I can describe different ways of saving money and the importance of it.
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This lesson shows ways that people or kids can earn money and what they can spend their money on. Students will learn about how we spend money on both wants and needs and they will do a wants and needs sort to show understanding of these terms. They will then learn what a budget is and why people use them to help them decide how to spend and save their money and how saving a little a day can add up.
The lesson includes a video of the story, “A Chair for My Mother” by Vera B. Williams and in the end, students will create their own money-saving goal.
Students will be able to describe money-saving behaviors and identify how saving for a purchase occurs over time.
Students will be asked the question “If you were given $100, what would you spend it on?” They will share their ideas with a partner. Explain why it is important to learn about saving money and ask students to share some things they have saved money for. Where do they put the money they save?
Share some reasons why people need money like paying bills, going on vacations, and going to the doctor. Ask students to share some other reasons why we spend money and review the difference between wants and needs. Have students drag the images to sort them into wants and needs. Explain how we earn money, by working at jobs or completing chores. Analyze the budget presented and ask students how much this person saved each month. Next, ask students how much money would be saved up if they saved a quarter a day for 8 days. They can drag the quarters into the piggy bank to count. Watch the video to listen to the story and discuss it. Then read the scenarios and determine if the person is saving or spending money.
Check student understanding with ten multiple-choice and true or false questions.
Students will set a saving goal and determine ways they will earn money to reach their goals. A printable worksheet is provided for this activity.
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