Why Should We Set Goals to Save Money?

Grade: 1 Lesson # 10

Why should we set goals to save money?

SS.4.FL.3.4 Identify savings goals people set as incentives to save. One savings goal might by to buy goods and services in the future.

SS.4.FL.3.4 Identify savings goals people set as incentives to save. One savings goal might by to buy goods and services in the future.

Setting Savings Goals

Lesson Number : 10

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

· Why should we set goals to save money?

Learning Goals/Objectives

· Students will understand that people set goals to start their savings.

· Students will identify something they would like to save for.

Overview

· Students will engage in a discussion with the teacher about setting savings goals. The students will then read a fable and complete a savings activity.

Materials

· “The Ant and the Grasshopper” fable (included)

· The ABCs of Saving sheet (included)

· Pencil

· Colors

Time

· 20 minutes

Activity Sequence

INTRODUCTION/HOOK (3 minutes)

· The teacher will access prior knowledge by asking students “What does is means to save money”?. (30 seconds)

· Ask students to share how they get money.. (Allowance, gifts, etc.) (30 seconds)

· Then ask students where they save their money. (Piggy Bank, Bank, Wallet, etc.) (30 seconds)

· The teacher will ask students to recall what an opportunity cost is and give an example. (1 minute)

· Write key words and concepts on the board for student reference. (30 seconds)

ACTIVITY (14 minutes)

1. Read the fable of “The Ant and the Grasshopper” to the class. (2 minutes)

2. Discuss the moral of the story and how it connects to saving money for the future and setting goals. (1 minute)

3. Distribute “The ABCs of Saving” sheet to student. (1 minute)

4. Have students complete the “The ABCs of Saving” sheet. (10 minutes)

CLOSURE (3 minutes)

· Have students share their saving‘s plan is for. (3 minutes)

OPTIONAL EXTENSION SUGGESTION/HOME LEARNING

· Start your own savings: https://www.ebri.org/pdf/wrapper.pdf

Sources/Bibliographic Information that contributed to this lesson:

· Resources from lesson: http://www.econedlink.org/teacher-lesson/414/

· “The ABCs of Saving” sheet: http://www.econedlink.org/lessons/docs_lessons/414_414_Evaluation11.pdf

· The Ant and the Grasshopper fable: http://www.aesopfables.com/cgi/aesop1.cgi?srch&fabl/TheAntandtheGrasshopper

The Ant and the Grasshopper

In a field one summer's day a Grasshopper was hopping about, chirping and singing to its heart's content. An Ant passed by, bearing along with great toil an ear of corn he was taking to the nest.

"Why not come and chat with me," said the Grasshopper, “instead of toiling and moiling in that way?"

"I am helping to lay up food for the winter," said the Ant, “and recommend you to do the same."

"Why bother about winter?" said the Grasshopper; we have got plenty of food at present." But the Ant went on its way and continued its toil. When the winter came the Grasshopper had no food and found itself dying of hunger, while it saw the ants distributing every day corn and grain from the stores they had collected in the summer. Then the Grasshopper knew: It is best to prepare for the days of necessity.

http://www.aesopfables.com/cgi/aesop1.cgi?srch&fabl/TheAntandtheGrasshopper

NAME______

The ABCs of Saving

Aim: Draw a picture of something you would like to have but can’t afford to buy now. Put the price of your goal inside the price tag.

Bank: I plan to keep my money in

o apiggy bankorjarathome

o asavings account atabank

o other______

Coins and Currency: The money I save will come from

o my allowance

o payforchores

o gifts

o other______

Draw a picture of your opportunity cost.

http://www.econedlink.org/lessons/docs_lessons/414_414_Evaluation11.pdf