| | 4th grade student can: A budget is a plan for using income productively, including spending, sharing, and setting money aside for future expenses. People pay for goods and services in different ways. People are required to pay taxes, for which they receive government services. | 8th grade student can: People perform basic financial tasks to manage money. A budget identifies expected income and expenses, including saving, and serves as a guide to help people live within their income. Some payment methods are more expensive than others. | High school graduate can: Formal complaints and government/community agencies can help consumers resolve problems with goods and services. A personal financial plan should include the following components: financial goals, a net worth statement, an income and expense record, an insurance plan, a saving and investing plan, and a budget. Legal documents, such as wills, are an important part of financial planning. |