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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.

General Financial Literacy

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 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.

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.

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.
Develop a budget that includes the following categories: spending/debt, savings, investing, charitable contributions (such as the 70‑20‑10 rule).
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.

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
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.