Grade: 1 Lesson # 15

How does cost impact the decision-making of spending?

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SS.4.FL.2.5 Explain that costs are things that a decision maker gives up; benefits are things that a decision maker gains. Make an informed decision by comparing the costs and benefits of spending alternatives.

SS.4.FL.2.5Explain that costs are things that a decision maker gives up; benefits are things that a decision maker gains. Make an informed decision by comparing the costs and benefits of spending alternatives.

Making Good Spending Choices

Lesson Number): 15

Correlated Florida Standards (See Full Text on Cover Page)

  • LAFS.1.RI.1.2
  • LAFS.1.RI.1.3
  • LAFS.1.RI.3.7
  • LAFS.1.SL.1.1
  • LAFS.1.SL.1.2

Essential Question

  • How does cost impact the decision-making of spending?

Learning Goals/Objectives

  • Students will identify the difference between needs and wants.
  • Students will understand the importance of making good saving decisions.

Overview

  • Students will review the concepts of needs and wants, saving and making good decisions. Students will get the opportunity to practice making a saving decision.

Materials

  • “Making Spending Choices” worksheet (included in lesson)
  • Pencil

Time

  • 20 minutes

Activity Sequence

INTRODUCTION/HOOK(5 minutes)

  • The teacher will ask students to recall the difference between needs and wants. (30 minutes)
  • Remind students that we must spend money on our needs first and then we can buy wants. (1 minute)
  • Explain to students that we need to make decisions about what we spend our money on. We need to look at what something costs and whether or not we can afford it. (1 minute)
  • The teacher should also explain that you should save some of your money and not spend it all. (30 seconds)
  • Have a class discussion on examples of spending decision-making students have made. (2 minutes)

ACTIVITY (11 minutes)

  1. Explain to students that they are going to practice making a spending decision. (30 seconds)
  2. Distribute the handout: “Making Spending Choices” (30 seconds)
  3. Provide students time to complete the activity. (10 minutes)

CLOSURE (4 minutes)

  • Students will share their choices from the activity. (4 minutes)

OPTIONAL EXTENSION SUGGESTION/HOME LEARNING

  • Role-play grocery shopping

Sources/Bibliographic Information that contributed to this lesson:

  • Spending Choices:
  • Scholastic:
  • PBS:

Making Spending Choices

Directions: Decide which of the two choices you want.
Think: Will I use all my money? Will I save any of my money?

You have $10.00
#1: Going to the Movies $10.00
Ticket- $5 Juice- $2 popcorn $3

#2: Toy $6.00

  1. Which choice would you make?
  2. Are you saving any money?
  1. Is that a good saving decision?

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