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Advanced Budgeting

Advanced Budgeting

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

Financial Responsibility

1: Describe the nature and scope of personal finance, including how personal finance concepts fit into key life events or stages.

Standards
Defined by Alabama Course of Study: Finance 9th-12th Grades and align with Advanced Budgeting
a: Research and share information from a variety of sources to explain the importance of personal financial planning. Examples: instructional materials, news articles, blogs from reputable sources, personal narratives, industry publications
b: Specify how monetary and non‑monetary assets can contribute to net worth.

2: Describe personal spending behavior that contributes to building wealth.

Standards
Defined by Alabama Course of Study: Finance 9th-12th Grades and align with Advanced Budgeting
a: Explain how charitable giving fits into a spending plan.
b: Practices that assist individuals and families to achieve and maintain financial security. Examples: determining needs and wants, creating a budget, setting goals, keeping records, developing a personal financial plan, saving, investing

3: Explain how goals, decision‑making, and planning affect personal financial choices and behaviors.

Standards
Defined by Alabama Course of Study: Finance 9th-12th Grades and align with Advanced Budgeting
a: Create a plan to reach a specific financial goal.
b: Explain personal values that affect financial choices. Examples: desire for home ownership, work ethic, charity, civic virtue
c: Explain the advantages of designing and following a personal financial plan.

5: Gather information from several sources when planning to purchase a product. Examples: manufacturers, retailers, consumer reviews, independent testing laboratories

Standards
Defined by Alabama Course of Study: Finance 9th-12th Grades and align with Advanced Budgeting
a: Explain what information is most helpful in choosing which product to buy.

Consumer Decisions and Behavior

9: Describe factors that impact consumer purchasing decisions throughout the lifespan.

Standards
Defined by Alabama Course of Study: Finance 9th-12th Grades and align with Advanced Budgeting
a: Explain how limitations on financial resources affect the choices people make.
b: Explain how consumers can benefit from conducting a cost‑benefit analysis before making a financial decision.
c: Analyze the influence of peer pressure and emotions on purchasing decisions. Examples: fashion, acceptance from others, desire for the latest gadget
d: Describe how scarcity relates to needs and wants.
e: Explain the impact of marketing, advertising, and sales strategies or techniques on purchasing decisions. Examples: impulse buying, delayed payment

10: Apply a decision‑making model to maximize consumer satisfaction when buying goods and services.

Standards
Defined by Alabama Course of Study: Finance 9th-12th Grades and align with Advanced Budgeting
a: Categorize possible purchases of goods and services as wants or needs, explaining the reasoning for each decision.
c: Analyze the value of warranties, service contracts, and risk protection for a variety of products and services. Example: research due diligence on service work

11: Demonstrate how to use comparison shopping skills to make purchasing decisions, including major purchases.

Standards
Defined by Alabama Course of Study: Finance 9th-12th Grades and align with Advanced Budgeting
a: Compare the advantages and disadvantages of owning versus renting property or housing.
c: Calculate cost and finance charges for major purchases. Examples: vehicles, appliances, electronics, dwellings
d: Research the projected costs for all expenses associated with major purchases, including maintenance costs. Examples: wedding, college, home, car

12: Identify factors that affect the total cost of goods and services, including sales tax, tips, coupons, discounts, and unit pricing.

Standards
Defined by Alabama Course of Study: Finance 9th-12th Grades and align with Advanced Budgeting
a: Explain how sales and property taxes affect financial decisions. Examples: buying a car or house

13: Explain the ways in which individuals are responsible for their finances and situations in which they share responsibility for other people's finances. Examples: marriage, cosigning a loan

Standards
Defined by Alabama Course of Study: Finance 9th-12th Grades and align with Advanced Budgeting
a: List reasons to consult with a tax advisor or financial planner.

Money Management

14: Demonstrate how to set financial goals and analyze the costs and benefits of spending decisions.

Standards
Defined by Alabama Course of Study: Finance 9th-12th Grades and align with Advanced Budgeting
b: Compose an argument supporting the concept of paying yourself first.
c: Determine the amount of savings needed for a given household.

16: Prepare a monthly budget for an individual or a family given their income, savings goals, taxes, and list of fixed and variable expenses.

