Understanding Family Budgets: Key Concepts and Importance Home Economics JSS 3 First Term Lesson Notes Week 1

Home Economics JSS 3 First Term Lesson Notes Week 1

Subject: Home Economics

Class: JSS 3

Term: First Term

Week: 1

Age: 13 years

Topic: Family Budget

Sub-topic: Meaning of Family Budget, Importance of Family Budget, Needs of the Family

Duration: 40 minutes

Behavioural Objectives

By the end of the lesson, students should be able to:

1. Define what a family budget is.
2. Explain the importance of having a family budget.
3. Identify and discuss the needs of a family.

Keywords

• Family Budget
• Importance
• Needs
• Expenses
• Income

Set Induction

Start with a discussion on why families need money and how they manage their expenses. Ask students if their families have a plan for spending and saving money.

Entry Behaviour

Students should have a basic understanding of personal finances and family spending.

Learning Resources and Materials

• Chalkboard/Whiteboard
• Markers
• Handouts on family budget and needs
• Projector (if available)

Building Background/Connection to Prior Knowledge

Link the topic to students’ personal experiences with their family’s spending and saving habits. Discuss how they manage their pocket money.

Embedded Core Skills

• Critical Thinking
• Financial Literacy
• Communication Skills

Learning Materials

• Sample family budget
• Charts on family needs and expenditures

Reference Books

• Lagos State Scheme of Work
• Home Economics textbooks for JSS 3

Instructional Materials

• Charts and diagrams illustrating budget components
• Examples of family budgets

Content

1. Meaning of Family Budget
   • Definition: A family budget is a plan that outlines how a family will spend and save their money over a certain period.
   • Components: Income (money coming in) and Expenses (money going out).
2. Importance of Family Budget
   • Helps manage finances effectively.
   • Ensures that essential needs are met.
   • Prevents overspending and debt.
   • Encourages savings for future goals.
3. Needs of the Family
   • Basic Needs: Food, clothing, shelter.
   • Educational Needs: School fees, books.
   • Health Needs: Medical care, insurance.
   • Recreational Needs: Entertainment, hobbies.

Evaluation Questions:

1. A family budget is a plan for how a family will __________ and save their money.
   a) Spend
   b) Eat
   c) Invest
   d) Waste
2. The amount of money coming into the family is called __________.
   a) Expense
   b) Income
   c) Savings
   d) Debt
3. One importance of a family budget is to help avoid __________.
   a) Saving
   b) Overspending
   c) Budgeting
   d) Planning
4. __________ are items like food, clothing, and shelter.
   a) Wants
   b) Needs
   c) Luxuries
   d) Savings
5. A budget can help a family plan for __________.
   a) Future goals
   b) Past mistakes
   c) Old debts
   d) Random spending
6. __________ is essential for meeting educational needs.
   a) Pocket money
   b) School fees
   c) Entertainment
   d) Gifts
7. Managing a family budget helps prevent __________.
   a) Wealth
   b) Savings
   c) Debt
   d) Income
8. Family budget plans include both __________ and expenses.
   a) Goals
   b) Wants
   c) Income
   d) Hobbies
9. __________ needs include medical care and insurance.
   a) Recreational
   b) Educational
   c) Health
   d) Luxury
10. A budget helps families __________ their money effectively.
    a) Waste
    b) Manage
    c) Spend
    d) Ignore
11. The family needs to plan for both __________ and future expenses.
    a) Immediate
    b) Unexpected
    c) Daily
    d) Random
12. __________ is not considered a basic need.
    a) Food
    b) Shelter
    c) Entertainment
    d) Clothing
13. A family budget can help in setting aside money for __________.
    a) Future goals
    b) Past expenses
    c) Old bills
    d) Random shopping
14. To avoid overspending, families need to keep track of their __________.
    a) Savings
    b) Budget
    c) Pocket money
    d) Gifts
15. Family budgets should be __________ to reflect changes in income and expenses.
    a) Ignored
    b) Updated
    c) Forgotten
    d) Lost

Class Activity Discussion

1. What is a family budget?
   A family budget is a plan that shows how a family will spend and save their money.
2. Why is a family budget important?
   It helps manage money, meet needs, prevent overspending, and save for the future.
3. What should a family budget include?
   It should include income and expenses.
4. What are basic needs of a family?
   Food, clothing, and shelter are basic needs.
5. How does a budget help with future goals?
   It allows families to save and plan for future expenses and goals.
6. What is considered an educational need?
   School fees, books, and educational materials.
7. What is a health need?
   Medical care and health insurance.
8. What are examples of recreational needs?
   Entertainment and hobbies.
9. How can a budget prevent debt?
   By planning and tracking spending, a budget helps avoid overspending and accumulating debt.
10. What happens if a budget is not followed?
    The family may overspend and face financial difficulties.
11. Why should a budget be updated?
    To reflect changes in income and expenses.
12. What should be included in a family budget?
    Both regular and unexpected expenses.
13. How does a budget help with managing expenses?
    It helps track and control spending to stay within limits.
14. What is the role of income in a budget?
    Income is the money available to spend and save.
15. How often should a family budget be reviewed?
    Regularly, to ensure it remains accurate and effective.

Presentation

Step 1: Revise the importance of budgeting and its basic concepts.
Step 2: Introduce the new topic of family budgets, explaining their meaning, importance, and family needs.
Step 3: Allow students to share their thoughts on budgeting and correct any misunderstandings.

Teacher’s Activities

• Discuss the meaning and importance of a family budget.
• Provide examples of family budgets and needs.
• Facilitate student discussion and correct any misconceptions.

Learners’ Activities

• Listen and participate in the discussion.
• Ask questions and share their personal experiences.
• Complete fill-in-the-blank questions and FAQs.

Assessment

• Evaluate students’ understanding through their responses to the fill-in-the-blank questions and FAQs.
• Review their ability to identify and explain the components and importance of a family budget.

Evaluation Questions

1. Define a family budget.
2. What are the main components of a family budget?
3. List two reasons why a family budget is important.
4. What are basic needs of a family?
5. How can a family budget help in managing finances?
6. Name one educational need.
7. What is the role of income in a budget?
8. How does a budget help prevent debt?
9. Why should a budget be updated regularly?
10. Give an example of a recreational need.

Conclusion

• Summarize the key points about family budgets.
• Go around and check students’ understanding by reviewing their answers.
• Provide feedback and correct any errors or misunderstandings.

More Useful Links

• Home Economics JSS 3 First Term Lesson Notes

Learn about family budgets with JSS 3 Home Economics. Understand the meaning, importance, and how to manage family