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Advanced Budgeting

Advanced Budgeting

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Here's how Advanced Budgeting aligns with curriculum standards in Washington DC. Use the filters to change the location, set of standards, and grade level.

Earning Income

Knowledge Standards

EI.K.4: Analyze the differences between sources of retirement income, including Social Security, employer-sponsored retirement plans, personal investments and continued employment earnings.

Standards
Defined by Financial Literacy Standards 9th-12th Grades and align with Advanced Budgeting
Students will examine different potential sources of retirement income, including but not limited to Social Security, employer-sponsored accounts, 401(k) accounts, 403(b) accounts, 457(b) accounts, traditional and Roth IRA accounts, etc.

Saving and Investing

Knowledge Standards

SI.K.7: Assess how tax policies promote savings by allowing individuals to save pretax earnings or by providing tax advantages on interest earned.

Standards
Defined by Financial Literacy Standards 9th-12th Grades and align with Advanced Budgeting
Students will evaluate the tax savings advantages associated with traditional IRAs (individual retirement accounts), Roth IRAs and education savings accounts.

Spending

Knowledge Standards

SP.K.5: Analyze factors influencing housing decisions and accessibility, such as individual preferences, discriminatory practices, costs, tax credits, budgets and housing availability and evaluate the consequences of various choices on personal satisfaction and financial well-being.

Standards
Defined by Financial Literacy Standards 9th-12th Grades and align with Advanced Budgeting
Students will identify financial and personal reasons that individuals often choose to rent a home instead of buying.
Students will examine short-term and long-term costs and benefits of renting versus buying a home.

Skills Standards

SP.S.1: Create a budget based on changing individual inputs, constraints and goals.

Standards
Defined by Financial Literacy Standards 9th-12th Grades and align with Advanced Budgeting
Students will develop a budget to allocate current income to necessary and desired spending, including estimates for both fixed and variable expenses.
Students will create a system to efficiently track their expenditures using different methods.
Students adjust a budget for unexpected expenses or emergencies.

SP.S.2: Analyze the various forms of payment an individual can utilize for expenditures.

Standards
Defined by Financial Literacy Standards 9th-12th Grades and align with Advanced Budgeting
Students will distinguish between different forms and functions of payment, including cash, check, cashier's check, debit card, credit card, money orders and electronic payments.

SP.S.3: Assess the impact of unexpected expenses (e.g., medical emergencies, layoffs, car accidents), and develop effective strategies for managing these expenses.

Standards
Defined by Financial Literacy Standards 9th-12th Grades and align with Advanced Budgeting
Students will determine strategies to respond to unexpected expenses.

SP.S.5: Interpret the cost of purchasing or leasing a new or used vehicle, including down payment, interest rate, loans and registration.

Standards
Defined by Financial Literacy Standards 9th-12th Grades and align with Advanced Budgeting
Students will compare different vehicle options, including electric vehicles, hybrid vehicles and gas vehicles.
Students will calculate the required down payment for a vehicle purchase or lease.
Students will determine total interest that will be paid over the lifetime of loan used to purchase a vehicle.

Credit

Skills Standards

CR.S.1: Examine the cost of credit using the Annual Percentage Rate (APR), Effective Annual Rate (EAR) or the actual rate to be paid based on the period of compounding and other terms in the contract for a credit card or loan for purchases.

Standards
Defined by Financial Literacy Standards 9th-12th Grades and align with Advanced Budgeting
Students will analyze how credit card grace periods, methods of interest calculation and fees affect borrowing costs.
Students will compare the cost of borrowing $1,000 using consumer credit options that differ in rates and fees.

CR.S.2: Compare the risks and benefits of different mortgage payment plans depending on the amount borrowed, the repayment period and the interest rate, which can be fixed or adjustable.

Standards
Defined by Financial Literacy Standards 9th-12th Grades and align with Advanced Budgeting
Students will compare monthly mortgage payments for loans that differ in repayment period, amount borrowed and interest rate
Students will identify the type of collateral required for a mortgage loan.
Students will differentiate between adjustable-rate and fixed-rate mortgages.

CR.S.3: Assess the impact of down payments and interest rates on the amount needed to borrow and pay overtime for major financial transactions.

Standards
Defined by Financial Literacy Standards 9th-12th Grades and align with Advanced Budgeting
Students will identify examples of loans that may require down payments.
Students will evaluate the benefits and risks of a large down payment.
Students will compare the monthly loan payment and potential additional fees with a 10% down payment versus a 20% down payment for a specific loan amount.

CR.S.5: Identify factors that impact an individual's credit score, and ways individuals can improve their credit.

Standards
Defined by Financial Literacy Standards 9th-12th Grades and align with Advanced Budgeting
Students will identify the primary factors that are included in credit score calculations.
Students will identify ways that a person can increase their credit score.
Students will understand how to check their credit scores using at least one of the freely available credit reporting services (e.g., Experian, Equifax, TransUnion).

Managing Risk

Knowledge Standards

MR.K.3: Explain different auto, homeowners and renters insurance reimbursements to policyholders for financial losses to their covered property and the costs of legal liability for their damages to other people or property.

Standards
Defined by Financial Literacy Standards 9th-12th Grades and align with Advanced Budgeting
Students will explain factors that influence the cost of renters insurance and homeowners insurance.
Students will explain the primary types of losses covered by auto, homeowners and renters insurance policies.
Students will explain situations where someone may be liable for injuries or damage to another person or their property.

MR.K.4: Analyze the need for life insurance that provides funds for beneficiaries in the event of an insured individual's death or disability.

Standards
Defined by Financial Literacy Standards 9th-12th Grades and align with Advanced Budgeting
Students will analyze the benefits and costs of purchasing life insurance on the primary earners in a household.
Students will describe how an individual's death can result in financial losses to others.

MR.K.5: Assess ways to secure online transactions and safeguard personal documents from privacy infringement, identity theft and fraud.

Standards
Defined by Financial Literacy Standards 9th-12th Grades and align with Advanced Budgeting
Students will examine strategies to reduce the risk of identity theft and financial fraud.
Students will describe the steps an identity theft victim should take to limit losses and restore personal security.

Skills Standards

MR.S.1: Analyze the factors that influence insurance premiums including copayments and deductibles and determine the costs and benefits of plans with different costs.

Standards
Defined by Financial Literacy Standards 9th-12th Grades and align with Advanced Budgeting
Students will calculate the costs of different plans based on a case study scenario.
Students compare the pros and cons of buying an insurance policy with a higher deductible.

MR.S.2: Compare the costs, benefits and risks of different health insurance plans, including the extent to which health insurance covers preventative care.

Standards
Defined by Financial Literacy Standards 9th-12th Grades and align with Advanced Budgeting
Students will estimate the impact of different health insurance deductibles and coinsurance rates on out-of-pocket medical costs.