Modifying Behaviors to Improve Maintaining Household ...

Capstone: Household Budgeting

Modifying Behaviors to Improve Maintaining Household Budgets to

Achieve SMART Goals with Adult Learners

Alicia Bates

A Capstone Presented to the Teachers College Faculty

of Western Governors University

in Partial Fulfillment of the Requirements for the Degree

Master of Education, Learning and Technology

August 27, 2019

Capstone: Household Budgeting !1Abstract

This action research study explores the feasibility of modifying adult participants’ behavior in

regard to creating and maintaining a household budget by exploring their own past and current

thoughts, feelings, and attitudes toward money and budgeting. The researcher developed the

following questions for conducting research: 1) How will incorporating SMART goals into the

personal budgeting unit help to encourage adult learners to modify existing negative behaviors so

that they can attain their goals? 2) How will working with adult learners to modify their current

financial behaviors improve their money management? The researcher used qualitative data

gathered from a pre- and post-assessment survey with open-ended questions and journal entries

in which the adult participants answered reflective, open-ended questions. The researcher

discovered that when the adult participants were faced with their own emotions and thoughts

toward money, explored their spending habits, and developed SMART goals, the adult

participants were able to identify necessary behavior modifications that would allow them to

reach their SMART goals. The researcher concludes that behavior modification is a key

component in financial literacy and successful implementation and maintenance of a household

budget.

Capstone: Household Budgeting !2Table of Contents

Chapter 1 - Topic and Problem 3 ........................................................................................................

Topic 3 ................................................................................................................................................

Problem Background and Causes 5 ....................................................................................................

Topic and Problem Conclusion 7 ........................................................................................................

Chapter 2 - Review of the Literature 8 ...............................................................................................

Overview of the Literature 8 ...............................................................................................................

Summary 14 ........................................................................................................................................

Chapter 3 - Research Methodology 16 ...............................................................................................

Research Design 16 ............................................................................................................................

Research Questions 16 ........................................................................................................................

Data Collection Instruments and Methods 17 ....................................................................................

Summary 18 ........................................................................................................................................

Chapter 4 - Results 20 .........................................................................................................................

Results Overview 20 ...........................................................................................................................

Data Analysis 20 .................................................................................................................................

Table Two: End of Unit Survey 24 .....................................................................................................

Answers to the Research Questions 25 ...............................................................................................

Chapter 5 - Discussion and Conclusion 27 .........................................................................................

Overview 27 ........................................................................................................................................

Problem Solutions 27 ..........................................................................................................................

Strengths and Weaknesses 28 .............................................................................................................

Influential Factors 29 ..........................................................................................................................

Further Investigation 29 ......................................................................................................................

References 30 ......................................................................................................................................

Appendix A 33 ....................................................................................................................................

Appendix B 52 ....................................................................................................................................

Appendix C 72....................................................................................................................................

Capstone: Household Budgeting !3Chapter 1 - Topic and Problem

Topic

My research topic is in regard to adult learners who do not already maintain a

household budget because they either do not know how and/or because their possible lack of

self-efficacy creates a negative behavior toward personal finance literacy.

There is a lack of personal financial knowledge amongst the average consumer. There is a

need for more education and access to knowledge. However, there needs to be more than just an

increase of and access to knowledge because negative financial behavior is the common link

between each of the studies and articles in regard to why there is low personal financial literacy.

Therefore, including SMART goal setting, specifically in regard to household budgeting and debt

payoff, and its contribution to encouraging the participants to adjust behavior patterns more

positively will be explored.

One’s behavior within their lifestyle tends to be reflected in their effectiveness of

managing of their personal finances. There is a definite lack of personal financial education, but

there is also “a lack of rationality itself [that] can potentially contribute” to the negative financial

behavior (Gamst-Klaussen et al., 2019).

Included in that behavior is the idea of chosen ignorance, “people tend to be ignorant

about money because they think they have it covered—not because they know about money, but

because they believe they don’t need to know about money” (Ward and Lynch, 2019).

Procrastination is a trait that is not traditionally addressed in studies about personal

finance literacy. Those who procrastinate, “make intentions to act but have trouble implementing

these plans” (Gamst-Klaussen et al., 2019). Those who tend to procrastinate might make a plan

to pay a bill at the last acceptable moment to pay it, but their lack of follow-through will cause

them to forget or continue to delay paying the bill (Gamst-Klaussen et al., 2019).

Capstone: Household Budgeting !4

Self-efficacy is also a major player in negative personal finance behavior patterns.

Gamst-Klaussen et al. (2019) report, “self-efficacy is critical to financial health . . . [and] overall,

knowledge about healthy financial behaviors like saving and budgeting is by itself not enough;

people must have the confidence needed to engage in and stay committed to such behaviors.” It

is vital that behavior patterns and methods for adjusting negative behavior patterns are explored

with adult learners in addition to assistance in building confidence-levels in order to help them

attain a higher personal finance literacy level.

When it comes to financial planning, most consumers expect their income to increase, but

tend to fail to anticipate changes to expenses. As stated by Berman, J. Z. et al (2016), “when

consumers forecast their financial slack, they neglect to account properly for their own stated

expenses relative to income.” It is vital that when a person is planning for their financial future,

that they incorporate expense adjustment along with income adjustments in order to achieve a

more true forecast of their financial future. If they, instead, neglect to include their expenses, that

“expense neglect causes consumers to make financially imprudent decisions that can place them

n a state of financial distress” (Berman, J. Z et al. 2016). Berman, J. Z. et al. (2016) conclude that

there is a reason why people feel financially constrained in the present, but feel as though their

financial future will be better, “When forecasting the future, they underweight the impact of the

growth in expenses relative to the growth in income on their future finances.”

Financial planning is a crucial aspect of management of one’s finances. As the employer-

provided pension plan continues to decline in availability, adults are having to also be

responsible with “their own retirement planning” (Robb 2014). There are a lot of options out

there for the average person when it comes to retirement planning, but they all have their benefits

and drawbacks that must be considered. One would do well in hiring a financial planner, which


“The Certified Financial Planner Board of Standards noted that 28 percent of Americans used a

financial planner or advisor in 2010 . . . ” (Robb 2014). While a financial planner is useful, there

are 72% of Americans who are unable to afford to hire one. Therefore, the average adult learner

must have access to education for financial management and planning.

This topic is important because many adults are suffering from a large debt load, they do

not know how to budget, or they might not know how to retrain themselves to change their

negative financial behavior so that they can work themselves out of debt. There is a clear lack of

personal finance literacy and a problem with positive financial behavior.

Problem Statement

Adult learners struggle to modify negative behaviors in regard to their personal finances

and, as a result, are unable to create and maintain a household budget nor pay down debt.

Problem Background and Causes

Increasing one’s ability to manage their personal finances will include working with them

to change some negative behaviors. According to Veiga, R. T. et al. (2019), “individuals with

inadequate resources management behaviors tend to be more stressed and have more financial

concerns.” One can surmise that those who are more impulsive with their spending and feel more

stressed and worry about their financial futures would benefit from education on financial

management. However, time can also be a factor in issues with financial management, time is

required, “to develop plans or perform calculations [that] are performed less frequently than

routine money management activities such as comparison shopping and bill-paying” (O’Neill

and Jing, J., 2018). Time management is an additional behavior that must be addressed with adult

learners and their money management capabilities.


Addressing behavior in regard to one’s personal finances is significant because if adults

can become more financially literate and modify their negative financial behaviors so that they

are more positive, adults will be in better financial situations, which, in turn, will help the

economy because adults will become smarter and more disciplined in their spending habits.

Possible causes of the problem adults have in regard to personal financial literacy and the

habits they have developed could be what they have learned, or not learned, from their parents.

Social factors are also very influential. For instances, if a person has many friends who are more

affluent, then that person will tend to not fare as well with habits and financial situations.

At its most basic explanation, the cause of financial illiteracy and negative behavior is

based in the psyche of the adult learner. According to Lawson, D. R. et al. (2017), “ The fields of

behavioral finance, financial psychology, and financial therapy have emerged to help bridge the

gap between the nuts-and-bolts of financial planning and our understanding of why clients make

the decisions they make concerning money.”

Lawson, D. R. et al. (2017) further states, “Financial psychology offers tools to explore

underlying assumptions or beliefs around money. These beliefs are knowns as money scripts,

which are typically developed in childhood and unconsciously followed into adulthood.”

In order to really dig into the adult learners behavior, looking to their past in order to

identify attitudes, behaviors, and habits will be vital in helping them to modify their behavior.

Research Questions

1. How will incorporating SMART goals into the personal budgeting unit help to encourage

adult learners to modify existing negative behaviors so that they can attain their goals?

2. How will working with adult learners to modify their current financial behaviors improve

their money management?


Topic and Problem Conclusion

Now that it has been determined that adults have behaviors, attitudes, and habits that cause

them to struggle to develop and maintain a household budget and focus on paying down debt,

this action research study will investigate the impact of SMART goals and self-reflection to

modify behaviors, attitudes, and habits to encourage adult learners to continue to maintain a

household budget and work on reducing their debt load.

These behaviors, attitudes, and habits are explored and modification is developed during

the eight hour unit. Traditionally, most personal finance education fails to address the

psychological aspect of money in regard to the history one has with behaviors, attitudes, and

habits and what the adult has learned from his/her parents and environment. This study will

attempt to address the psychological aspect while helping the adult learners to develop new

habits to help them develop and maintain their household budgets, which will, in turn, help them

to reduce their debt.

Technology will be incorporated in this unit as the adult learners have access to computers

and will have access to SurveyMonkey.com, spreadsheets, and other online resources. This study

will help inform future instruction of the unit and improve best practices with those who truly

desire to help adults be better with their finances.

Capstone: Household Budgeting !8Chapter 2 - Review of the Literature

Overview of the Literature

There is a lack of personal financial knowledge amongst the average consumer. There is a

need for more education and access to knowledge. However, during research, the discovery that

there needs to be more than just an increase of knowledge and access to financial literacy,

behaviors need to be addressed. This is because negative financial behavior is a common link

between each of the studies and articles in regard to why there is low personal financial literacy.

Therefore, including SMART goal setting, specifically in regard to household budgeting and debt

payoff, and its contribution to encouraging the participants to adjust behavior patterns more

positively will be explored. Because my research will explore mostly behavior changes with an

increase of personal finance literacy, the method I will be using will be qualitative in nature.

Literature Discussion

Maintaining a household budget is something that is not practiced in the more than half

of American households. A budget can be maintained either by pen and paper or in a digital

format, but most Americans are not actively tracking their income and outgo using either

method. According to Barbara O’Neill, et al. (2018), only 46% of the 1,004 respondents of the

survey for their study used a budget. Fewer than half of the public are currently using a personal

budget to track their expenses and income.

Part of the problem of those who do not maintain a budget is procrastination. Thor

Gamst-Klaussen, et al. (2019) report that “studies suggest that 15-20% in the general population

chronically procrastinate” in regard to financial planning and personal finance management. The

average consumer is procrastinating and not tracking their income and outgo by utilizing a

method of budgeting, credit card debt continues to rise, the paycheck-to-paycheck lifestyle is

very common, and savings and retirement savings are low.


Ashley E. Faulkner (2016) reports that, out of those Americans who have a college

education, “only 49 percent can answer a handful of very basic financial literacy questions

correctly . . . only 14 percent of Americans overall can answer a full five personal finance

questions correctly.” Faulkner (2016) continues by stating, “This lack of financial literacy is

perhaps why household spending in the United States is consistently ranked among the

highest . . . while US personal savings rates are consistently in the bottom 50 percent of OECD

nations.” As cited in Faulkner, A. E. (2015):

• 43% of Americans are consistently spending more than they earn

• 70% of Americans are living paycheck-to-paycheck

• Between 10%-13% of Americans do not have a bank account

• More than 70% of college graduates had student loans averaging $29,000

Guest and Brimble (2018) state, “one third of borrowers interest-only loans did not

understand that their repayments were not making inroads into their loan principal, and that their

interest rates will jump considerably after the interest-only period of the loan has expired.” They

further report, “financial literacy . . . is about equipping consumers with the ability to make

more effective financial decisions . . . make more informed decisions, be less vulnerable to

scams, and avoid accumulating unmanageable levels of debt” (Guest and Brimble, 2018).

