Spending and Saving

Activity 2: Spending Plans

This lesson introduces children to the concept of dividing their money into categories, namely "save," "spend," and "share." Its present activities that will help children understand that money is limited in quantity and must be divided for different purposes. (from practicalmoneyskills.com)

Activity 3: Saving (Book: Something Special for Me)

In this lesson, students learn about the act of saving and how the accumulation of money saved is termed savings. Students are read a story about a family that saves and how the family’s savings are used to make a large purchase they would not ordinarily be able to make. Students recognize that there is an opportunity cost to saving and an opportunity cost to spending. (from Federal Reserve Bank of St. Louis)

Activity 4 Saving (Book: A Chair for My Mother)

In the story, A Chair for My Mother, a little girl and her family save money in a jar to buy a chair after their furniture is destroyed in a fire. In this lesson, students will learn that characters in the book are human resources who save part of the income they earn. Students will identify other human resources and state how the mental and physical work of those human resources allows them to earn income. Finally, students name strategies to reach a savings goal. (from Federal Reserve Bank of St. Louis)

Activity 5 Saving (Book: Curious George Saves His Pennies)

In the story Curious George Saves His Pennies, George wants to buy a new bright-red train, but he does not have enough money. At the suggestion of his friend, George saves his money to buy the train. In this lesson, the students draw an outline of a piggy bank, within which they write a word for or draw a picture of something they would like to buy. This becomes their savings goal. They listen to the story, and as George finds some ways to earn money, the students come up with ways they can earn money to reach their savings goals. Students are introduced to the difference between income and gift money. They participate in an activity where they determine if they are receiving income or gift money and how many weeks it will take them to reach their savings goal. Students also discuss why George did not buy the original red train he wanted. (from Federal Reserve Bank of St. Louis)