resource is to help students gain an understanding of simple budgets and an appreciation for their purpose. It will also highlight the value of keeping track of spending and making careful decisions about spending their money.
During this project students will be required to:
Write their guest list
Students will need to decide how many people will be invited to their party. To ensure they utilise their budget they are asked to invite no less than 30 and no more than 100.
Plan the ultimate party supplies list.
Your students will need to plan for their party and choose items from 4 categories – Venue Set-Up, Catering, Decorating and Entertainment.
Your students will use the catalogue supplied from Patty’s Party Emporium to make their choices. They will then need to calculate the total cost of each category and check if they are still under budget. In addition, they’ll need to calculate 10% GST at the end of their order and take this in to account when keeping it under budget.
Don’t Blow the Budget!
If they go over budget they will then need to revise their choices and make trade-offs to bring their balance sheet under budget. The Budget Revision Record will help students to remember the revisions they made and will help you to see where they have been able to identify errors and self-correct.
Be a Budget Analyst!
Finally, they will complete the Budget Report to analyse and evaluate their decisions and budget management.
Each task is awarded points and there’s a handy Check List in the project booklet to help calculate these points. This has been included to help with marking. You can mark each section and allocate points based on the accuracy, quality of response and standard of completion or any other criteria you choose to assign.
To ensure students make the most of this exercise they are encouraged to spend as close to their budget as possible and bonus points are awarded for being as close as possible to the budget – but not over. This prevents students from getting hung-up on going over and encourages them to make more effort with completing the project.
This project is flexible in its delivery. You may choose to use it as a consolidation or assessment task at the end of your Maths or Economics unit, or break it up and use it for morning work or homework – the choice is yours. You could use IT lessons and incorporate a lesson on spreadsheets to record their order form. It could also be completed in pairs to provide extra support.
We’re sure you, and your students, will find this project a great complement to your Maths and Economics units on Budgets/Personal and Financial Choices.
Everything you need is in this resource including teaching notes.
Your business and economics lessons don’t have to be as boring as the stock market report! This fun, interactive activity brings economics and business concepts to life so students can make connections with their own real-life experiences developing genuine understanding.
Australian Curriculum Content? Consider it done!
You can tick off the following Curriculum descriptors!
- ACHASSK121 – explore the strategies that can be used when making consumer and financial decisions
- ACMNA106 – Create simple financial plans
- ACHASSI099 – Examine different viewpoints on actions, events, issues and phenomena in the past and present
- ACHASSI103 – Use criteria to make decisions and judgements and consider the advantages and disadvantages of preferring one decision over others.