From these statistics one can deduce that there is a clear lack of personal finance literacy and

education is desperately needed.

Personal Financial Literacy Education Access

There is currently a lack of effective personal finance education in the K-12 and college

level school setting. Not only is this creating new generations of citizens with low personal


financial literacy, but the generations before and the generations immediately after are and will

be suffering from the low literacy as well.

Because there is a lack of personal finance literacy, consumers do not understand the

ramifications of certain financial decisions, which can cause them to fall prey to predatory

lending providers. The housing market crash of 2008, “highlights the low levels of financial

literacy amongst U.S. citizens, which is further demonstrated by the lack of loan comprehension”

(Beck et al. 2019). There is a definite lack of literacy amongst adults in regard to various loans,

which causes them to make unwise financial decisions.

Is adding personal financial education to the K-12 school system the answer? Beck, et al.

(2019) report that “teachers felt unprepared with content and pedagogical approaches with

personal finance courses, although they recognized the importance of a personal finance class

incorporation.” Teachers are not properly equipped with the knowledge nor with training in order

to teach personal finance properly at the K-12 school levels.

Because teachers in the K-12 school level feel inadequately prepared to teach their

students about personal finances, Billy J. Hensley, et al. (2017) conducted a study in which they

explored “Teacher-as-Learner” and provided personal finance education to teachers who then

carried their newfound knowledge into their classrooms. Hensley, et al. (2017) report that this

approach of building confidence with the teachers’ literacy of personal finances will lead to

“improved instructional practices and in turn an impact on student outcomes.” Hensley, et al.

(2017) were able to conclude that, “integrating a content-focused PD model that allows for the

use of tested adult learning theories, educators will not only improve their personal financial

behaviors but also integrate the topic into the classroom at a very encouraging rate.” Therefore, if

professional development for teachers is provided to teachers in regard to personal finance


literacy, they will be able to more effectively teach their students. This, in turn, will create a more

finically literate society.

Personal Finance Blogs

However, since there is a current lack of formal personal finance education, most adults

are turning to blogs for their education. This can produce mixed results as not all bloggers have

any formal financial education themselves nor do they hold proper certifications. Regardless,

people are turning to blogs because the information is presented in a “short and simple” manner,

which is more easily digested by the average person (Hoffman et al. 2018).

Those who write blogs “have been shown to exert significant influence on . . . readers

that are less financially literate” because those readers “are attracted to the apparently cost-free

nature of blog advice” (Donovan 2018). While the advice given on blogs is not always from one

who is certified to give professional advice, it is advice that a consumer who is less financially-

capable to afford to pay a financial advisor will access for their own educational purposes.

Personal Finances Books and Literature

There is a plethora of books written on personal finances. However, the books are

“generally intended for middle and upper class readers” (Faulkner 2016). Faulkner (2016) notes

that many of the books are geared toward making investments with a minimum of $1,000 and

calling that amount “low.” Most of the books are assuming that the reader has expendable

income remaining after expenses and carry significant debt, including a mortgage (Faulkner

2016).

The library, however, is typically accessed by those who are in lower socioeconomic

brackets who find that financial literacy education is more complex than simply learning to

control spending (Faulkner, 2016). So, the current supply of books that are focused on stock


options, investing thousands of dollars tend to be beyond the scope of those who who are in dire

need of personal financial education.

Behavior and Personal Finances

One’s behavior within their lifestyle tends to be reflected in their effectiveness of

managing of their personal finances. There is a definite lack of personal financial education, but

there is also “a lack of rationality itself [that] can potentially contribute” to the negative financial

behavior (Gamst-Klaussen et al., 2019).

Included in that behavior is the idea of chosen ignorance, “people tend to be ignorant

about money because they think they have it covered—not because they know about money, but

because they believe they don’t need to know about money” (Ward and Lynch, 2019).

Procrastination, Self-efficacy, and “Expense Neglect”

Procrastination is a trait that is not traditionally addressed in studies about personal

finance literacy. Those who procrastinate, “make intentions to act but have trouble implementing

these plans” (Gamst-Klaussen et al., 2019). Those who tend to procrastinate might make a plan

to pay a bill at the last acceptable moment to pay it, but their lack of follow-through will cause

them to forget or continue to delay paying the bill (Gamst-Klaussen et al., 2019).

Self-efficacy is also a major player in negative personal finance behavior patterns.

Gamst-Klaussen et al. (2019) report, “self-efficacy is critical to financial health . . . [and]

overall, knowledge about healthy financial behaviors like saving and budgeting is by itself not

enough; people must have the confidence needed to engage in and stay committed to such

behaviors.” It is vital that behavior patterns and methods for adjusting negative behavior patterns

are explored with adult learners in addition to assistance in building confidence-levels in order to

help them attain a higher personal finance literacy level.


When it comes to financial planning, most consumers expect their income to increase, but

tend to fail to anticipate changes to expenses. As stated by Berman, J. Z. et al (2016), “when

consumers forecast their financial slack, they neglect to account properly for their own stated

expenses relative to income.” It is vital that when a person is planning for their financial future,

that they incorporate expense adjustment along with income adjustments in order to achieve a

more true forecast of their financial future. If they, instead, neglect to include their expenses, that

“expense neglect causes consumers to make financially imprudent decisions that can place them

n a state of financial distress” (Berman, J. Z et al. 2016). Berman, J. Z. et al. (2016) conclude that

there is a reason why people feel financially constrained in the present, but feel as though their

financial future will be better, “When forecasting the future, they underweight the impact of the

growth in expenses relative to the growth in income on their future finances.”

Financial Management, Behaviors, and Financial Planners

Financial planning is a crucial aspect of management of one’s finances. As the employer-

provided pension plan continues to decline in availability, adults are having to also be

responsible with “their own retirement planning” (Robb 2014). There are a lot of options out

there for the average person when it comes to retirement planning, but they all have their benefits

and drawbacks that must be considered. One would do well in hiring a financial planner, which

“The Certified Financial Planner Board of Standards noted that 28 percent of Americans used a

financial planner or advisor in 2010 . . . ” (Robb 2014). While a financial planner is useful,

there are 72% of Americans who are unable to afford to hire one. Therefore, the average adult

learner must have access to education for financial management and planning.

Increasing one’s ability to manage their personal finances will include working with them

to change some negative behaviors. According to Veiga, R. T. et al. (2019), “individuals with


inadequate resources management behaviors tend to be more stressed and have more financial

concerns.” One can surmise that those who are more impulsive with their spending and feel more

stressed and worry about their financial futures would benefit from education on financial

management. However, time can also be a factor in issues with financial management, time is

required, “to develop plans or perform calculations [that] are performed less frequently than

routine money management activities such as comparison shopping and bill-paying” (O’Neill

and Jing, J., 2018). Time management is an additional behavior that must be addressed with adult

learners and their money management capabilities.

Financial planners “have focused on the economic aspect of their client’s financial health,

often shying away from the cognitive, emotional and behavior aspects” (Lawson, D. R. et al.

2017). Because financial planners do not assist client’s with the modification of behavior and

habits, there is a disconnect for the client. Most people are have emotional ties when it comes to

money, which is an important facet of personal finance management that needs to be addressed.

Lawson, D. R. et al. (2017) states, “integrating financial psychology theory and tools into the

financial planning process can result in a better financial planning experience for both clients and

practitioners and increase the likelihood of clients following through on financial planning

recommendations.”

Summary

The purpose of my research study is to identify the issues that the typical adult learner

who does not currently maintain a household budget faces. There are factors beyond personal

finance illiteracy that need to be addressed. Modification of negative financial behaviors need to

be explored, which will include emotional and psychological aspects as they relate to

relationships with money. SMART goals will be used as a method to encourage behavior,

Capstone: Household Budgeting !15attitude, and habit modification, which is expected to lead to better, continuous maintenance of

household budgets.

Capstone: Household Budgeting !16Chapter 3 - Research Methodology

Research Design

This qualitative action research study will consist of open-ended surveys and journal

entries for adult learners in order for the researcher to assess their thoughts, feelings, habits, and

attitudes in regard to their personal household finances and budgeting.

The survey instrument will be designed to gain an understanding of the thoughts,

feelings, habits, and attitudes of the adult learners prior to beginning the course and then will be

reassessed at the end of the course. During the course, the adult learners will be keeping a journal

and will be sharing the journal entries with the researcher.

Surveys will be created via Survey Monkey and will be emailed to the participants. The

journal entries will be hand-written in a notebook or typed and emailed to the researcher. Once

the surveys and journal entries are received, the data will be organized and coded for anonymity.

Research Questions





Participants

The participants have already been chosen from the researchers social circle. There are

five adult learners range in age from 25 to 54 there are three female learners and two male

learners who average out to be roughly middle-aged. Four adult learners have at the least some

college. One learner has not attended college. There is also a wide variety of income levels with

two being in the $2,000 - $3,000 income level, one being in the $3,000 - $4,000 income level,


and two being above the $5,000 income level. There is also a wide variety of occupations. Three

of the learners are married and two are single. The adult learners in the researchers social circle

will be working on their own personal household finances in their own homes; one learner is a

truck driver so he is mobile.

Data Collection Instruments and Methods

The research questions for this study requires short answer surveys to allow for

measurements of feelings and open-ended journal entries to allow for measurement of habits and

attitudes as the adult learners work through the course. The journal entires allow for adult

learners to fully reflect on their process and learning without being limited.

The purpose of this instrument is to gain an understanding of the thoughts, feelings,

habits, and attitudes in regard to the adult learners personal household finances and budgeting.

There will be a ten question survey at the beginning of the course and a ten question survey at

the end of the course. Both surveys will collect qualitative data by use of open-ended questions.

Journal entries will be used so the adult participants will have a chance to reflect on what

they have learned and how they will move forward with changing their behaviors.

Data Security and Confidentiality

Because the researcher is working with adult learners from the researchers social circle,

there is no need for administrator approval.

The researcher will forward the Informed Consent to the participants who have already

volunteered to participate in this study. Once the Informed Consent is received, the researcher

will send the participants the start of unit survey to assess the current state of their habits and

attitudes toward budgeting and money. The participants will be informed that they may withdraw

from the study at any time by notifying the researcher without consequences.


Once the surveys are returned, a thank you letter will be sent to the respondents, which

will include information about how they can obtain results of the study. They will also be

notified that they may be contacted after the data is analyzed in order for feedback to be

obtained. The collected surveys will be organized and the data will be applied to a chart for the

data analysis.

To maintain anonymity and confidentiality of the research participants and the collected

data, each adult learner will be assigned a participation number. They will use this number to

submit their surveys and their journal entries. When the researcher discusses data in the Action

Research, no participant names will be used.

Summary

Action research will be used to investigate the impact of modifying behaviors, attitudes,

and habits of adult learners in regard to their personal finances. The instructional unit consists of

eight lessons total and each lesson is one hour in duration. This unit can be broken down into one

per week lessons, two per week lessons, eight days of daily lessons, etc. It would be best to have

an understanding of the time frame of the adult learners who will be completing this unit. In each

lesson, the basic sequencing used was broken down into the following sections: pre-instructional

activities, content presentation, learner participation, assessment, and follow-through activities.

The assessments will be compiled into a final portfolio in which the adult learners will have

created a household budgeting system that will include a debt payoff spreadsheet.

