This activity teaches students how to create a household budget based on a certain household income. The activity stresses "wants" and "needs". The activity provides an opportunity to extend the lesson to include savings for emergencies and for future needs for retirement ( IRA, 401K). Students work in small groups as a family to develop a budget and present it to the class for discussion. Directions, worksheets and grading rubric are included.This is a great activity that ties in to social studies and math skills.