Main Lesson: Making Smart Money Choices
Students will understand:
- The three ways we can use our money
- That money is a resource that requires planning
- The benefits of developing a plan for saving, sharing, and spending
- 10 slips of paper for each student
- Main Lesson Printable (PDF): "Percentage Planner"
- Bonus Activity 1 Printable (PDF): "Superheroes Plan"
- Resource: Worksheets Answer Key (PDF)
- Resource: Standards Alignment Chart (PDF)
- Family Resource: Family Activity Booklet (PDF)
Time Required: 30 minutes
1. Give students the slips of paper and ask them to imagine that each one is worth $10. What would they do with the money? Record students' ideas on the board, making three separate lists: ideas for saving, ideas for sharing with others, and ideas for spending.
2. Challenge students to identify the categories you made. Ask: "If you had to save some, share some, and spend some of the $100 in front of you, how would you do it?" Have students separate the slips into three piles. Call on students to explain their reasoning.
3. Say: "Everyone has personal reasons for the way they use their money. But no matter what your reasons are, it's smart to plan how much you will save, share, and spend. Why is a plan a good idea?" Discuss students' thoughts. Explain that money is a resource, similar to time, food, and energy, that's easy to waste or misuse.
4. Distribute the "Percentage Planner" worksheet. Read through the example together and have students work in small groups to solve the problems on the worksheet. Review answers as a class. (Answers: 1. 55%; 2. $5; 3. 40%; 4. $5; 5. $70.)
5. Conclude by telling students that next you will study saving, sharing, and spending in more detail. (Continue teaching your students about money smarts with Mini-Lessons 1-3.)
Have students complete the Bonus Activity 1 Printable (PDF): "Superheroes Plan" to practice using their money smarts. This activity can be used as an in-class lesson activity or an out-of-the-classroom extension.