The journal entries in which the adult learners reflect and the open-ended questions at the

beginning of the unit will assist the researcher in determining initial behaviors, habits, and

attitudes that the adult learners already carry and how they are working through those current

beliefs. The open-ended questions at the end of the unit will allow the researcher to determine if


behavior changes have been instituted by the participants and if the behavior modification is

effective.

After obtaining approval to conduct the study and permission from the participants, they

will be instructed to complete the pre-assessment survey on SurveyMonkey.com. The survey will

be assessing the adult learners current behaviors, attitudes, and habits in regard to the personal

finances. There is no letter grade; this will be pass or fail based on completion of the survey.

When the pre-assessment survey is completed, the unit will commence with the first

lesson. During the unit, the adult learners will be creating and revising two SMART goals,

reflecting upon their goals and what they are learning in their journals, learning how to use

spreadsheets to create a budget, and will be learning skills to modify their behavior to continue

maintaining the household budget that they created.

Generally, the structure of the hour of instruction will begin with the instructor

introducing the topic and content. The adult learners will participate in discussion and will then

demonstrate understanding by completing the lesson’s task and reflecting on the lesson in the

journal. The learners may have an additional task to complete as homework.

The adult learner who might not have used technology in regard to household budgeting

will receive individualized, scaffolded instruction from the instructor on a case-by-case basis.

When the unit of instruction in completed, participants will be instructed to complete the

post-assessment survey on SurveyMonkey.com. Because the adult learners are taking this unit

for self-improvement there will be no letter grade, but there will be a certificate of completion

available to the adult learner.

Capstone: Household Budgeting !20Chapter 4 - Results

Results Overview

The purpose of this research project was to test whether or not utilizing SMART goals

would assist in behavior modification which would, in turn, cause the adult participants to

develop and stick to a monthly household budget. The adult participants completed an open-

ended survey at the beginning of the unit and again at the end of the unit to demonstrate their

thoughts, feelings, attitudes towards money and budgeting. Because these are adult participants

engaging in an optional self-improvement course, there was no grading rubric.

Five adult participants volunteered for this action research study; however, only two

completed the course. Analysis of the pre- and post-data demonstrates that the adult participants

did, in fact, implement changes in their behavior in order to gain control of their personal

finances.

Data Analysis

The journal entries written by the participants included very telling information for the

researcher, but also for the participant. The adult participants were able to explore their mindset,

thoughts, and feeling in regard to household budgeting and attitudes toward money via their

journal entries.

Participant 1 had highlighted his expenses on his last three bank statements and was able

to identify that he spends a lot on food. However, he is a truck driver who does not have a

refrigerator in his truck so he relies a lot on fast food and truck stops. I helped him develop a

plan for food for the next three weeks that would allow him to eat healthier while also drastically

reducing his daily food spending from $70/day to $20/day. If he does this for three weeks, he

Capstone: Household Budgeting !21will save enough to buy a refrigerator for his truck, which well help him to save even more

money on groceries.

I also worked with Participant 1 to identify some expenses that he hadn’t already

included in his necessary spending budget. He has to use truck stops for showers and he does use

tobacco products so we adjusted his budget to include those things. I had discussed with the

participants that it’s important not to completely deprive one’s self from some wants. For

instance, participant 1 buys coffee every day at a particular truck stop and that is something he

wanted to keep doing so he included that in his budget.

I discussed with the participants the importance of considering all areas of spending and

to really assess if something is a necessity or superfluous. There are also some things that are in

the middle, such as the tobacco. While tobacco is not a necessity for life, it is something

participant 1 wants to be able to purchase. The same goes for having dinner out or buying a

coffee from a cafe on occasion. The participants were able to adjust their budgets accordingly

and really worked to deduce if something was to stay in the budget or to be removed from the

budget.

When asked if spending habits were aligned with SMART goals for a journal entry,

Participant 2 stated, “Our spending habits are not aligned with our SMART goals because we

spend money carelessly. Mostly out of convenience.” Participant 2 continues, “Changes that we

could make include not spending out of convenience, [bring lunches] to work, I can meal plan

and cook dinners more often.” Participant 2 was able to make the connection that behaviors need

to be altered in order for her financial situation to improve and to be able to meet the SMART

goals. Participant 2 also sees setting up a budget and sticking to it will help her succeed in

attaining her SMART goals.

Capstone: Household Budgeting !22 Participant 2 admitted to knowing that she and her husband spend often out of

convenience and eat out often, but the exercise in which the participants were to highlight their

spending on their three previous bank statements, “shock[ed] [her] to see just how much money

[they] are throwing out the window!” Participant also stated, “No wonder we live paycheck to

paycheck!”

The beginning of unit survey was a series of nine open-ended questions designed to get to

the emotions and thoughts that a person has toward money and his/her financial situation.

Because this action research study investigates the possibility of changing behavior, it is

important if the participants are faced with their own emotions and thoughts.

Table One indicates the questions that were asked on the beginning of unit survey and the adult

participants’ responses. Table Two indications the questions that were asked on the end of unit

survey and the adult participants’ responses. In Table One, the adult participants indicated

feelings of being trapped, stuck, uncomfortable, and uncertain. The participants, however, also

indicate feelings of hope and confidence in their abilities to budget if they are taught how and are

given the tools for success. In Table Two, the adult participants, both indicated that the task in

which they reviewed their lates three bank statements was very helpful and eye-opening in

identifying problem spending areas. Additionally, both participants acknowledged that they are

more apt to make behavior changes and maintain a positive mindset in regard to maintaining a

budget. (See pages 22 and 23 for the Tables.)


Table One: Beginning of Unit Survey

1 2Do you think you spend money or use a credit card when you shouldn’t? How does this make you feel? What does this make you think?

Yes, I feel like it’s very hard to save money, and at the moment I feel like I’m working for no reason, because I can’t seem to save.

I should have better self-control. I don’t have a budget in place. If I did, I would not spend as much.

If you are unable to purchase an item that you want or need, does it make you upset that you don’t have enough money the item? What do you think about this?

No if I can’t buy it, I probably don’t need it. If it was clothes or food, I would feel horrible.

Yes, I get upset with myself because I know we need a budget but I don’t really know where to start.

Are you able to maintain a savings balance of $1,000 or more? How does this make you feel?

I would say 85% of the time, but today and the last few weeks has been below. I feel trapped, unable to get above ground.

We had one, but had to dip into it slightly. We are about $400 short now.

What are some phrases you remember your parent saying about money? For example, “We don’t have money for that.” “Money doesn’t grow on trees!” “Rich people are jerks.” etc. What did you think when you would hear your parents say these things? Do you say them today?

I saw them say no, then turn around and pull out a credit card, my dad always told me I could break a millionaire.

I don’t remember my parents saying a lot about it. They are not financially savvy. I try not to say money related things to our children because I don’t feel that’s a burden they should shoulder.

What is your personal definition of success when it comes to money?

Money in the bank Being debt free

Do you feel stuck in the paycheck-to-paycheck cycle? What do you think about this? Do you believe you can ever get out of the state? Why or Why not?

I am stuck in that situation right now and trying to figure out how to get out of it. I’m sure I can, when I get everything paid off, but I keep getting behind on one thing then another.

Yes, it sucks to put it bluntly. I believe we can get out of it with a plan.

Do you feel confident in creating and committing to attaining specific goals using the SMART goal format? It’s ok if you don’t know what SMART goals are, I will explain it in the first lesson. Why do you feel or not feel confident?

I am confident in my ability but anything can change. I have not seen the SMART goals yet.

yes. I want so badly to get out from under all of the debt.

Do you feel confident that should a financial emergency arise, you would have the cash (not credit card usage) to cover the expense? For example, if a tire blows and you need to buy a whole new set of tires. Why or Why not?

Right now no, these trucks have ate my lunch and dinner.

As long as it doesn’t go over what we have in savings. But, for the most part, no I do not feel comfortable.

What do you hope to gain from this unit? How will you know that you will be successful? What should I know about you that would be useful in our work together?

The ability to learn to put a little bit away, instead of trying to pay everything off at once. I’m motivated in trying a new way to save.

I’m excited and I hope to gain knowledge and tools I can use to budget better.


Table Two: End of Unit Survey

1 2Did this course enable you to be more confident in being able to move yourself out of the paycheck-to-paycheck cycle and maintain a savings of at least $1,000?

Yes Yes

Do you believe that you will be making a habit of reviewing your budge more often? Why do you think this will help you meet your SMART goals?

Yes, I will be budgeting myself daily, to find savings to reach my SMART goal.

Yes! It will help keep us on track and not overspend.

Since taking this course, are you more confident about prioritizing your expenses? Why or Why not?

Yes, I have a lot more understanding on prioritizing, it helped by doing a breakdown on the monthly statements.

Yes. It’s made me realize exactly how much extra we are spending.

Are you more confident in creating and committing to attaining specific goals using the SMART goal format? Why or why not?

Yes,by these lessons, it has taught me how to categorize my time and spending.

Yes. We have goals that need to be met. It’s more than a want.

Do you feel more confident that should a financial emergency arise, you would have the case (not credit card usage) to cover the expense? For example, if a tire blows and you need to buy a whole new set of tires? Why or why not?

I have the confidence and the understanding on how to budget things now, now comes the ability to discipline myself to do it the correct way.

Somewhat. We are a little over halfway to our emergency fund goal.

Since going through this course, have you noticed that your language has become more positive? For example, instead of saying, “I can’t afford it” or “I’m broke” or “I will never get out from under this debt” are you finding that you are saying things like: “I can save for that” or “I will adjust my budget to make (insert goal) happen”? What do you think having more positive language will do to help you with attaining your SMART goals?

If you have the tools to work a budget, your eyes can see, your brain inputs the information, and you are immediately seeing where you can make changes to start saving.

Yes. Having a positive mindset is important to reaching goals.

What are your action plans going forward? Include at least one take away from this course that you will implement into your action plan.

My plan of action is to use this whole budget plan and use it monthly to save money on my food bills along with other areas.

We will be utilizing the SMART goals worksheet, the budget worksheet, and the snowball worksheet!

What would you suggest as a next step for a follow-up course to this one?

A self discipline course on how to get yourself motivated to do a budget. This course is very well put together.

Maybe one that goes into budgeting and finances on the next level. Advice on investing, etc.

What suggestions do you have for improving this course? What do you think worked well for this course?

Everything worked well for this course, you could expand it into a business budget, but the home budget seems to be well together.

I think it’s good! Great information for a beginner.


Answers to the Research Questions

The research questions are as follows:





The journal entries from the participants indicate that the highlighting of the bank

statements was an incredible eye opener into how much they were actually spending on things

that they didn’t really need. This exercise proved to be the main exercise in encouraging the

participants to identify behaviors that needed to be corrected on their own. Additionally, the

SMART goals helped give the participants a reason to change their spending behavior.

By studying the results from the pre-and post-surveys, the researcher is able to determine

that including SMART goals into the personal budgeting unit will help to encourage adult

learners to modify existing negative behaviors so that they can attain their goals. Also, working

with adult learners to modify their current financial behaviors will improve their money

management. However, this needs to be a long-term action research study to see if the effects

will last. The researcher will be sending a survey the three, six, nine, and twelve month intervals

to check on the adult participants and see if they have resorted back to their previous ways or if

the behavior modification continued.

Capstone: Household Budgeting !26 Research question 1 answer: SMART goals do appear to encourage adult learners to

modify existing negative behaviors so they can attain their SMART goals and this is indicated in

the journal entries described in the Data Analysis.

Research questions 2 answer: Working with adult learners to modify their current

financial behaviors to improve their financial situation will aid the adult learners in continuing

the behavior changes. The researcher checks in with with the participants at least weekly and/or

the participants will check in with the researcher to ask follow up questions.

