4thGrade: Lesson # 13

What is the best way to keep your savings safe?

How do you make money by putting your money in a savings account?

SS.4.FL.3.1 Identify ways that income is saved, spent on goods and services, or used to pay taxes.

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SS.4.FL.3.1 Identify ways that income is saved, spent on goods and services, or used to pay taxes.

MoneyFrenzy

Lesson Number : 13

Correlated Florida Standards (See Full Text on Cover Page)

LAFS.4.RI.3.7, LAFS.4.SL.1.1

MAFS.4.NBT.2.4, MAFS.4.NBT.2.5

Essential Question

What is the difference between saving and spending money?

How do you make money by putting your money in a savings account?

Learning Goals/Objectives

  • Students will be able to record information on a financial record sheet.
  • Describe the benefits of putting money in a savings and spending account.

Overview

  • This lesson will teach students the difference between spending and saving money. Students will be able to discuss different choices that can be made in order to increase savings. Students will also learn how to record information on a financial record sheet.

Materials

  • PowerPoint Presentation (Included in Lesson file)
  • Saving and Spending Register (Included in Lesson)

Time

  • 30 minutes

Activity Sequence

INTRODUCTION/HOOK (5 Minutes)

Display PowerPoint presentation slide 1-3

  • Introduce the essential questions.
  • Read quote, Slide 2
  • Tell students that spending and saving go hand in hand.
  • In order to do both, what do you need?
  • When students answer, click so that Money pops onto the slide.
  • Say: You need to have money in order to spend and save. So, how do you get money? Does it grow on trees? Click, no it does not grow on trees.
  • Click, You have to earn it. How do you earn money?
  • (working, chores, allowance, starting a business) Click
  • You can also receive money? How do you receive money? (gifts : birthday, holiday, reward)

ACTIVITY (20 Minutes)

  1. Display PowerPoint presentation slide 4
  • Describe the activity to students.
  • Give each student the “Account Register” handout.
  • Pair students into groups of two.
  • Explain to the students that when they earn money throughout the slides they will have to save a portion. One person from the team will save $3 and the other will save $6 every time they earn money. The left over money will be deposited into the spending account.
  • Review with the students the register. The register is divided into two parts: a savings record and a spending record. The spending record contains an area for transactions, deposits, debit, and balance.
  • Do the first slides with students to guide them. (3 minutes)
  1. Display PowerPoint presentation slides5
  • Tell students that they get a $20.00 allowance. Take out $3 or $6 dollars and deposit it into the saving account by writing the amount in the deposit column under the savings account. Then deposit the difference into the spending account and calculate the balance. (3 minutes)
  1. Display PowerPoint presentation slide6-7
  • Tell students to choose a business to start. Record the job and income in the hand out.
  • Remind students that every time they earn money they need to take out money and save it.
  • Having a business costs money. You need money to make money. Tell students to record the expenses for their job in the spending account. ( 4 minutes)
  1. Display PowerPoint presentation slide8-24

Follow the PowerPoint notes (5 minutes)

  1. Display PowerPoint presentation slide25
  • Choose an item from the store. Once students choose then click through so that the prices come up.
  • Ask the students to take a look at their account.
  • Can you buy the item you want? Tell students to answer the questions in the handout.( 5 minutes)

CLOSURE (5 Minutes)

Display PowerPoint presentation slide 26

Ask students to analyze this quote. They will answer question 12 in the handout

OPTIONAL EXTENSION SUGGESTION/HOME LEARNING

Create a Class store

Sources/Bibliographic Information that contributed to this lesson:

Google Images.

Saving and Spending Register
Name ______
Business ______Income Per Piece ______
How much will you save every time you earn money? ______
Savings Record / Total Income / Spending Record
Deposit / Balance / Transaction / Deposit + / Debit - / Balance
Allowance / Allowance
Income / Business Supplies
Income / Income
Income / Snacks and Drinks
Allowance / Fix a Flat
Fish Sale / Income
Income / Expenses
Winnings / Allowance
Yard Sale / Fishing Supplies
Sell a Fish
Income
Book Club
Buy a Gift
Income
Candy Store
Movie Ticket
Popcorn and Drink
Totals

1. Choose an item from the department store that you would want to buy? ______

2. How Much does it cost? ______

3. Do you have enough money to pay for it? ______

4. How much income would you need to earn in order to be able to afford to pay for this item?______

5. In total how much money did you earn? (Add all the items in the Total Income Column)

______

6. How much money did you save? (Add all the items in the Savings Record Deposit Column)

______

7. How much money did you spend? (Add all the items in the Spending Record Debit Column)

______

8. What happened to your money after it was spent?

______

9. What happened to the money that you saved?

______

10. Analyze the register and explain the difference between spending your money and saving it?

______

______

______

11. If this scenario was real what would you do differently in order to save more money?

______

______

______

12. Explain what this quote means to you, "Do not save what is left after spending, but spend what is left after saving"

______

______

______

13. What did you learn from doing this activity?

______

______

______

Savings Record / SpendingRecord
Deposit / Balance / Transaction / Deposit + / Debit - / Balance

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