Budgeting Basics

Finance

• Financial Responsibility
  3: Explain how goals, decision‑making, and planning affect personal financial choices and behaviors.
• Consumer Decisions and Behavior
  9: Describe factors that impact consumer purchasing decisions throughout the lifespan.

  11. Demonstrate how to use comparison shopping skills to make purchasing decisions, including major purchases.
• Money Management
  14. Demonstrate how to set financial goals and analyze the costs and benefits of spending decisions.

  16. Prepare a monthly budget for an individual or a family given their income, savings goals, taxes, and list of fixed and variable expenses.
• Saving
  22. Research and report on the benefits of savings.

Personal Financial Literacy

• FL.HS.5.3: Apply consumer skills to budgeting, spending, saving, and borrowing decisions.

Standards for Personal Financial Management and Financial Literacy

• Earning Income
• Investing
• Managing Credit
• Managing Risk
• Spending

Financial Literacy

• 1: Financial Planning and Decision Making
  Students will create an overall financial plan for earning, spending, and saving in order to achieve personal goals.
• 2: Money Management
  Students will establish a budget by setting and prioritizing goals, and understand that a budget requires regular review and adjustments.

  Students will examine how planning for spending can help individuals and households make informed choices.
• 3: Saving and Investing
  Students will demonstrate how individuals and households save and invest to increase future income and/or wealth.

  Students will understand that individuals save money in order to achieve a goal.
• 4: Risk Protection

Financial Literacy

• SS.912.FL.1: Understanding the attitudes and behaviors of personal financial decision making.

Personal Finance and Economics

• SSEPF2: Analyze income as a scarce resource that can be allocated effectively through budgeting.

Financial Literacy Model Framework

• 1.0: Assess the role of money in personal finance.
  1.4: Assess the role of budgeting in meeting financial goals.

Personal Financial Literacy

• PFL.1: The student will describe the importance of earning an income and explain how to manage personal income through the use of a budget.
• PFL.5: The student will analyze the costs and benefits of saving and investing.

Jump$tart National Standards in 2022

• I. Earning Income
• II. Spending
• III. Saving
• IV. Investing
• V. Managing Credit

Essential Skills

• Adaptability
• Diligence

Financial Literacy

• Decision Making & Money Management
• Saving & Investing

Financial Literacy

• Basic principles of money management, such as spending, credit, credit scores, and managing debt, including retail and credit card debt.

Personal Finance

• D2: Evaluating different strategies for money and risk management.
• F1: Explaining how personal finance involves the use of economics as the basis for saving, investing and managing money.

Financial Literacy Education

• Make Informed, Financially Responsible Decisions
  1.A: A. Evaluate the financial choices that are made based on available resources, needs, and wants for goods and services.
• Manage Risks and Preserve Wealth
• Manage Credit and Debt
• Plan and Manage Money
  3.A: A. Use money-management skills and strategies to set a financial goal and achieve it.
• Create and Build Wealth
  5.A: A. Develop a savings plan.
• Relate Careers, Education, and Income
  2.D: D. Examine how income and debt affect choices and spending.

Financial Literacy

• Analyze Credit and Debt Levels
• Create a Saving and Spending Plan
  SS.9-12.16: Develop a saving and spending plan using a financial recordkeeping tool. (21st century skills)

  SS.9-12.17: Apply consumer skills to saving and spending decisions. (21st century skills)
• Develop Financial and Career Goals
  SS.9-12.13: Develop short- and long-term financial goals. (21st century skills)
• Evaluate Savings and Long Term Investments
  SS.9-12.21: Evaluate short-term savings tools. (21st century skills)
• Measure Risk Management Tools

Illinois Learning Standards for Social Science

• Financial Literacy
  SS.EC.FL.2.9-12: Explain how to make informed financial decisions by collecting information, planning, and budgeting.

Personal Financial Responsibility Course and Standards

• Financial and Decision Making
  12-1.1: Demonstrate taking responsibility for personal financial decisions.

  12-1.4: Make financial decisions by systematically considering alternatives and consequences.
• Relating Income and Careers
  12-2.2: Identify sources of personal income.
• Planning and Managing Money
  12-3.1: Demonstrate ability to use money management skills and strategies.

  12-3.2: Develop a system for keeping and using financial records.

  12-3.4: Apply consumer skills to purchase decisions.
• Managing Credit and Debt
• Risk Management and Insurance
• Saving and Investing
  12-6.1: Explain how saving contributes to financial wellbeing.

High School Personal Financial Education Content Standards

• HS.PFE.A: Credit and Debt
• HS.PFE.B: Banking, Investing, Saving and Repayment
• HS.PFE.C: Budgeting, Spending and Money Management
  HS.PFE.C.1: Describe budgeting strategies for savings goals, emergency funds, fixed expenses and variable expenses.

  HS.PFE.C.2: Identify and examine the costs and benefits of financial decisions.