The researcher has discovered that while there is a definite beginning and end to the unit,

the participants will benefit from regular recurring interaction. The researcher plans to take this

unit and turn it into an online course through which participants will be able to join a Facebook

group for continued support. The researcher is passionate about helping people become better

with their finances and is curious how this will turn out. The researcher will be using feedback

from the participants to make some changes to the curriculum as well as make changes that will

be better suited to online learning for adults.

Capstone: Household Budgeting !27Chapter 5 - Discussion and Conclusion

Overview

This research study was undertaken because the researcher identified a problem with

adults in regard to their attitudes, thoughts, and feelings toward money and their lack of

maintaining a household budget. The is a link, as well, between the emotions and history one has

had with money and one’s behavior in how he/she handles his/her money. There are limiting

factors to the finding of this research study, which include a limited pool of adult learners and a

lack of variance in income levels.

The qualitative data from the surveys and journal entries indicate that addressing the

thoughts, feelings, and emotions pulls forward attitudes of which the adult participants were not

full aware. The adult participants did modify their behavior in regard to budgeting and

controlling their spending.

Problem Solutions

The goal of this action research study was to investigate if utilizing SMART goals and

addressing, via journal entries, thoughts and feelings in regard to past and current attitudes

toward money would incite a modification in behavior in adult participants to become more

responsible with their money and financial planning by creating and maintaining a household

budget.

The adult participants were surveyed at the beginning of the unit to assess their thoughts

and emotions toward budgeting and money prior to any discussion occurring. Throughout the

unit, the researcher asked thought-provoking, open-ended questions to encourage the adult

participants to dig into their current mindset and to work through some of the blockages they

Capstone: Household Budgeting !28may have to controlling their spending.

The adult participants were surprised at how much money they were spending by eating

out instead of cooking food at home. They identified weaknesses such as overspending for the

sake of convenience. The activity of going through three months worth of bank statement was an

incredible eye-opening task for the adult participants. When the participants were asked by the

researcher, “What do you think about your spending habits?” Participant 2 stated, “I think it’s

ridiculous. No wonder we live paycheck to paycheck. My husband spends way too much at gas

stations and lunch and I spend too much on take out for dinners and unnecessary things on

Amazon.” Participant 2 identifies changes that can be implemented such as meal prepping,

packing lunches for work, and using the cash envelope method instead of swiping the ATM card

for purchases.

Strengths and Weaknesses

A strength of this study is using the qualitative data collection method because the action

research study included identifying thought and behavior patterns. This is best explored by

asking open-ended questions that create a deeper thought and connection for the adult

participants. Utilizing the open-ended survey and the journal entries worked very well in

collection of the qualitative data.

Another strength of this study was utilizing a support group via the other adult learners to

help develop ideas and identify problem areas that most people face. This helped the adult

participants to investigate their own situation even further than they had previously.

A weakness of the study is that there were only two adult participants. Initially, five had

volunteered but only two actually showed up and completed the coursework. The limited

population does not allow the researcher to identify patterns in subgroups.


Influential Factors

The adult participants are from the researchers social circle. The adult participants and

the researcher do have a platonic, friendly relationship. The researcher acknowledges that there

could have been skewed results if the participants were afraid to be completely honest in their

journal entries and survey answers due to the relationship with the researcher. However, the

researcher does not believe this is the case because the journal entries and surveys exhibited very

real, honest answers in which the participants really explored their emotions, thoughts, and

attitudes.

Further Investigation

This action research study would benefit by being continued with more adult participants

with more diverse backgrounds. Further investigation would include surveying the participants at

regular intervals over the year following unit completion in order to assess if the behavior

modifications made in the beginning continued as the participants moved forward without the

daily guidance from the researcher.


References

Beck, J. J. 1. jjbst321@mail. rmu. edurogst891@mail. rmu. ed., & Garris III, R. O. . (2019).

Managing Personal Finance Literacy in the United States: A Case Study. Education

Sciences, 9(2), 129. https://doi-org.wgu.idm.oclc.org/10.3390/educsci9020129

Berman, J. Z., Tran, A. T. K., Lynch JR., J. G., & Zauberman, G. (2016). Expense Neglect in

Forecasting Personal Finances. Journal of Marketing Research (JMR), 53(4), 535–550.

https://doi-org.wgu.idm.oclc.org/10.1509/jmr.15.0101

Donovan, D. (2018). Personal Finance Bloggers. Journal of Personal Finance, 17(1), 57–68.

Retrieved from http://search.ebscohost.com.wgu.idm.oclc.org/login.aspx?

direct=true&db=buh&AN=135567667&site=eds-live&scope=site

Faulkner, A. E. (2016). Financial Literacy Education in the United States. Reference & User

Services Quarterly, 56(2), 116–125. Retrieved from http://

search.ebscohost.com.wgu.idm.oclc.org/login.aspx?

direct=true&db=llf&AN=120639793&site=eds-live&scope=site

Faulkner, A. E. (2015). A Systematic Review of Financial Literacy as a Termed Concept: More

Questions Than Answers. Journal of Business & Finance Librarianship, 20(1/2), 7–26.

https://doi-org.wgu.idm.oclc.org/10.1080/08963568.2015.982446

Gamst-Klaussen, T., Steel, P., & Svartdal, F. (2019). Procrastination and Personal Finances:

Exploring the Roles of Planning and Financial Self-Efficacy. Frontiers in Psychology,

Capstone: Household Budgeting !31N.PAG. Retrieved from http://search.ebscohost.com.wgu.idm.oclc.org/login.aspx?

direct=true&db=edb&AN=135778248&site=eds-live&scope=site

Guest, R., Brimble, M. (2018). Financial Literacy 101. Policy, 34(1), 3–7. Retrieved from http://


direct=true&db=a9h&AN=130164691&site=eds-live&scope=site

Hensley, B. J., Jurgenson, J. B., & Ferris, L.-A. (2017). Combining Adult Education and

Professional Development Best Practice to Improve Financial Education Teacher

Training. Journal of Financial Counseling and Planning, 28(1), 33–38. Retrieved from

http://search.ebscohost.com.wgu.idm.oclc.org/login.aspx?

direct=true&db=eric&AN=EJ1185289&site=eds-live&scope=site

Hoffmann, A., & Otteby, K. (2018). Personal finance blogs: Helpful tool for consumers with low

financial literacy or preaching to the choir? International Journal of Consumer Studies,

42(2), 241–254. https://doi-org.wgu.idm.oclc.org/10.1111/ijcs.12412

Lawson, D. R., & Klontz, B. T. 2,. (2017). Integrating Behavioral Finance, Financial Psychology,

and Financial Therapy into the 6-Step Financial Planning Process. Journal of Financial

Planning, 30(7), 48–55. Retrieved from http://search.ebscohost.com.wgu.idm.oclc.org/

login.aspx?direct=true&db=ofm&AN=123923166&site=eds-live&scope=site

O’Neill, B., Jing J. (2018). Increasing Financial Fitness: 20 Recommended Practices and Their

Frequency of Performance. Journal of Family & Consumer Sciences, 110(2), 21–28.

https://doi-org.wgu.idm.oclc.org/10.14307/JFCS110.2.21

Capstone: Household Budgeting !32O’Neill, B., Jing J., Ensle, K. (2017). Positive Health and Financial Practices: Does Budgeting

Make a Difference? Journal of Family & Consumer Sciences, 109(2), 27–36. https://doi-

org.wgu.idm.oclc.org/10.14307/JFCS109.2.27

Robb, C. A. (2014). The Personal Financial Knowledge Conundrum. Journal of Financial

Service Professionals, 68(4), 69–72. Retrieved from http://


direct=true&db=buh&AN=97078170&site=eds-live&scope=site

Veiga, R. T., Avelar, C., Moura, L. R. C., & Higuchi, A. K. (2019). Validation of scales to

research the personal financial management. Revista Brasileira De Gestão De Negócios,

21(2), 332-348. doi:http://dx.doi.org.wgu.idm.oclc.org/10.7819/rbgn.v21i2.3976

Ward, A. F., & Lynch, J. G. (2019). On a Need-to-Know Basis: How the Distribution of

Responsibility Between Couples Shapes Financial Literacy and Financial Outcomes.

Journal of Consumer Research, 45(5), 1013–1036. https://doi-org.wgu.idm.oclc.org/

10.1093/jcr/ucy037

Capstone: Household Budgeting !33Appendix A

Unit OverviewAudience and Length: This household budgeting unit consists of eight lesson that should take approximately eight hours (one hour per lesson) to complete. This unit of instruction was developed for adult learners who have not previously had instruction on household budgeting, but this unit can also be used for older teenagers.

Instructions for Implementing this Technology-based Unit: The instructor will need to have a basic understanding of how to fill in Excel Worksheet templates. However, an instructional video for the Excel Templates used in this unit will be provided in the corresponding lessons so that the instructor and adult learners will know how to utilize the Excel Worksheets.

Additionally, a basic understanding of how to use Google Calendar is necessary, but an instructional YouTube video is linked in the corresponding lesson.

Instructional GoalAdult learners will be able to create and maintain a personal household budget and focus on paying down debt by using Excel spreadsheets, Google Calendar, SMART goals, and a reflection notebook.

Delivery ApproachDelivery will be via lecture and discussions as a class and one-on-one between the instructor and the individual students as needed. The adult learners will need guidance and structure from the instructor during the entire unit. However, some adult learners may be more advanced and will not need assistance while others will need extra help.

The adult learners will be able to access the course website from their home computers and mobile devices on their own, but course activities are instructional in nature and need to be completed with direction from the instructor.

The adult learners will be involved in instructor lead/prompted class discussions during which they will make connections with their own financial situations and SMART goals. The adult learners will work individually for approximately sixty to seventy percent of the course, connect with classmates for about twenty percent of it, and work with the instructor for the remaining ten to twenty percent.

Once the instructor has introduced the content and prompted discussion, the adult learners will collaborate with one another and will then work individually on their own personal finances.

Instructional SequenceInstructional objectives used in this unit plan are as follows:

1. Using the SMART goals and list of expenditures, adult students will create at least one SMART goal that includes specific details into all five of the SMART goal categories.

Capstone: Household Budgeting !342. Using the bank statements that they receive in the mail, the adult learners will

identify expenses by highlighting in orange the expenses that occur every month and highlighting in green the common areas of spending until all transactions are categorized accordingly.

3. Using the highlighted bank statements, the adult learners will be able to arrange the expenses into at least 5 categories to prepare for creating a monthly household budget.

4. Using the SMART goals and list of expenditures, adult students will create at least one new SMART goal that includes specific details into all five of the SMART goal categories.

5. Using a calendar and the list of expenses and income, adult learners will apply to the calendar at least five income/expenses for each of the twelve months.

6. Using their budget, adult learners will reduce at least one unnecessary expense. 7. Using a notebook, adult learners will create a finalized budget using Excel

Spreadsheet Templates.8. Using their notebook, the adult learners will write a reflection to describe how at

least one of the accountability methods will help them reach their SMART goals.

Resources and Materials NeededLinks to resources will be included in each lesson plan.

