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Advanced Budgeting

Advanced Budgeting

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

STRAND 1: Students will understand basic economic concepts and develop economic thinking critical to making personal financial choices.

Standard 1: Understand how basic economic principles affect personal financial choices.

Standards
Defined by General Financial Literacy 11th-12th Grades and align with Advanced Budgeting
Apply economic reasoning skills to make informed personal financial decisions, including opportunity cost (trade‑offs) and their role in decision‑making.

STRAND 2: Students will understand the factors that influence personal financial priorities and learn how to make rational decisions.

Standard 1: Analyze the role of emotional, cultural, and social influences on financial behavior.

Standards
Defined by General Financial Literacy 11th-12th Grades and align with Advanced Budgeting
Discuss examples as well as the pros and cons of charitable giving, such as assistance to those in need, tax benefits, religious worship, excess production.

Standard 2: Define a rational decision‑making process.

Standards
Defined by General Financial Literacy 11th-12th Grades and align with Advanced Budgeting
Recognize that individuals are responsible for their own financial decisions and for subsequent positive and negative consequences.
Compare instant satisfaction with delayed gratification, such as impulse buying versus planned expenditures.

STRAND 3: Students will understand sources of income and the relationship between career preparation and lifetime earning power.

Standard 1: Identify sources of income and specific employability skills.

Standards
Defined by General Financial Literacy 11th-12th Grades and align with Advanced Budgeting
Understand the effects of FICA (Social Security and Medicare), state, local, and federal taxes and voluntary deductions on wages and income, and the similarities and differences between wages and income.
Contrast the differences between gross income, net income, and taxable income.
Understand the effects of state (Form TC‑40) and federal (Form 1040) taxes and the requirement to file, including income, filing status and dependency tax law, and adjustments.

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

Standard 1: Describe and discuss financial institutions and demonstrate how to manage personal financial accounts.

Standards
Defined by General Financial Literacy 11th-12th Grades and align with Advanced Budgeting
Demonstrate how to monitor and manage checking/debit and saving accounts.
Explain the potential consequences of checking account mismanagement, such as non‑sufficient funds (NSF) handling and overdraft processing.

Standard 2: Discuss the pros and cons of saving.

Standards
Defined by General Financial Literacy 11th-12th Grades and align with Advanced Budgeting
Explain how paying yourself first (PYF) early and often influences positive progress toward long‑term financial goals.

Standard 3: Discuss the risks and returns of investing.

Standards
Defined by General Financial Literacy 11th-12th Grades and align with Advanced Budgeting
Identify types of long‑term retirement accounts, such as IRA, Roth IRA, 401(k), and Roth 401(k).

Standard 4: Understand the role of risk management in asset protection.

Standards
Defined by General Financial Literacy 11th-12th Grades and align with Advanced Budgeting
Discuss risk management strategies, including acceptance, transfer, and reduction.
Discuss the purposes of insurance/risk management.
Define common insurance products and their purposes, such as automobile, health, homeowner/renter, whole/term life, and disability.
Define terms of a basic insurance policy, such as contract, limits of coverage, premium, deductible, grace period, and lifetime limit.

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.

Standard 1: Identify and explain the process of budgeting based on projected income and expenses.

Standards
Defined by General Financial Literacy 11th-12th Grades and align with Advanced Budgeting
Define the elements of a financial plan and describe the benefits of financial planning.
Identify short‑ and long‑term financial goals and the impact they have on one's financial plan.
Develop a budget that includes the following categories: spending/debt, savings, investing, charitable contributions (such as the 70‑20‑10 rule).
Define fixed, variable, and periodic budget categories.
Emphasize the importance of a goals‑based budget, including priorities such as pay yourself first, emergency/opportunity fund, insurance, and charitable or other voluntary contributions.
Compare tools for tracking a budget, income, and expenditures, such as paper and digital tracking.

Standard 2: Describe and discuss the impact of credit and debt on personal money management.

Standards
Defined by General Financial Literacy 11th-12th Grades and align with Advanced Budgeting
Discuss the purpose and role of credit. Explain the value of building and maintaining a healthy credit rating, including elements of creditworthiness: character, capacity, capital, collateral, and conditions.
Explore and discuss the pros and cons of basic types of credit, including unsecured vs. secured credit, credit cards, installment loans, revolving credit, student loans, mortgage, and payday/predatory lenders. Evaluate the costs and risks of each type.
Define and understand the terms associated with credit, including APR, grace period, late fees, finance charges, default rates, interest, and closing costs.
Explain the purpose of co‑signers and collateral when applying for a loan.
Calculate how long it takes to repay debt by making minimum payments on installment loans or revolving accounts.

Standard 3: Explain and understand credit reports and the significance of credit scores.

Standards
Defined by General Financial Literacy 11th-12th Grades and align with Advanced Budgeting
Identify the three major credit bureaus.
Evaluate and identify components of a credit report, including derogatory remarks, and the warning signs of credit abuse, such as late fees, missed payments, collection notices, and bounced checks.
Evaluate the impact a credit score has on personal finance.

Standard 4: Understand the importance and complications of the three big expenses: housing, cars, and education.

Standards
Defined by General Financial Literacy 11th-12th Grades and align with Advanced Budgeting
Identify the process, rights, and responsibilities related to renting, leasing, and purchasing a home.
Understand the primary homeownership qualification factors, such as debt‑to‑income and loan‑to‑value ratios, and the roles of the professionals involved in the home‑buying process.
Understand the similarities and differences between principal and interest on an amortization schedule.
Compare the pros and cons of buying or leasing a new or used vehicle, and identify the costs associated with each option.

Standard 5: Define the rights and responsibilities of buyers and sellers under consumer protection laws.

Standards
Defined by General Financial Literacy 11th-12th Grades and align with Advanced Budgeting
Identify ways to avoid identity theft and fraud, including securing sensitive financial data, using care when participating in online commerce, avoiding phishing and pharming, and properly disposing of sensitive documents.
Understand the challenges and responsibilities of those who are victims of fraud or identity theft.