Activity 01
Community Job Fair
Students research a job found in their local community, learning about its responsibilities and how it provides an income. They create a small poster and present their findings to the class in a 'job fair' format.
Identify different ways people in a community earn income.
Facilitation TipEncourage students to choose a mix of jobs, including service providers, business owners, and public servants.
What to look forUse an exit ticket where students must list one personal need, one personal want, and one way a person could earn income.
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Activity 02
Needs vs. Wants Sorting Challenge
In small groups, students receive a deck of cards with pictures or names of various items and services (e.g., groceries, video game, winter coat, movie tickets). They must sort the cards into 'Needs' and 'Wants' piles and justify their reasoning.
Explain the benefits of creating a plan for saving money.
Facilitation TipUse a think-pair-share model to have groups discuss their most debated items with the whole class.
What to look forProvide students with a scenario including a weekly income (e.g., an allowance) and a list of items. Students must create a simple budget that includes spending on needs and wants, as well as saving for a stated goal.
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Activity 03
My Savings Goal Jar
Students decorate a physical or digital 'jar' for a specific, realistic savings goal they have. They write down the goal, its cost, and create a simple plan with steps for how they could earn and save the money needed to reach it.
Compare the reasons for spending money on a need versus spending it on a want.
Facilitation TipProvide examples of short-term goals, like a new book or art supplies, to keep the concept manageable.
What to look forStudents complete a reflection journal entry about a recent spending decision they made, considering if it was a need or a want and what the opportunity cost was.
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Generate Complete Lesson→A few notes on teaching this unit
Start with concrete examples from students' own lives, like receiving an allowance or wanting a new toy. Use role-playing scenarios to help them grapple with making spending choices with a limited amount of money. Keep concepts like 'budget' and 'savings plan' simple and visual, using charts or jars to represent the allocation of money.
Students will be able to identify how people earn money, explain the difference between needs and wants, and describe the benefits of saving for a goal.
Watch Out for These Misconceptions
Money is unlimited and comes from a machine like an ATM or a credit card.
Money is earned by people through work. Banks and ATMs hold the money that people have already earned; they do not create new money. A credit card is a tool for borrowing money that must be paid back.
Saving money just means not spending it, without any real purpose.
Saving is purposefully setting aside money to achieve a future goal. This goal could be buying something you want, preparing for an unexpected need, or investing in your future.
If something costs more, it must be better or more important.
The price of an item is determined by many factors, like how it's made and how many people want it. A high price does not automatically mean it has higher value or is a 'need' over a less expensive item.
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