• Three months of bank statements• Billing statements• Highlighters: orange and green• Notebook• Pen/pencil • Computer• Printer• Google Calendar• YouTube Video on Setting Up Google Calendar• Link to SurveyMonkey.com Tutorial Videos• Optional: Keynote (or other presentation software)• SMART goal printout and worksheet (Appendix A)• SurveyMonkey.com: benchmark, qualitative assessment (Appendix B)• Kiplinger’s Household Budget Worksheet (Appendix C)• Excel Budget Spreadsheet Template (Appendix D)• Link to Budget Spreadsheet Tutorial Video• Excel Snowball Spreadsheet (Appendix E)• Link to Debt Snowball Spreadsheet Tutorial Video• SurveyMonkey.com: summative, qualitative exit assessment (Appendix F)• Rubric for Reflection Writing (Appendix G)• Link to Single-Point Rubric Tutorial Video

Lesson DescriptionsLesson One Summary:

Instructional strategy used was the Teaching for Understanding strategy. The lesson began by utilizing real-world usage of the SMART goal. The adult learners discussed and plotted out a real-world example of a common financial goal. The adult learners

https://youtu.be/1EjJ55BODn0

https://help.surveymonkey.com/

http://weebly-link/962089288525134923

http://weebly-link/412367704117209788

https://www.kiplinger.com/tool/spending/T007-S001-budgeting-worksheet-a-household-budget-for-today-a/index.php

http://weebly-link/601093132532401629

https://youtu.be/MWyJVYk84r0

http://weebly-link/896291198143170220

https://youtu.be/-lwe0BdtLj8

http://weebly-link/965507830568050305

http://weebly-link/946143573541917392

https://youtu.be/_q0c8jIXpPQ

Capstone: Household Budgeting !35also journaled to reflect upon their goal. The instructional strategy supports the Constructivism learning theory because the students will be evaluating and reflecting upon their SMART goal in a notebook.

Lesson Two Summary:

Instructional strategy used was the Teaching for Understanding strategy. The lesson began by utilizing real-world usage of the vocabulary. The adult learners discussed recurring and non-recurring expenses and necessary expenses and superfluous spending as it relates to their own lives. The adult learners also journaled to reflect upon their spending habits and why they spend in certain areas. The instructional strategy supports the Constructivism learning theory because the students will be evaluating and reflecting upon their spending habits in a journal.

Lesson Three Summary:

Instructional strategy used was the Teaching for Understanding strategy. The lesson began by utilizing real-world categories of expenditures. The adult learners discussed common categories that families would have as it relates to their own lives. The adult learners also journaled to continue breaking down the initial five categories into more specific categories. The instructional strategy supports the Cognitivism learning theory because the students will be categorizing their expenses.

Lesson Four Summary:

Instructional strategy used was the Teaching for Understanding strategy. The lesson began by asking the adult learners why people normally create household budgets. The adult learners discussed discussed those reasons amongst the class. The adult learners create an additional SMART goal while ensuring that both SMART goals and the budget are in alignment. The instructional strategy supports the Constructivism learning theory because the students will be evaluating and reflecting upon their spending habits in a journal.

Lesson Five Summary:

The instructional strategy used was the Teaching for Understanding strategy. The lesson began by discussion of financial situations that tend to pop up in an adult’s life The adult learners then learned how to use Google Calendar and set up events and notifications to help with maintaining the household budget. The instructional strategy supports the Cognitivism learning theory because the adult learners will be organizing their expenses and income using Google Calendar.

Lesson Six Summary:

The instructional strategy used was the Teaching for Understanding strategy. The lesson began by the instructor leading a discussion in regard to reducing and/or

Capstone: Household Budgeting !36eliminating unnecessary expenses and then demonstrated how to use the Excel Spreadsheet Templates. The adult learners then reviewed their expenses and figured out what areas (at least one) in which they can reduce their spending. The adult learners also reviewed their budget to ensure that it is set up to help them attain their SMART goals. The instructional strategy supports the Constructivism learning theory because the adult learners will be creating a real-world budget using the Excel Budget Spreadsheet Template and will make decisions on where to reduce at least one unnecessary expense.

Lesson Seven Summary:

The instructional strategy used was the Teaching for Understanding strategy. The lesson began with the instructor leading a discussion about the common mistakes that can occur when creating a budget. The instructor then introduced budgeting systems such as the zero-based budget and the 50-30-20 budget. The adult learners reviewed their Excel Worksheets that were created in Task 6, made any necessary changes according to the lecture and class discussion. The adult learners will continue the lesson by writing a reflection about how the budget will set them up for successful completion of their SMART goals. The instructional strategy supports the Constructivism

learning theory because the adult learners will be creating an authentic task in a real world setting.

Lesson Eight Summary:

The instructional strategy used was the Teaching for Understanding strategy. The lesson began with the instructor leading the discussion on various accountability methods and the students continued the discussion of other methods they can come up with. The adult learners then chose at least one method and submitted said method to the instructor along with their reason for choosing it and how they will implement it. The adult learners will continue by writing a reflection to explain how the chosen method will help them stay on budget and attain their SMART goals. To end the unit, the adult learners will complete an exit survey on SurveryMonkey.com. The instructional strategy supports the Constructivism learning theory because the adult learners will be writing a reflection in which they discuss at least one accountability method they will implement immediately and how it will help support their SMART goals.

Performance Assessments of Adult LearnersThe adult learners will be assessed using qualitative methods, such as a single-point rubric for assessing journal entries, Likert Scale surveys, and checking for understanding and completion of Excel Spreadsheets and Calendaring tasks.

Because this unit has been created for adult learners who are interested in personal development in regard to their household finances, there is no letter grade associated with the unit/lessons/assessments. However, this unit has been created utilizing the

Capstone: Household Budgeting !37Teaching for Understand instructional strategy. Therefore, the qualitative assessments mentioned are ideal for ensuring the adult learners are meeting the four parts of the Teaching for Understanding Framework.

Generative Topic:

The curriculum was built around an important and accessible topic that interests the adult learners and the instructor. Household budgeting is something that the adult learners have a strong desire to learn and implement and is a topic the unit creator has always maintained an interest in regard to helping others.

Understanding Goals:

Goals for the unit are explicitly stated and will support the learners’ understand of the material. Additionally, because this unit is in regard to one’s personal household finances, the instructor will be working with each adult on an individual basis to ensure that each adult has a clear plan of action for attaining the SMART goals they set up for themselves.

Performances of Understanding:

The adult learners will be performing their understanding of the material by participating in class discussions, completing assigned tasks, completing a Likert Scale qualitative assessment at the beginning and at the end of the unit, and will be reflecting on their learning and making connections to their real-life situations by writing in their journals.

On-going Assessment:

Assessments are occurring consistently within the unit and specifically within each lesson. The instructor will utilize the journal entries for assessing the understanding of each adult learner in addition to ensuring that other assessment tasks are completed thoroughly and correctly according to each adult learner’s personal financial situation and SMART goals. The journaling method also helps the learner’s to reflect on their progress and ensure that their budgeting plan is in alignment with attaining their SMART goals.

Delivery of InstructionCAN BE RECREATED BY ANOTHER INSTRUCTOR

Planned pedagogies for this unit are a combination of lecture, class discussion, one-on-one instruction, active learning, technology integration, and this unit can be adapted for distance learning.

Lecture:

Capstone: Household Budgeting !38The instructor will need to introduce the lesson and begin the discussion, which will continue with the adult learners conversing as a class.

Class Discussion:

After the lesson topic is introduced by the instructor, the adult learners will continue the discussion as a class to thoroughly investigate the topic.

One-on-One Instruction:

Depending on each adult learner’s skill and confidence level, the instructor may need to provide extra assistance with the technological aspects of this unit.

Active Learning:

The adult learners will be able to participate in discussions, listen to others, write and reflect on what they are learning and how they will be able to apply it to their real-life situations.

Technology Integration:

Technology is integrated throughout the unit via Excel Spreadsheets, Google Calendar, YouTube, Keynote (or other presentation software, Survey Monkey website, and Kiplinger’s website. Additionally, the adult learners will need a computer, printer, calculator, and internet.

Distance Learning:

This unit can be adapted for distance learning by using a Facebook Support Group for discussions, an online classroom, such as Kajabi, Teachable, Thinkific, etc.

Instructional Materials• Google Calendar• YouTube Video on Setting Up Google Calendar• Link to SurveyMonkey.com Tutorial Videos• Optional: Keynote (or other presentation software)• SMART goal printout and worksheet (Appendix A)• SurveyMonkey.com: benchmark, qualitative assessment (Appendix B)• Kiplinger’s Household Budget Worksheet (Appendix C)• Excel Budget Spreadsheet Template (Appendix D)• Link to Budget Spreadsheet Tutorial Video• Excel Snowball Spreadsheet (Appendix E)• Link to Debt Snowball Spreadsheet Tutorial Video• SurveyMonkey.com: summative, qualitative exit assessment (Appendix F)• Rubric for Reflection Writing (Appendix G)• Link to Single-Point Rubric Tutorial Video

Physical Resources Needed• Three months of bank statements• Billing statements• Highlighters: orange and green



http://weebly-link/962089288525134923

http://weebly-link/412367704117209788

https://www.kiplinger.com/tool/spending/T007-S001-budgeting-worksheet-a-household-budget-for-today-a/index.php

http://weebly-link/601093132532401629

https://youtu.be/MWyJVYk84r0

http://weebly-link/896291198143170220


http://weebly-link/965507830568050305

http://weebly-link/946143573541917392


Capstone: Household Budgeting !39• Notebook• Pen/pencil • Computer• Printer

Lesson PlansLesson Plan #1 Title: SMART Goals

Performance Objective: Using the SMART goals and list of expenditures, adult students will create at least one SMART goal that includes specific details into all five of the SMART goal categories.

Resources or Materials Needed: • SMART goal printout and worksheet (Appendix A)• Notebook• Pen/pencil • Computer• Printer • Rubric for Reflection Writing (Appendix G)• SurveyMonkey.com: survey (Appendix B) • Link to SurveyMonkey.com Tutorial Videos• Optional: Keynote (or other presentation software)

Time: 60 minutes

Step 1: Pre-Instructional Activities: The adult learners will first complete a survey on SurveyMonkey.com to assess the adult learners current habits, attitudes, and confidence levels in regard to household budgeting and SMART goals familiarity prior to beginning instruction. (Appendix B)Begin by discussing what to expect in this unit. Then discuss current attitudes toward money and current language that is used in today’s society.In their notebook, the adult learners will reflect and answer these questions: What negative influences/language are you using about money? For example, “I can’t afford…” or Mom/Dad always said no to things because she couldn’t afford it.What will you be able to stop spending money on so that you can reach your goals?

Step 2: Content Presentation: After discussing current societal attitudes toward money and the language that is used, discuss goals using the SMART goal printout (Tracy 2018). The adult learners will have the printout on hand while the instructor goes through each section. The SMART goal printout can be found in Appendix A.Step 3: Learner Participation: Follow along with Tracy’s SMART goal printout: Beginning with the S: Specific, Go through the worksheet using an example goal that the adult learners will come up with. Discuss the Five Ws for answering the Specific portion. When the adult learners are able to appropriately answer the Five Ws for the example goal, move on to the M: Measurable. Continue through the rest of the letters in SMART ensuring that each adult learner is clear on how specifically to answer each section. Then review the examples provided in the handout to ensure that the adult learners are understanding how to complete the SMART goals.

http://weebly-link/962089288525134923



Step 4: Assessment: The adult learners will complete the SMART goals template and submit the completed worksheet to the instructor (Appendix A).

Step 5: Follow-Through Activities: In their notebook, the adult learners will reflect on their goal by answering these questions: Why is this goal important to me? What will accomplishing this goal do for me? An additional activity could be to have the adult learners create a digital dream board using presentation software such as Keynote.

Lesson Plan Summary: Instructional strategy used was the Teaching for Understanding strategy. The lesson began by utilizing real-world usage of the SMART goal. The adult learners discussed and plotted out a real-world example of a common financial goal. The adult learners also journaled to reflect upon their goal. The instructional strategy supports the Constructivism learning theory because the students will be evaluating and reflecting upon their SMART goal in a notebook. Lesson Plan #2 Title: Identifying Expenses

Performance Objective: Using the bank statements that they receive in the mail, the adult learners will identify expenses by highlighting in orange the expenses that occur every month and highlighting in green the common areas of spending until all transactions are categorized accordingly.