  HS.PFE.C.3: Apply a budgeting strategy to create a sample budget that includes common costs associated with housing, transportation, and insurance products and analyze the outcomes.
• HS.PFE.D: Personal Income, Taxes and Services
• HS.PFE.E: Maintaining Financial Well-being

Academic Standards for Personal Finance

• 17.1: Personal Finance Fundamentals
• 17.2: Income
• 17.3: Spending
• 17.4: Saving & Investing
• 17.5: Risk & Insurance
• 17.6: Credit

Jump$tart National Standards in 2022

• I. Earning Income
• II. Spending
• III. Saving
• IV. Investing
• V. Managing Credit
• VI. Managing Risk

Advanced Personal Finance Code: 5131

• F: Personal Financial Management
• G: Careers and Income
• H: Budgeting and Financial Planning

Personal Finance Code: 5141

• A: Managing Personal Finances

Personal Finance

• PF 1: Analyze elements that affect personal income.
  PF 1.1: Explain controllable factors involved in personal finance.
• PF 2: Implement processes involved in managing personal finances.
  PF 2.1: Execute a rational decision-making process considering alternatives and consequences.

  PF 2.3: Generate a system to organize finances and maintain records.
• PF 3: Use an informed decision-making process to manage credit and debt.
• PF 4: Evaluate savings and investment options to meet short- and long-term goals.
  PF 4.1: Explain how saving contributes to financial security.
• PF 5: Use appropriate and cost-effective risk management strategies.

House Bill No. 92 - Financial Literacy Standards (2023)

• 1. Recognize the influence of money on human behavior
• 8. Build a budget for independent living
• 9. Recognize and utilize modern consumer skills, tools, and practices

Senate Concurrent Resolution No. 66 - Financial Literacy Standards May 2022

• Theme 1: Earning Income
• Theme 2: Spending
• Theme 3: Saving
• Theme 4: Investing
• Theme 5: Managing Credit
• Theme 6: Managing Risk

Senate Concurrent Resolution No. 66 (Draft) - Financial Literacy Standards Fall 2025

• Theme 1: Earning Income
• Theme 2: Spending
• Theme 3: Saving
• Theme 4: Investing
• Theme 5: Managing Credit
• Theme 6: Managing Risk

Social Studies

• 9-12 Economics - Decision-Making and Personal Finance
  SS.9-12.12.9: Prepare a budget or spending plan that depicts varying sources of income, a planned saving strategy, taxes, and other sources of fixed and variable spending.

Social Studies - Economics

• AS.E1: A financially literate individual understands how to manage income, spending, and investment.
  HS.E1.1: Evaluate how and why people make choices to improve their economic well-being.

  HS.E1.2: Analyze the factors that influence how and why people make budgeting and saving choices.
• AS.E2: By applying economic reasoning, individuals seek to understand the decisions of people, groups, and societies.
  HS.E2.3: Use cost-benefit analysis and/or marginal analysis to evaluate an economic issue.
• AS.E3: Individuals and institutions are interdependent within market systems.
• AS.E4: The domestic economy is shaped by interactions between government, institutions, and the private sector.
• AS.E5: The interconnected global economy impacts all individuals and groups in significant and varied ways.

Personal Finance

• (2) Principles of budgeting for independent living.

Mathematics

Personal Financial Literacy in the Massachusetts Curriculum Frameworks

• PFL: Standards for Personal Financial Literacy
  PFL.T1: Earning and spending income

  PFL.T2: Saving money

Merit Curriculum: Personal Finance

• PF1 Earning Income
• PF2 Buying Goods and Services
• PF3 Budgeting and Saving
• PF4 Using Credit
• PF5: Financial Investing
• PF6 Protecting and Insuring
• PF7 Paying Taxes

Personal Finance

• Focus Area Five: Risk Management
• Focus Area Four: Credit and Debt Management
• Focus Area One: Financial Psychology
• Focus Area Six: Budgeting and Investing
• Focus Area Three: Financial Systems
• Focus Area Two: Income and Earning
• Recurring Outcomes: Outcomes that span every focus area

Personal Finance

• 1: Personal Decision-Making
  1.1: Define and explain individual wants and needs.

  1.2: Apply opportunity costs and trade-offs to personal decision making.

  1.3: Apply the steps of a decision-making process.

  1.4: Recognize and analyze the consequences of a decision.
• 2: Earning and Reporting Income
• 3: Banking and Financial Institutions
• 4: Budgeting
  4.1: Identify short- and long-term financial goals to construct a personal spending and/or savings plan.

  4.2: Define and categorize fixed and variable expenses.

