Lesson 11

Saving Money Amanda Meyer

I. Lesson Plan Overview and Description

a.
Expected duration: Carry through end of unit
b.
Social Sciences: Economics
c.
Concepts: Understand the concept of saving money over time and
the benefits have accruing a large amount of money.
d.
Vocabulary:
Spending- to use (money) to pay for something.
Saving- the amount of money that you have saved, usually in a
bank
Bank -A financial institute that is approved for deposits and
withdrawals of money.
Savings account - a bank account that holds money over a period
of time.
Deposit - To place money into a savings/bank account.
e.
Skills: Learn about how money is saved in numerous ways and
exploring the benefits of how to spend saved money (as a class).
f.
Broad Goals of Lesson:
i.
To understand how family members save money to
provide for their loved ones and pay for items such
as houses and cars
ii.
To understand how long it can take to save money
and discipline it requires.
iii.
To understand how to spend your saved money on
something valuable.
II: Content Outline:
A. Earn, Spend Save
1. How do families make a living?
2. Points of view What should you do with your
money? (p. 434-435)
a. Understand how people earn income and
what type of work they do.
b. Explain the relationship between saving
and spending.
c. Recognize the skills used to make
economic decisions.
d. Recognize how to what make a decision
when spending money.

e. Organize different perspectives about

spending and saving and earning money.
f. Organize the decision-making process for
making wise money choices.
III: Objectives:
The students will save money over the period of one month.
The students will make a joint decision of how to spend the
money.
IV: Standards:
PDE SAS : 11.1.3.B Family & Consumer Science, Financial & Resource
Management for 3rd grade Define the components of a spending plan
(e.g., income, expenses, savings)
NCSS Thematic Strands: Not applicable for this lesson.
V: Teaching Procedures:
A. Introduction (Anticipatory Set)
In order to activate my students prior knowledge, I
will ask Please turn and talk with a neighbor about
one item you really want to buy. Share with this peer
how much the item costs, how will you pay for it?
Allow the students to talk for 2-3 minutes.
Gather the group together again and ask for some
volunteers to share.
B. Input
Begin this section of the lesson by sharing a time
when I really wanted something and had to save.
o I am a runner. Every year, I need new running
sneakers. They are very expensive. In order to
buy these sneakers each year, I must save
money. The shoes are $120. Every month of
the year, I save $10. I put the $10 in a jar. After
12 months (a whole year) I have $120. I must
work for my money, by teaching at this school.
Each time I get paid, I put away $5 dollars,
which equals $10 dollars a month. This type of
savings ensures me that I will always have
enough money to buy my running shoes at the
end of the year.
Next, read the book Just Saving My Money by Mercer
Mayer

When the book is over, ask the students, What did

you learn about money?
Allow students to share. Record answers on yellow
chart paper.
C. Practice (Guided/Independent)
Inform the students that they will be creating a group
savings account for the whole all of chapter 12s unit
(about one month).
The objective is to bring in one penny per day to
contribute to the class savings fund.
Once the month is over, we will count the money as
a group and make a group decision on how we
should use our savings. Should we buy a new game
or book for our classroom? Should we donate the
money? Should we continue saving for something
bigger?
Let the students share their input. Give each student
a piece of paper and allow him or her to write down
one thing they would like to do with the money. At
the end of the month, we will read all responses and
come to a group decision.
Ask the students to begin bringing in their pennies
tomorrow. Comfort students who may not have extra
pennies at home. Inform the students that there will
always be a give a penny, take a penny tin on my
desk
D. Differentiation
Differentiation In order to ensure that each
student is satisfied with the need to contributing, I
will have extra pennies to donate to the students
who are under privileged and cannot spare a penny.
For the students who have more opportunities to
donate money to the savings fund, they will be
advised to contribute no more than 10 cents per day
and will be asked to share with other students who
do not have any money.
E. Closure
At the end of the lesson, count the money as a class.
Come to an executive decision about how everyone
would like to spend the money.
If the children want to buy a new book, search on
amazon as a class.
If the students want to donate to a charity ask
Which one? And Why?

Once the decision has been made about how to

spend the money, ask each student to write a oneparagraph reflection of how saving money made him
or her feel.
o Did they feel encouraged to do save money on
their own?
o Was it beneficial to the class?
o What will they save up for next?
o Why is saving money important?
o
Resource
Influence:
3+
Access
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Title
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VI: Formative and Summative Assessment
Formative: See which children understand the concept of saving
money throughout the lesson. Observe which students are
contributing to the savings account.
Summative: Ask the students to write a passage in their journals
stating an item they would like to save up for on their own. When
do they think they could complete this goal? How long will it

take? How will you earn money? How much is the item you desire
to buy?
VII: Materials/ Equipment:
Savings Jar (mason jar)
Pennies
Just Saving My Money by Mercer Mayer
Internet Access to Google (to find item to buy/local
charities)
Scrap paper
Pencils
VIII: Technology:
Charity Navigator - America's Largest Charity Evaluator | Home. (n.d.).
Retrieved April 7, 2015, from http://www.charitynavigator.org
IX: Reflection:
I believe that saving money is a very important life lesson to
learn early in school. It will set a positive foundation for the
students. It will require students to gain knowledge that its
important to save money in order to buy things you want or
need. It is important to work hard for the money you save and to
feel happy when you acquire a savings. This lesson lays the
structure for spending. It helps the students understand the
benefits of depositing money to their savings and how the money
will build up over time. It gives the students an opportunity to
plan ahead and/or set goals about how they want to utilize their
money and savings. Lastly, it gives the students a chance to fell
accomplished that they saved up enough money to make a
decision of how they want to spend it on their own.