Standards
Defined by Alabama Course of Study: Finance 9th-12th Grades and align with Advanced Budgeting
a: Evaluate the impact of taxes, government payments, and employee benefits on budgeting decisions. Examples: FICA, income taxes; SNAP, Medicaid, unemployment insurance, farm subsidies; health insurance, retirement plan contributions
b: Describe methods of allocating resources to meet savings and investment goals.
c: Analyze how changes in life circumstances can affect a personal spending plan. Examples: job change, having a child, major illness, theft of property, automobile accident
d: Locate and use technology to help with financial management. Examples: online banking, mobile banking apps, direct deposit, money transfer apps, online payments

17: Gather and share information on income, benefits, and deductions.

Standards
Defined by Alabama Course of Study: Finance 9th-12th Grades and align with Advanced Budgeting
a: Distinguish between gross and net income.
b: Analyze the impact of payroll deductions and employee benefits on income. Examples: state and federal income tax, FICA, flexible benefit plans
c: Calculate the monetary value of employee benefits when determining earnings.

18: Demonstrate procedures for completing and filing income tax forms, utilizing tax terminology. Examples: dependent, exemption, credit, deduction

Standards
Defined by Alabama Course of Study: Finance 9th-12th Grades and align with Advanced Budgeting
a: Explain the requirements for filing annual tax returns and the consequences of not paying income tax. Examples: full or partial payments; penalties, federal tax lien, asset seizure, prison, passport revocation

Credit and Debt

19: Research and share information on credit options available to consumers. Examples: revolving, installment, open

Standards
Defined by Alabama Course of Study: Finance 9th-12th Grades and align with Advanced Budgeting
a: Explain how credit card grace periods, methods of interest calculation, and fees affect borrowing costs.
c: Calculate the total cost of a loan.

20: Research and report on factors that affect creditworthiness and credit scores. Examples: payment history, credit mix, credit utilization

Standards
Defined by Alabama Course of Study: Finance 9th-12th Grades and align with Advanced Budgeting
a: List steps for obtaining a credit report from the three major reporting agencies.
b: Describe effective methods for improving credit scores.
c: Describe consequences of accumulating credit card debt and defaulting on loans, especially for young consumers.
d: Identify sources, types, and risks of loans for consumers.
e: Investigate and report on ways that a low credit score can affect a consumer's financial options.

Saving

22: Research and report on the benefits of savings.

Standards
Defined by Alabama Course of Study: Finance 9th-12th Grades and align with Advanced Budgeting
c: Explain reasons for maintaining an emergency savings account and methods for determining the amount needed.

Investing

24: Identify types of investments appropriate for different objectives. Examples: short term vs. long term goals, liquidity, risks vs. reward

Standards
Defined by Alabama Course of Study: Finance 9th-12th Grades and align with Advanced Budgeting
d: Describe steps that will maximize long‑term investment returns and explain the advantages of each. Examples: begin investing at an early age, diversify investments, take advantage of employer matching programs

Personal Insurance

27: Describe how insurance protects against loss and mitigates financial consequences.

Standards
Defined by Alabama Course of Study: Finance 9th-12th Grades and align with Advanced Budgeting
a: Explain the various types of personal insurance and identify coverage needed at different stages of life. Examples: auto, rental, property, disability, life (whole and term), health
b: Research and report on ways coverage, deductibles, and premiums are related.
c: Analyze the costs and benefits of various types of insurance.

28: Compare and contrast types of property insurance and identify situations when certain types of coverage are needed. Examples: homeowner's, renter's, automobile

Standards
Defined by Alabama Course of Study: Finance 9th-12th Grades and align with Advanced Budgeting
a: Gather and share information about the consequences of accidents involving uninsured or underinsured motorists.
c: Determine the amount of coverage needed in a given situation.

Banking

Standards
Defined by Alabama Course of Study: Finance 9th-12th Grades and align with Advanced Budgeting
32: Demonstrate procedures for opening and managing a checking account, including writing checks; recording checks, debits, and deposits; and reconciling statements.

31: Investigate and report on account management services provided by financial institutions. Examples: credit unions, pawn shops, payday lenders, commercial banks, online banks

Standards
Defined by Alabama Course of Study: Finance 9th-12th Grades and align with Advanced Budgeting
a: Summarize the risks and protections associated with checks, debit cards, credit cards, and online and mobile payment systems.
c: Compare the features and costs of online and mobile banking and payment services offered by different financial institutions.
e: Identify ways to avoid costly fees. Examples: overdraft fees, late fees