  4.3: Discuss and create a budget.
• 5: Buying Goods and Services
  5.2: Apply comparison-shopping practices.
• 6: Saving and Investing
  6.1: Comparing saving and investing and apply principles to make decisions regarding each. DOK2

  6.3: Research and describe other considerations and items related to savings and investing. DOK2
• 7: Using Credit
• 8: Types of Insurance

Personal Finance

• I: Financial Decision Making
  Concept 1: Unlimited Wants and Limited Resources

  Concept 2: Choice and Decision Making
• II: Earning Income
  Concept 1: Career Choices and Consequences
• III: Buying Goods and Services
  Concept 1: Creating a Budget

  Concept 2: Purchasing Items of High Value

  Concept 3: Considering Alternative Goods and Services
• IV: Saving
  Concept 1: Reasons for Saving
• V: Using Credit
• VI: Protecting and Insuring
• VII: Financial Investing

Financial Literacy Standards

• Credit
• Earning Income
• Managing Risk
• Saving and Investing
• Spending

Financial-Literacy Themes

• I: Earning Income
• II: Spending
• III: Saving
• IV: Investing
• V: Managing Credit
• VI: Managing Risk

Financial Literacy

• SS 2.2: Develop a plan to support short- and long-term goals.
  SS HS.2.2.a: Develop a budget using a financial record keeping tool.
• SS 2.3: Critique strategies used to establish, build, maintain, monitor, and control credit.
• SS 2.4: Evaluate savings, investment, and risk-management strategies to achieve financial goals.
  SS HS.2.4.a: Explain the importance of saving and investing early to ensure financial security.

Financial Literacy

• College and career preparedness
• Credit and debt
• Financial decision-making
• Insurance, investing, and risk
• Savings and spending
  SS.FL.4: Develop and evaluate a personal financial plan, including a savings plan, utilizing a financial record keeping system.

Social Studies

• SS:EC:6: Personal Finance

Career Readiness, Life Literacies, and Key Skills

• 9.1 Personal Financial Literacy
  9.1.12.PB: Planning and Budgeting

Economics/Personal Financial Literacy

• 10. Personal Financial Literacy
  9-12.Econ.51: Prepare a budget or spending plan that depicts varying sources of income, a planned saving strategy, taxes, and other sources of fixed and variable spending.
• 5. Economic Decision Making
• 7. Economic Systems and Models
• 8. Money and Markets
• 9. Global Economy

Financial and Consumer Literacy

• FL.1: Personal budgeting
• FL.3: Self-employment income
• FL.4: Savings and investments

Standards for Economics and Personal Finance

• Critical Consumerism
  EPF.CC.1: Understand factors associated with consumer decision making.
• Economics
• Financial Planning
  EPF.FP.1: Understand the value and planning processes associated with saving and investing.
• Income and Education
• Money and Credit Management
  EPF.MCM.1: Understand money management skills and strategies.

Personal Finance Concepts

• 15.1-21-21(1)(b): Saving for larger purchases
• 15.1-21-21(1)(g): Making and living within a budget

Learning Standards: Financial Literacy

• Credit and Debt
• Financial Responsibility and Decision Making
  1: Financial responsibility entails being accountable for managing money to satisfy one's current and future economic choices.
• Informed Consumer
  11: An informed consumer makes decisions on purchases that may include a decision-making strategy to determine if purchases are within their budget.
• Investing
• Planning and Money Management
  6: Financial responsibility includes the development of a spending and savings plan (personal budget).
• Risk Management and Insurance

Personal Finance

• 1: Financial Responsibility and Personal Decision Making
• 2: Education, Careers, and Income
• 3: Planning and Money Management
  3.2: Monthly Budget: Using research from local sources, create a monthly personal budget.
• 4: Credit and Debt
• 5: Risk Management
• 6: Saving and Investing
  6.1: Saving and Investing: Explain how saving and investing contribute to financial well-being, building wealth, and personal financial goals.

Essential Knowledge and Skills for Social Studies

• STRAND 4: Students will evaluate saving methods and investment strategies.

Personal Financial Literacy

• F. Beginning a savings program and planning for retirement

General Financial Literacy

• STRAND 2: Students will understand the factors that influence personal financial priorities and learn how to make rational decisions.
• STRAND 3: Students will understand sources of income and the relationship between career preparation and lifetime earning power.
• STRAND 4: Students will evaluate saving methods and investment strategies.
  Discuss the pros and cons of saving.
• STRAND 5: Students will understand principles of personal money management, including budgeting and managing accounts, and the role and impact of credit on personal finance.
  Identify and explain the process of budgeting based on projected income and expenses.

Jump$tart National Standards in 2022

• I. Earning Income
• II. Spending
• III. Saving
• IV. Investing
• V. Managing Credit
• VI. Managing Risk

Economics and Personal Finance Standards of Learning

• EPF.10: The student will develop consumer skills
• EPF.16: The student will demonstrate knowledge of personal financial planning
• EPF.17: The student will demonstrate knowledge of investment and savings planning

State Learning Standards: Financial Education

• CD: Credit and Debt
• EI: Employment and Income
• I: Investing
• RM: Risk Management and Insurance
• SS: Spending and Saving

College & Career Readiness - Personal Finance

• SS.C.34: Examine the causes of bankruptcy and how to avoid them.
• SS.C.39: Examine financial habits that promote economic security, stability and growth.

Standards for Personal Financial Literacy

• EE: Education and Employment
• FM: Financial Mindset
  FM1: Students will develop strategies to make intentional financial decisions throughout their lifespan.
• MM: Money Management
  MM1: Students will demonstrate their ability to use money management skills and strategies.
• SI: Saving and Investing
  SI1: Students will explore savings concepts and apply this knowledge to attain financial security.

Social Studies Content and Performance Standards

• Financial Literacy – Production, Distribution, and Consumption