Resources or Materials Needed: • Three months of bank statements• Highlighters: orange and green• Notebook• Pen/pencil• Billing statements• Rubric for Reflection Writing (Appendix G)• Link to Single-Point Rubric Tutorial Video•

Time: 60 minutes

Step 1: Pre-Instructional Activities: • Vocabulary:

• Define recurring and non-recurring expenses• Define necessary expenses and superfluous spending

Students will work together to define the terms as they already know them to see if they align with the actual definition. Students will give examples of each to solidify the meaning of each term. Step 2: Content Presentation: The instructor will begin by using a demonstration bank statement and will highlight in orange the recurring, necessary expenses, such as mortgage/rent payments, auto payments, utilities, etc. Then will highlight in green the areas of superfluous, unnecessary spending that are common, such as trips to the coffee shop, craft stores,


Capstone: Household Budgeting !41etc. While highlighting each type of expense, the instructor will discuss each item to further explain why each expenditure is categorized as recurring or superfluous. Step 3: Learner Participation: The Instructor will use a new bank statement example and the students, as a class, will tell the instructor which expenses should be highlighted in orange and which should be highlighted in green and will give reasons why for each expense. Step 4: Assessment: The students will now go through their own bank statements (three months). They will first compare each bank statement with the other two so they can see patterns and identify recurring, necessary expenses. They will then highlight in orange the recurring, necessary expenses and will highlight the superfluous, non-necessary expenses in green.

• Recurring, necessary expenses highlighted in orange• Superfluous, non-necessary expenses highlighted in green• Every line item is categorized into either one of the two categories. Nothing is left

unassigned.

Step 5: Follow-Through Activities: Students will journal in their notebook their findings in regard to their recurring, necessary expenses and if there are any that they think they might be able to reduce or stop completely. They will then journal about the superfluous, non-necessary spending. They will reflect on their spending habits: What surprised them about their spending? What do they think about their spending habits? Do they want to keep those spending habits so that they need to be worked into their budget?Lesson Plan Summary: Instructional strategy used was the Teaching for Understanding strategy. The lesson began by utilizing real-world usage of the vocabulary. The adult learners discussed recurring and non-recurring expenses and necessary expenses and superfluous spending as it relates to their own lives. The adult learners also journaled to reflect upon their spending habits and why they spend in certain areas. The instructional strategy supports the Constructivism learning theory because the students will be evaluating and reflecting upon their spending habits in a journal.

Lesson Plan #3 Title: Categorizing Expenses

Performance Objective: Using the highlighted bank statements, the adult learners will be able to arrange the expenses into at least five categories to prepare for creating a monthly household budget.

Resources or Materials Needed: • Previously highlighted bank statements• Notebook• Pen/pencil• Calculator• Billing statements• Kiplinger’s Household Budget Worksheet (Appendix C)

Time: 60 minutesStep 1: Pre-Instructional Activities:

Capstone: Household Budgeting !42The adult learners will review the highlighted bank statements from the previous lesson looking for areas of commonality among the expenses. For example, fuel, repairs, registration, etc. are categorized under Automotive.Step 2: Content Presentation: The adult learners will discuss categories of spending that they noticed within their bank statements.Step 3: Learner Participation: The adult learners will calculate how much is spent on a monthly basis in each category. This is the beginning of budget creation. Step 4: Assessment: The adult learners will have categorized their expenses into at least five categories using Kiplinger’s Household Budget Worksheet. (Appendix C) Step 5: Follow-Through Activities: The adult learners will continue to break down the initial five categories into more specific categories by accessing the Kiplinger’s Household Budget Worksheet website for assistance. Lesson Plan Summary: Instructional strategy used was the Teaching for Understanding strategy. The lesson began by utilizing real-world categories of expenditures. The adult learners discussed common categories that families would have as it relates to their own lives. The adult learners also journaled to continue breaking down the initial five categories into more specific categories. The instructional strategy supports the Cognitivism learning theory because the students will be categorizing their expenses.

Lesson Plan #4 Title: Determine, Review, Assess

Performance Objective: Using the SMART goals and list of expenditures, adult students will create at least one new SMART goal that includes specific details into all five of the SMART goal categories.

Resources or Materials Needed: • Previously highlighted bank statements• Notebook• Pen/pencil• Calculator• Billing statements• Rubric for Reflection Writing (Appendix G) • SMART goal printout and worksheet (Appendix A)• Kiplinger’s Household Budget Worksheet that was created in Task 3.

Time: 60 Minutes

Step 1: Pre-Instructional Activities: Instructor will ask the adult learners why people normally create household budgets. The adult learners will discuss why maintaining a household budget is important.

Step 2: Content Presentation:

Capstone: Household Budgeting !431. (Step one of Content Presentation will be immediately followed by step one of

Learner Participation) Instructor will reiterate the various reasons for maintaining a household budget that the adult learners came up with and will help the adult learners to identify at least one reason that resonates with their own financial situation.

2. (Step two of Content Presentation will be immediately followed by step two of Learner Participation) Instructor will discuss how to align SMART goals with budgeting in order to achieve the SMART goals. The Instructor will then direct the adult learners to review the previous written SMART goals and the Kiplinger’s Household Budget Worksheet from Task 3 to make any necessary adjustments, as well as, ensure that the reason for maintaining a household budget aligns with the SMART goal.

Step 3: Learner Participation: 1. (This step should immediately follow step one of Content Presentation) The adult

learners will make a note of their reasons for maintaining a household budget in their notebook.

2. (This step should immediately follow step two of Content Presentation) The adult learners review the previous SMART goal and the Kiplinger’s Household Budget

3. Worksheet to revise if necessary and to ensure that the SMART goal is in alignment with their reason for maintaining a household budget.

Step 4: Assessment: The adult students will create at least one new SMART goal that includes specific details into all five of the SMART goal categories (Appendix A).

Step 5: Follow-Through Activities: The adult learners will review their spending habits and will write a reflection in their notebooks to assess their SMART goals in relation to their budget to ensure there is consistency and alignment between the goals, reasons for maintaining a budget, and spending habits.

Lesson Plan Summary: Instructional strategy used was the Teaching for Understanding strategy. The lesson began by asking the adult learners why people normally create household budgets. The adult learners discussed discussed those reasons amongst the class. The adult learners create an additional SMART goal while ensuring that both SMART goals and the budget are in alignment. The instructional strategy supports the Constructivism learning theory because the students will be evaluating and reflecting upon their spending habits in a journal.

Lesson Plan #5 Title: Calendaring

Performance Objective: Using a calendar and the list of expenses and income, adult learners will apply to the calendar at least five income/expenses for each of the twelve months.

Resources or Materials Needed: • Previously highlighted bank statements• Notebook• Pen/pencil

Capstone: Household Budgeting !44• Calculator• Billing Statements• Rubric for Reflection Writing (Appendix G) • SMART goal printout and worksheet (Appendix A)• Kiplinger’s Household Budget Worksheet that was created in Task 3• Google Calendar• YouTube Video on Setting Up Google Calendar: CLICK HERE

Time: 60 Minutes

Step 1: Pre-Instructional Activities: Instructor will lead discussion in regard to irregular planned expenses and unplanned expenses. The adult learners will add to the discussion other financial situations that tend to pop up in an adult’s life.

Step 2: Content Presentation: Instructor will demonstrate how to use Google Calendar for creating regular notifications to help with creating reminders for bill paying by having the adult learners view and follow along with the YouTube video: https://youtu.be/1EjJ55BODn0. The instructor will be actively assisting the adult learners in this activity.

Step 3: Learner Participation: The adult learners will create their Google Calendar by inputting events for when they need to pay their bills according to each billing statement due date and setting reminders accordingly.

Step 4: Assessment: The adult learners will print out at least three months from the Google Calendar which have at least five income/expenses to submit to the instructor.

Step 5: Follow-Through Activities: In their notebooks, the adult learners will reflect on how using the notifications on Google Calendar will help them stay on track with their budgeting. Lesson Plan Summary: The instructional strategy used was the Teaching for Understanding strategy. The lesson began by discussion of financial situations that tend to pop up in an adult’s life The adult learners then learned how to use Google Calendar and set up events and notifications to help with maintaining the household budget. The instructional strategy supports the Cognitivism learning theory because the adult learners will be organizing their expenses and income using Google Calendar.

Lesson Plan #6 Title: Reviewing and Deciding

Performance Objective: Using their budget, adult learners will reduce at least one unnecessary expense.

Resources or Materials Needed: • Previously highlighted bank statements• Notebook• Pen/pencil• Calculator


Capstone: Household Budgeting !45• Billing Statements• SMART goal printout and worksheet (Appendix A)• Kiplinger’s Household Budget Worksheet that was created in Task 3 • Excel Snowball Spreadsheet (Appendix E)• Tutorial for Excel Snowball Spreadsheet: CLICK HERE• Excel Budget Spreadsheet Template (Appendix D) • Tutorial for Excel Budget Spreadsheet: CLICK HERE

Time: 60 Minutes

Step 1: Pre-Instructional Activities: The instructor will lead a discussion in regard to reducing and/or eliminating unnecessary expenses.

Step 2: Content Presentation:

Project 1: The instructor will demonstrate the Excel Budget Spreadsheet Template and how to input information.

Project 2: The instructor will introduce two methods of organizing the Debt Snowball Spreadsheet and will demonstrate how to input information according to each method. Method A: Debt Snowball: This method is used to pay off debt according starting with the creditor with smallest balance. As each of the smaller balances are paid off, the money that was budgeted for that bill is added to the payment for the next bill. For example, one has the following bills: Best Buy-$500 at 14% interest with $50/month minimum payment; Sears-$1200 at 18% interest with $100/month minimum payment; Auto Loan-$7800 at 3% interest with $250/month minimum payment. This is how the Debt Snowball method would be applied: The Best Buy account would be paid off first because it is the lowest balance. Once paid off, that $50 payment is added to the Sears debt, which would increase the monthly payment from $100 to $150. Once paid off, that $150 payment is added to the auto loan payment, which would increase the monthly auto loan payment from $250 to $400. This method allows one to see progress because the smaller debts are eliminated. Method B: Debt Avalanche: This is prioritizing debt according to highest interest. One would begin with paying off the debt that has the highest interest rate. Using the same example scenario, this is how the Debt Avalanche method would work: Best Buy-$500 at 14% interest with $50/month minimum payment; Sears-$1200 at 18% interest with $100/month minimum payment; Auto Loan-$7800 at 3% interest with $250/month minimum payment.One would first pay off the Sears debt because it has the highest interest rate at 18%. Then that $100/month payment would be added to the Best Buy card, which is the next highest interest rate making the payment $150 instead of $50. Once Best Buy is paid off, the $150 payment is added to the auto loan payment because it is the lowest interest rate, which makes the payment $400 instead of $250.

Step 3: Learner Participation: The adult learners will discuss the advantages and disadvantages of each method and will choose one to set up their Excel Debt Snowball Spreadsheet. (Special Note: while the worksheet is called the Debt Snowball Spreadsheet, it is possible to set it up so that the Avalanche method is used.)

http://weebly-link/962089288525134923

http://weebly-link/991174580556592462


http://weebly-link/903777884577231169

Capstone: Household Budgeting !46The adult learners will also create their budget using the Excel Budget Spreadsheet Template while referencing their SMART goals, the Kiplinger’s Household Budget Worksheet, and billing statements for information.

Step 4: Assessment: The adult learners will submit their Excel Budget Spreadsheet with at least one unnecessary expense reduced as well as their Excel Debt Snowball Spreadsheet.

Step 5: Follow-Through Activities: The adult learners will review both of the Excel Spreadsheets to see what other areas of expenditures they can reduce to help them attain their SMART goals.

