Experiential Learning

For our group topic “Personal Finance”, I will be specifically focusing on the sub-topic “Budgeting”. Budgeting is a concept that must be taught not only through theory but also demonstrated through practical learning. I can use myself as an example where I have lived at home for almost all my life, and I never felt the need to learn the concept of budgeting because all my expenses were taken care of. Now that my parents have moved away I have taken on all my expenses and responsibilities, and I am now just learning the importance of budgeting. This method of learning is called Experiential Learning, which can be defined as “In its most simple form, experiential learning is constructing knowledge and meaning from real-life experience”(Dornan, Teunissen, & Yardley, 2012, p. 161). I will be implementing this concept into my section of the learning blueprint as budgeting truly comes from the experience of managing your spending and saving. 

The methods of assessment from experiential learning consist of “…Internships, practicums, fieldwork, observational activities, and service learning; Role-playing, serious games or simulations, research projects, case studies, scenarios and various types of problem-based tasks; and Cognitive apprenticeships, guided participation, and legitimate peripheral participation” (Hummel, Radović, & Vermeulen, 2021, p. 549). I believe that any of these mentioned methods of experiential learning is helpful because not only would you be involved in learning simulations, but you’re also able to receive guidance and help from anyone who has expertise in that field of study. The assessment that I will be implementing in my learning program is creating a simple spreadsheet that describes one’s monthly and annual income, expenses, and savings would be. After designing the spreadsheet it will allow you to track how much you’re spending toward each category of expenses, and determine if you’re over or under your maximum expenditure for the expenses listed. If you realize that you’re spending more than your limit, then you can assess the category of expenses that you would want to increase or decrease. 

A real-life example of budgeting would be reviewing how much you spend monthly on your necessary expenses such as groceries, insurance, rent, utilities, miscellaneous expenses, and a cell phone plan. There is the other category of expenses that one would incur called wants, which includes cable, streaming services, and general shopping. Reallocating these expenses also involves the consumer’s (us) willingness to pay for a service or product in need, and opportunity cost (what you would’ve gained from picking an alternative outcome). Opportunity cost can play a part because we all come across options that would provide us with different fulfillments based on our preferences. This concept helps us determine what we would actually benefit from a decision that would also correlate with our budgeting goals.

Slaviša Radović, Hans G. K. Hummel & Marjan Vermeulen (2021) The Challenge of Designing ‘More’ Experiential Learning in Higher Education Programs in the Field of Teacher Education: A Systematic Review Study, International Journal of Lifelong Education, 40:5-6, 545-560Sarah Yardley, Pim W. Teunissen & Tim Dornan (2012) Experiential learning: Transforming theory into practice, Medical Teacher, 34:2, 161-164, DOI: 10.3109/0142159X.2012.643264

Link to my comment on my peer’s post: https://ecdi3351.opened.ca/blog-post-2/