Section 1

Lesson 4: Modifying a Budget

 

Focus

 

Circumstances change despite a person's best plans. A new baby, a loss or a change of jobs, an accident, or unexpected car repairs are just a few changes that may force a review of a person’s budget. Goals may have to be reassessed and amounts reduced on discretionary spending items such as travel or entertainment. And options may have to be considered, such as a move to less expensive accommodation. These are situations almost everyone must cope with from time to time. In this lesson you will examine how budgets might be modified when circumstances or goals change.

 

Lesson Question

 

In this lesson you will investigate the following question:

• What are some strategies for modifying a budget to meet unexpected or changing circumstances?

Assessment

 

Your assessment for this lesson may include a combination of the following:

• course folder submissions from Try This and Share

• your contribution to the Mathematics 20-3: Glossary Terms

• Lesson 4 Assignment (Save a copy of your lesson assignment to your course folder now.)

• the Project Connection

Materials and Equipment

• calculator