Lesson Plan Summary: The instructional strategy used was the Teaching for Understanding strategy. The lesson began by the instructor leading a discussion in regard to reducing and/or eliminating unnecessary expenses and then demonstrated how to use the Excel Spreadsheet Templates. The adult learners then reviewed their expenses and figured out what areas (at least one) in which they can reduce their spending. The adult learners also reviewed their budget to ensure that it is set up to help them attain their SMART goals. The instructional strategy supports the Constructivism learning theory because the adult learners will be creating a real-world budget using the Excel Budget Spreadsheet Template and will make decisions on where to reduce at least one unnecessary expense.

Lesson Plan #7 Title: Common Mistakes and Creating the Final Budget

Performance Objective: Using a notebook, adult learners will create a finalized budget using the Excel Spreadsheet they created in Task 6.

Resources or Materials Needed: • Previously highlighted bank statements• Notebook• Pen/pencil• Calculator• Rubric for Reflection Writing (Appendix G) • SMART goal printout and worksheet (Appendix A)• Kiplinger’s Household Budget Worksheet that was created in Task 3 • Excel Snowball Spreadsheet that was created in Task 6 • Excel Budget Spreadsheet that was created in Task 6

Time: 60 Minutes

Step 1: Pre-Instructional Activities: The instructor will begin a discussion in regard to common mistakes that are made when budgeting, such as setting unrealistic expectations, budgeting based off of gross income instead of net income, failure to consider major changes, etc.

Step 2: Content Presentation: The instructor will go over budgeting systems such as the zero-based budget and the 50-30-20 budget in addition to other methods.

Capstone: Household Budgeting !47The explanations for each of the methods listed below are from T. (https://atypicalfinance.com/7-best-budgeting-methods/)

• The Balanced Money Formula (AKA 50-30-20)This method, popularized by Elizabeth Warren and Amelia Tyagi, is also called the 50-20-30 method.The idea is to spend 50% of your total income on your needs, 20% on saving, and 30% on wants. The 50-20-30 method is very simple to maintain, which is one of the reasons why I find it to be among the best budgeting methods.

• Cash-Only BudgetingAlso, called “Envelope Budgeting,” Cash-Only Budgeting is where you use actual cash (those are the green pieces of paper you rarely see in the U.S. these days)to use as your spending money. There is no room for plastic here!What you do is allocate your money to your separate categories and then withdrawal cash out from your bank account. You then put the cash in envelopes labeled to match your categories.

• Zero-based BudgetZero-Based Budgeting is where the money you have in income matches exactly what is going out of your account.

• The 60% SolutionThis method was first proposed by then editor-in-chief of MSN Money, Richard Jenkins.60% of your income is used for what Richard calls “committed expenses.” These include your mortgage, food, basic clothing, car payments, insurance, etc. The remaining 40% of your income is divided into four categories with 10% allocated to each category: Retirement, Long-Term Savings, Short-Term Savings, Fun Money.

• The “No Budget” BudgetThe only thing you have to pay attention to is your bank account balance. There isn’t even a need to track your expenses.This way you can simply add up all of your bills, make sure that money is in the right account, and then not have to worry about it from there.

• Values-based BudgetThe hook of this method—which still involves tracking your spending—is to spend money based on your values rather than worrying about how much you are spending in specific categories.

• Create-Your-Own-BudgetIn order to create your own budget, you have to first do some research and learn about the budgeting methods available to you. You also want to ask yourself exactly what you

https://atypicalfinance.com/7-best-budgeting-methods/

https://atypicalfinance.com/7-best-budgeting-methods/

Capstone: Household Budgeting !48want out of your budget. Knowing your options will give you a good start in creating your own budget.

Step 3: Learner Participation: The adult learners will review their Excel Budget Worksheet and make any changes according to the Pre-Instructional Activity Discussion and the Content Presentation.

Step 4: Assessment: The adult learners will finalize their budget by choosing a budgeting method and will submit to the both Excel Spreadsheets to the instructor.

Step 5: Follow-Through Activities: The adult learners will write a reflection on how their chosen method of budgeting and how will set them up for successful completion of their SMART goals.

Lesson Plan Summary: The instructional strategy used was the Teaching for Understanding strategy. The lesson began with the instructor leading a discussion about the common mistakes that can occur when creating a budget. The instructor then introduced budgeting systems such as the zero-based budget and the 50-30-20 budget. The adult learners reviewed their Excel Worksheets that were created in Task 6, made any necessary changes according to the lecture and class discussion. The adult learners will continue the lesson by writing a reflection about how the budget will set them up for successful completion of their SMART goals. The instructional strategy supports the Constructivism learning theory because the adult learners will be creating an authentic task in a real world setting.

Lesson Plan #8 Title: Accountability

Performance Objective: Using their notebook, the adult learners will write a reflection to describe how at least one of the accountability methods will help them reach their SMART goals.

Resources or Materials Needed: • Previously highlighted bank statements• Notebook• Pen/pencil• Calculator• Rubric for Reflection Writing (Appendix G) • SMART goal printout and worksheet (Appendix A)• Excel Spreadsheet that was created in Task 6• Excel Snowball Spreadsheet that was created in Task 6 • SurveyMonkey.com: survey (Appendix F) • Link to SurveyMonkey.com Tutorial Videos

Time: 60 Minutes

Step 1: Pre-Instructional Activities: The instructor will lead a discussion in regard to accountability and how to hold one’s self accountable for sticking to the budget.



Step 2: Content Presentation: The instructor will introduce various accountability methods such as automation, the envelope system, expenditure tracking, and setting up regular budget review.

• Automation of ExpensesAutomating one’s expenses can be done by setting up auto pay either through one’s bank/credit union or directly with the creditor. The payment is made electronically or the bank/credit union “writes” a check and mails it to the creditor.

• The Envelope SystemThe envelope system is when cash is pulled from the bank and divided into envelopes. This is a great way to help reduce overspending on areas such as fuel and groceries because one is limited to the cash on hand. A trick to this method is to leave the credit cards and ATM cards at home to avoid temptation of going over the cash amount.

• Setting up a Regular Budget ReviewWhen one is first beginning to maintain a budget, the recommendation is to review the budget once per week. This is to help catch overspending and forgotten bills or payments that will cause problems with the budget. Once one has developed a habit of sticking to the budget, one can move to reviewing the budget to each payday, whether that be twice per month, every other week, or once per month.

• Log Expenses/Spending Daily At the end of each day, one can manually log their expenses/spending into their budget. This requires diligence and daily consistency, which can be difficult for a busy adult.

• Use a Budgeting Application on Your PhoneTo assist with the daily logging of expenses/spending, one can utilize a phone application, which can be connected to one’s bank account so that expenses/spending is logged automatically in real time.

• Consistently Review SMART GoalsOne should regularly review SMART Goals to ensure that the budget is still assisting in attaining the SMART Goals. Sometimes, it is necessary to make adjustments to a goal or to the budget and regular review will allow one to see where the changes need to be made.

• Create a Dream Board/Vision BoardA dream board is a very powerful way to keep one’s goals front and center in their daily life. It is possible to make one digitally using Keynote, Google Slides, PowerPoint and one can print it out and post it in a visible location.

Step 3: Learner Participation: The adult learners will continue to discuss other accountability methods and will consider their own personal situations and what will work best for them.

Step 4: Assessment: The adult learners will complete a summative, qualitative exit assessment using SurveyMonkey.com.

Step 5: Follow-Through Activities: The adult learners will write a reflection on which of accountability methods was chosen and how implementing the method will help them stay on budget and attain their SMART goals.

Capstone: Household Budgeting !50Lesson Plan Summary: The instructional strategy used was the Teaching for Understanding strategy. The lesson began with the instructor leading the discussion on various accountability methods and the students continued the discussion of other methods they can come up with. The adult learners then chose at least one method and submitted said method to the instructor along with their reason for choosing it and how they will implement it. The adult learners will continue by writing a reflection to explain how the chosen method will help them stay on budget and attain their SMART goals. To end the unit, the adult learners will complete an exit survey on SurveryMonkey.com. The instructional strategy supports the Constructivism learning theory because the adult learners will be writing a reflection in which they discuss at least one accountability method they will implement immediately and how it will help support their SMART goals.

References

Alexander, A. (2019, Jan 17). Google Calendar Tutorial 2019-Quick Start Training. Retrieved July 30, 2019, from https://youtu.be/1EjJ55BODn0

Bates, A. (2019, July 29). How to Use the Budgeting Worksheet. Retrieved July 30, 2019, from https://youtu.be/MWyJVYk84r0

Bates, A. (2019, July 29). How to Use the Debt Snowball Worksheet. Retrieved July 30, 2019, from https://www.youtube.com/watch?v=-lwe0BdtLj8

Bates, A. (2019, July 29). How to Use the Single-Point Rubric. Retrieved July 30, 2019, from

Household Budget Worksheet. (2017). Retrieved July 11, 2019, from https://www.kiplinger.com/tool/spending/T007-S001-budgeting-worksheet-a- household-budget-for-today-a/index.php

IMovie. (n.d.). Retrieved July 11, 2019, from https://www.apple.com/imovie/

Keynote. (n.d.). Retrieved July 11, 2019, from https://www.apple.com/keynote/

Meadors, B. (2013). Debt Snowball Spreadsheet [Numbers/Excel]. Brian Meadors via Wordpress, from https://decadefive.wordpress.com/2015/05/02/6/.

Numbers (Apple) [Household Budget Template]. (n.d.).

T. (n.d.). The 7 Best Budgeting Methods. Retrieved July 27, 2019, from https://atypicalfinance.com/7-best-budgeting-methods/

Tracy, B. (2018). SMART Goals 101: Examples, A Free Template, And A Quick Worksheet For Writing Them. Retrieved July 8, 2019, from https://www.briantracy.com/



We're more than survey software. (n.d.). Retrieved July 11, 2019, from https://www.surveymonkey.com/

YouTube. (n.d.). Retrieved July 11, 2019, from https://www.youtube.com/

Capstone: Household Budgeting !52Appendix B

Created by Brian Meadors; [email protected] creative work is subject to “copyleft,” meaning that it is freely available to be copied, shared, modified, and extended, provided that all copied, shared, modified, and extended versions of this creative work are free (and copylefted) as well. (Copyleft does not extend to Apple’s intellectual property; it covers only my programming of the Numbers file). Enjoy.

Loan #1 --- USAA Auto Loan #2 --- APCOBeginning Bal: $0.00 Beginning Bal: $0.00Interest Rate: 0.00% Interest Rate: 0.00%

Minimum Pymt: $0.00 Minimum Pymt: $0.00Payoff Date: 0 Payoff Date: 0

Loan #1Beginning Bal:Interest Rate:

Minimum Pymt:Payoff Date: 0

Total debt from all loans

Total debt from credit cards

Total payment for that month Balance Interest Min. Payment Snowflake

(one-time)February 2017 $0.00

$0.00 $0.00 $0.00 March 2017 0 $0.00 $0.00$0.00 $0.00 $0.00 April 2017 0 $0.00 $0.00$0.00 $0.00 $0.00 May 2017 $0.00 $0.00 $0.00$0.00 $0.00 $0.00 June 2017 $0.00 $0.00 $0.00$0.00 $0.00 $0.00 July 2017 $0.00 $0.00 $0.00$0.00 $0.00 $0.00 August 2017 $0.00 $0.00 $0.00$0.00 $0.00 $0.00 September 2017 $0.00 $0.00 $0.00$0.00 $0.00 $0.00 October 2017 $0.00 $0.00 $0.00$0.00 $0.00 $0.00 November 2017 $0.00 $0.00 $0.00$0.00 $0.00 $0.00 December 2017 $0.00 $0.00 $0.00$0.00 $0.00 $0.00 January 2018 $0.00 $0.00 $0.00$0.00 $0.00 $0.00 February 2018 $0.00 $0.00 $0.00$0.00 $0.00 $0.00 March 2018 $0.00 $0.00 $0.00$0.00 $0.00 $0.00 April 2018 $0.00 $0.00 $0.00$0.00 $0.00 $0.00 May 2018 $0.00 $0.00 $0.00$0.00 $0.00 $0.00 June 2018 $0.00 $0.00 $0.00

�1

Excel Snowball Spreadsheet URL: https://decadefive.wordpress.com/

2015/05/02/6/

The URL is provided here because the sheet is very wide and will not fit in this appendix.

https://decadefive.wordpress.com/2015/05/02/6/





Pre-assessment survey on Survey Monkey 1. What is your number? When you turned in the Informed Consent, I provided you with this number.

