Business Studies - Junior Secondary 3 - Effect of living modestly

Effect of living modestly

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TERM: 2ND TERM

WEEK FOUR

Class: Junior Secondary School 3

Age: 14 years

Duration: 40 minutes of 5 periods each

Date:

Subject: BUSINESS STUDIES

Topic: EFFECT OF LIVING MODESTLY

SPECIFIC OBJECTIVES: At the end of the lesson, pupils should be able to

I.) Link modest behaviour and extravagances

II.) Explain what modesty is

III.) State the attributes of modesty

IV.) Prepare of individual budget

INSTRUCTIONAL TECHNIQUES: Identification, explanation, questions and answers, demonstration, videos from source

INSTRUCTIONAL MATERIALS: Videos, loud speaker, textbook, pictures,

INSTRUCTIONAL PROCEDURES

PERIOD 1-2

PRESENTATION

TEACHER’S ACTIVITY

STUDENT’S

ACTIVITY

STEP 1

INTRODUCTION

The teacher explains the link between modest behaviour and extravagances

Students listens attentively to the teacher                                                                          

STEP 2

EXPLANATION

Teacher discusses the attributes of modesty and guide students to prepare individual budget

Students exhibit attentiveness and active engagement

STEP 3

NOTE TAKING

The teacher writes a summarized

note on the board

The students

copy the note in

their books

 

NOTE

EFFECT OF LIVING MODESTLY

Link Modest Behaviors and Extravagance:

Modesty and extravagance are contrasting behaviors related to personal finance:

I.) Modesty in personal finance involves living within one's means, prioritizing needs over wants, and practicing frugality to ensure financial stability and sustainability. It includes making prudent spending decisions, avoiding excessive luxury or unnecessary expenses, and focusing on essentials.

II.) Extravagance, on the other hand, refers to excessive spending beyond one's financial means or needs. It involves indulging in luxury items, impulse purchases, or extravagant experiences without considering long-term financial consequences.

Attributes of Modesty in Personal Finance

  1. Frugality: Being economical and avoiding wasteful spending.
  2. Simplicity: Preferring simpler or less expensive alternatives.
  3. Savings Orientation: Prioritizing saving and investing for the future.
  4. Budget Consciousness: Being aware of and adhering to a budget to manage expenses effectively.
  5. Long-term Perspective: Making decisions that consider future financial goals and sustainability.
  6. Financial Responsibility: Taking accountability for financial decisions and their outcomes.

Preparation of an Individual Budget

Preparing an individual budget involves several steps to effectively manage personal finances:

  1. Calculate Income: Determine all sources of income, including salary, bonuses, investments, etc.
  2. List Expenses: Identify and categorize all expenses, including fixed expenses (rent/mortgage, utilities) and variable expenses (food, entertainment).
  3. Set Financial Goals: Define short-term (e.g., vacation), medium-term (e.g., buying a car), and long-term goals (e.g., retirement savings).
  4. Allocate Funds: Distribute income to cover expenses and savings goals, ensuring all expenses are accounted for without exceeding income.
  5. Track Spending: Monitor actual expenses against the budget regularly to stay on track and make adjustments if necessary.
  6. Review and Adjust: Periodically review the budget to reflect changes in income, expenses, or financial goals, and adjust as needed.
  7. Emergency Fund: Include provisions for an emergency fund to cover unexpected expenses or income disruptions.

 EVALUATION: 1. Link modest behaviour and extravagances

  1. Explain the meaning of modesty
  2. Mention 5 attributes of modesty
  3. Identify all the steps involve in the preparation of a personal finances

CLASSWORK: As in evaluation

CONCLUSION: The teacher commends the students positively