2. Do you think you spend money or use a credit card when you shouldn't? How does this make you feel? What does this make you think?

3. If you are unable to purchase an item that you want or need, does it make you upset that you don't have enough money for the item? What do you think about this?

4. Are you able to maintain a savings balance of $1,000 or more? How does this make you feel?

5. What are some phrases you remember your parents saying about money? For example "We don't have money for that." "Money doesn't grown on trees!" "Rich people are jerks." etc. What did you think when you would hear your parents say these things? Do you say them today?

6. What is your personal definition of success when it comes to money?

7. Do you feel stuck in the paycheck-to-paycheck cycle? What do you think about this? Do you believe you can ever get out of this state? Why or Why not?

8. Do you feel confident in creating and committing to attaining specific goals using the SMART goal format? It's ok if you don't know what SMART goals are, I will explain it in the first lesson. Why do you feel or not feel confident?

9. Do you feel confident that should a financial emergency arise, you would have the cash (not credit card usage) to cover the expense? For example, if a tire blows and you need to buy a whole new set of tires? Why or why not?

10. What is it that you hope to gain from this unit? How will you know that you will be successful? What should I know about you that would be useful in our work together?

Post-assessment survey on Survey Monkey

1. What is your participant number?

2. Did this course enable you to be more confident in being able to move yourself out of the paycheck-to-paycheck cycle and maintain a savings of at least $1,000?

3. Do you believe that you will be making a habit of reviewing your budget more often? Why do you think this will help you meet your SMART Goals?

4. Since taking this course, are you more confident about prioritizing your expenses? Why or why not?


5. Are you more confident in creating and committing to attaining specific goals using the SMART goal format? Why or why not?

6. Do you feel more confident that should a financial emergency arise, you would have the cash (not credit card usage) to cover the expense? For example, if a tire blows and you need to buy a whole new set of tires? Why or why not?

7. Since going through this course, have you noticed that your language has become more positive? For example, instead of saying: "I can't afford it" or "I'm broke" or "I will never get out from under this debt" are you finding that you are saying things like: "I can save for that" or "I will adjust my budget to make (insert goal) happen"? What do you think having more positive language will do to help you with attaining your SMART Goals?

8. What are your action plans going forward? Include at least one take away from this course that you will implement into your action plan.

9. What would you suggest as a next step for a follow-up course to this one?

10. What suggestions do you have for improving this course? What do you think worked well for this course?

Reflection Writing Single-Point RubricCreated by: Alicia Bates

7-27-2019

Revisions Needed Criteria Meeting/Exceeding CriteriaAble to demonstrate insightful analysis in the self-reflection in

which past and present experiences are considered to guide future

behavior/actions.

Student extended the reflection beyond the questions asked by the

instructor.

Reflection reveals insight into personal goals and levels of

learning.

Reflection is well-organized with little to no spelling and grammatical

errors.


Kiplinger’s Household Budget Worksheet URL: https://www.kiplinger.com/tool/spending/T007-S001-budgeting-worksheet-a-household-

budget-for-today-a/index.php

TOOL 2017Household Budget WorksheetUse this budget worksheet to get control of your monthly living expenses.A good budget helps you reach your spending and savings goals. Work out a proposed household budget by inputting your sources of income and projected expenses into Kiplinger's exclusive worksheet below. You can add and delete rows as necessary to reflect your personal finances. Return and repeat as you track your actual spending.

Budget Period

Income (take-home) + Add Row

EXPENSE AMOUNT / FREQUENCY AMOUNT FOR BUDGET PERIOD


Jane's Paycheck $0.00 Daily Weekly Bi-Weekly Twice Monthly Monthly Quarterly Annually One Time

$0.00

Jane's Paycheck

$0.00 Daily Weekly Bi-Weekly Twice Monthly Monthly Quarterly Annually One Time

$0.00

Budget Period Total $0.00

!

!

Loans / Debt + Add Row


Mortgage / Rent $0.00 Daily Weekly Bi-Weekly Twice Monthly Monthly Quarterly Annually One Time

$0.00

Credit Card


$0.00

!

!


Home Equity Loan


$0.00

Car Loan


$0.00

Student Loan


$0.00


!

!

!

Utilities + Add Row


Gas/Oil $0.00 Daily Weekly Bi-Weekly Twice Monthly Monthly Quarterly Annually One Time

$0.00

!


Electricity $0.00 Daily Weekly Bi-Weekly Twice Monthly Monthly Quarterly Annually One Time

$0.00

Telephone $0.00 Daily Weekly Bi-Weekly Twice Monthly Monthly Quarterly Annually One Time

$0.00

Water and Sewer $0.00 Daily Weekly Bi-Weekly Twice Monthly Monthly Quarterly Annually One Time

$0.00


!

!

!

Insurance Premiums + Add Row


Life $0.00 Daily Weekly Bi-Weekly Twice Monthly Monthly Quarterly Annually One Time

$0.00

!


Auto $0.00 Daily Weekly Bi-Weekly Twice Monthly Monthly Quarterly Annually One Time

$0.00

Home $0.00 Daily Weekly Bi-Weekly Twice Monthly Monthly Quarterly Annually One Time

$0.00

Health $0.00 Daily Weekly Bi-Weekly Twice Monthly Monthly Quarterly Annually One Time

$0.00

Long Term Care $0.00 Daily Weekly Bi-Weekly Twice Monthly Monthly Quarterly Annually One Time

$0.00


!

!

!

!

Savings and Investments + Add Row



Emergency Fund $0.00 Daily Weekly Bi-Weekly Twice Monthly Monthly Quarterly Annually One Time

$0.00

College Savings $0.00 Daily Weekly Bi-Weekly Twice Monthly Monthly Quarterly Annually One Time

$0.00

Retirement (IRA, etc.) $0.00 Daily Weekly Bi-Weekly Twice Monthly Monthly Quarterly Annually One Time

$0.00


!

!

!

Miscellaneous + Add Row


Groceries $0.00 Daily Weekly Bi-Weekly Twice Monthly Monthly Quarterly Annually One Time

$0.00

!


Child Care $0.00 Daily Weekly Bi-Weekly Twice Monthly Monthly Quarterly Annually One Time

$0.00

Vacation $0.00 Daily Weekly Bi-Weekly Twice Monthly Monthly Quarterly Annually One Time

$0.00

Entertainment (movies, dining out, etc.)


$0.00

Clothing $0.00 Daily Weekly Bi-Weekly Twice Monthly Monthly Quarterly Annually One Time

$0.00

Gas (automobile) $0.00 Daily Weekly Bi-Weekly Twice Monthly Monthly Quarterly Annually One Time

$0.00

!

!

!

!

!


Commuting (parking, etc.)


$0.00

Charitable Contributions $0.00 Daily Weekly Bi-Weekly Twice Monthly Monthly Quarterly Annually One Time

$0.00

!

!


Tracy SMART Goal PDF

Out-of-Pocket Medical Expenses


$0.00


!

Total Income $0

Total Expenses $0

Income Minus Expenses $0.00


Excel Budget Spreadsheet

HOW TO USE: Enter your budget for each category in the Summary By Category table below. Enter transactions on the Transactions sheet to see how your actual spending compares to your budget.

S U M M A R Y B Y C AT E G O R Y

Category Budget Actual Difference

Auto $200.00 $90.00 $110.00

Entertainment $200.00 $32.00 $168.00

Food $350.00 $205.75 $144.25

Home $300.00 $250.00 $50.00

Medical $100.00 $35.00 $65.00

Personal Items $300.00 $80.00 $220.00

Travel $500.00 $350.00 $150.00

Utilities $200.00 $100.00 $100.00

Other $50.00 $60.00 ($10.00)

Total $2,200.00 $1,202.75 $997.25

A C T U A L S U M M A R Y

5%

8%29%

7%

3%

21%17%

3%

7%

Auto Entertainment FoodHome Medical Personal ItemsTravel Utilities Other

B U D G E T V S . A C T U A L

$0.00

$125.00

$250.00

$375.00

$500.00

Auto

Ente

rtain

men

t

Food

Hom

e

Med

ical

Pers

onal

Item

s

Trav

el

Utili

ties

Oth

er

Budget Actual

MONTHLY BUDGET

�1

Capstone: Household Budgeting !72Appendix C

Informed Consent

Western Governors University - Teachers

College

Master of Education, Learning and Technology

Alicia Bates

Modifying Behaviors to Improve Maintaining Household Budgets to Achieve SMART Goals with Adult Learners

Introduction Alicia Bates, a graduate student researcher in the Teachers College of Western Governors University, wishes to conduct a research study for the purpose of determining if modifying behaviors to improve maintaining household budgets will help adult learners to achieve SMART goals. By signing this consent form, you agree to participate in the study. All data collected will be reported as aggregated summaries. Individual names will not be used.

Description of the Project The purpose of my research study is to identify the issues that the typical adult learner who does not currently maintain a household budget faces. There are factors beyond maintaining a household budget that need to be addressed. Modification of negative financial behaviors need to be explored, which will include emotional and psychological aspects as they relate to relationships with money as well as setting goals using the SMART goal method to encourage continued behavior modification.

The study will run for eight consecutive days (eight instructional hours). The study will begin with exploration of current attitudes toward money and identification of current behaviors toward money. The study will continue with organization of one’s personal finances and creation of a real-world budget that the participants will be able to utilize immediately. The study ends by assessing the adult learners’ thoughts, feelings, habits, and attitudes toward budgeting and SMART goals. Throughout the study, there will be opportunity for several instances to reflect on the material and projects.

Benefits and Risks of the Study Some participants might feel uncomfortable with sharing their personal finances with the researcher. If this is the case, the participant can submit the spreadsheets with similar information that does not reflect their true income and expenses.

The participants will be maintaining a reflection journal, which will be shared with the researcher.

The benefits of this study will help to encourage positive modification of behavior toward personal finances by using SMART goals to help with promoting the continued use of managing personal household finances.

Capstone: Household Budgeting !73Confidentiality The data gathered from this research will be private and confidential. Your information will be assigned a code number. The list connecting your name to this code will be kept in a locked file. When the study is completed and the data have been analyzed, this list will be destroyed via shredding. Your name will not be used in any report. Data will be reported in the aggregate.

Voluntary Participation and Withdrawal All participants are expected to participate fully in the training activities each day. Those participants that choose not to take part in the study will not be required to complete the data gathering instruments (survey).

Participants may withdraw at any time from survey participation and will not be penalized for non- participation. Participants may also request that their individual results be excluded from the final report. To withdraw from the study, the participant must notify the researcher.

Questions, Complaints, and Rights Participants have a right to view the results of the study. If you have questions about this study, please contact me by calling 916-607-2782 or email [email protected].

If you have questions about your rights or unresolved questions or complaints pertaining to the study, contact the WGU IRB Chair by email: [email protected].

Consent Statements By signing this document, you agree to participate in the study and have had your study participation questions answered. You also acknowledge that you have received a copy of this form.

___________________________________ Participant Signature

__________________________ Typed/Printed Name

08/03/2019

mailto:[email protected]

mailto:[email protected]

Modifying Behaviors to Improve Maintaining Household ...

Documents

Transcript of Modifying Behaviors to Improve Maintaining Household ...