Transcript Never Too Young: Personal Finance for Young Learners

Never Too Young: Personal
Finance for Young Learners
After School Program for Elementary School
Students in Personal Finance and Economics
Presented for United Way After School
Programs by:
Laura Ewing, President
Texas Council on Economic Education
Houston, Texas
Jean Walker, Director
West Texas Center for Economic Education
College of Business, WTAMU
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Questions and Answers
• As you complete the registration form, please consider the
following:
• Place Never Too Young for the Materials Rec’d
– If you are one of the 60 receiving a stipend, please also place Pin
Drive and circle on Materials line.
• If receiving a stipend, put stipend to the right of your name and
circle.
• Trainers: Laura Ewing and Jean Walker
• If you are a center director or board member, you will provide
how many students are in your center for the bottom section.
• Please write in lower right corner:
1. Can you complete these six lessons by December 15? If not, when is
your date of completion?
2. Will you be able to attend the second half of the training in January?
If so, when is a good date?
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Thanks to the following
sponsors:
The after school program is made possible by funding from the
Council for Economic Education, United Way and TCEE.
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Overview of the Lessons
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Lesson 1 We Have Wants ................................................................. 9
Lesson 2 Scarcity ........................................................................... 23
Lesson 3 Choices, Costs and Benefits ............................................. 30
Lesson 4 Consumers, Producers and Resources ............................. 36
Lesson 5 Entrepreneurs in the Community and Advertising .............. 47
Lesson 6 Entrepreneurship and Problem‐Solving .............................. 63
Lesson 7 Entrepreneurship and Market Day ...................................... 77
Lesson 8 Budgeting ....................................................................... 87
Lesson 9 Saving Your Money ......................................................... 97
Lesson 10 Government‐Provided Goods and Services .................... 105
Lesson 11 Market Day—Implementation ........................................ 113
Lesson 12Market Day—Wrap‐up ..................................................... 118
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Parameters of the CEE Grant
• Complete all lessons
– Make modifications for K to 2 in that they draw or
have a teacher led discussion in cases where they
may need more prompting
• Include pedagogy and classroom management
in the training
The goal is to teach in a hands-on manner
appropriate for an after school program
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Tricks of the Teaching Trade
• Have all supplies and materials ready before moving students into the
room.
• Try to hold lessons in classroom separate from the after school program
– Quieter
– Change in venue changes behavior
• Teaching position, interactive position, discipline position matter
• Quiet teacher voices reduces noise level
• Make clear the classroom expectations
• Have a signal so that students will end talking-use a different symbol
from that of the after school program.
• Clap and students respond
• Raise your hand
• Snap
• Play the drums: stomp, clap, snap and then finger to mouth
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Strategies for Lesson Success
• Opening question centered around student’s world is important
• Interactive lessons to acquire and grow the knowledge helps
shape behavior
• Practice, practice, practice—even at the snack table
• Closure in which they review important
• Keep lessons to 45 minutes and include all of the steps
• Wait time in calling on students
• Say the question and wait 10 seconds then call on someone
• Call on a variety of students
• Use the tongue depressor method: put each student’s name on
one and then choose one out as you ask the question. Leave the
“called on person’s” stick on the desk. Replace all to the holder
when the session ends.
• Yes No and Maybe
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Strategies for Lesson Success 2
• Elbow partners
• Think Pair Share: 1, 2, 3
• Avoid “wrong answers” by saying, “You are on the right track, that is
close, you are getting warm”
• Rules for brainstorming:
• Throw out answers—no comments allowed
• Allow quiet for more answers
• Discuss
• Make choices with positive reasons for selections
• Air of mystery: what is in the box, what do you think happens next?
• Make stories interactive
• Symbols for characters
• Inflection of voice
• Word Wall-post for lesson and point to it as talk about it (may need
portable science board)
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Lesson 1-We Have Wants
• Concepts for Word Wall
Wants
Choices
Economics
• Objectives
Identify what a want is
Explain why they have to make choices
Explain why it is necessary to prioritize their wants.
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Think
• Materials: paper and pencil for each student
• Students:
– Make a hotdog and then hamburger fold so that
you have four sections on your paper
– Write or draw a want you have right now—one
want in each section
– Put your name on the back of the paper
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Pair and Then Share
• With an elbow partner, discuss:
– Can you have all of your wants?
– Why or why not?
– What does the word choice have to do with your
wants?
– Summarize your answer in case you are called on
to share with everyone.
• Share three answers with the whole class
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WANTS and CHOICE
• We are going to start a word wall. We will
begin with the word wants. What do we
mean by wants?
• WANTS
• What do we mean by the word choice?
• CHOICE
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Rank or Prioritize Your 4 Wants
• 1. Place a 1 by the drawing that represents
your first choice.
• 2. By your second choice
• 3. By your third choice
• 4. By your fourth choice
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Questions for Nicholas Story
As you listen to the story, think about these questions:
1. What are some of Nicholas’s wants in the story?
2. Why was Nicholas sorry he had bought the candy bar?
3. Why did Dad say Nicholas had to make a decision?
4. What spending choice must Nicholas make?
5. Have any of you had to make a decision like Nicholas?
6. What could Nicholas do to save money to achieve his
goal of buying his big item?
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Nicholas Has Many Wants
• Every time you hear the word __ hold up __
• Want
• Choices
• Money, buy
• Hamster
• Fish
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Think,Pair, Share About Nicholas’ Story
As I read each question, think about the answer.
1.
2.
3.
4.
5.
6.
What are some of Nicholas’s wants in the story?
Why was Nicholas sorry he had bought the candy bar?
Why did Dad say Nicholas had to make a decision?
What spending choice must Nicholas make?
Have any of you had to make a decision like Nicholas?
What could Nicholas do to save money to achieve his
goal of buying a pet?
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ECONOMICS
• Look back at your four choices and how you
rank ordered them.
• What do you think the word economics
means?
• We will study the term economics over the
next few weeks.
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Economics is...
• The study of how people satisfy their wants
through choices they make.
What
About
YOU??
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I’ve Got Money Lyrics
Tune: Are you Sleeping, Brother John
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I’ve got Money,
I’ve got Money,
What should I do?
What should I do?
I must make a choice,
I must make a choice,
Spend or save,
Spend or save.
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I’ve Got Money 2
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I’ve got Money,
I’ve got Money,
I could spend,
I could spend,
Getting something now,
Getting something now,
Something small,
Something small
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I’ve Got Money 3
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I’ve got Money,
I’ve got Money,
I could save,
I could save,
Getting something later,
Getting something later,
Something big,
Something big.
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I’ve Got Money 4
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I’ve got Money,
I’ve got Money,
What should I do?
What should I do?
Spend a little now,
Spend a little now,
Save some, too!
Save some, too!
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Think Pair Share About the Song
• 1. What were the wants in the song?
• 2. Why was it necessary to make a choice on
what to do with the money?
• Would you spend, save or do some of both?
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Closure and Assessment
1. What Words Did We Learn Today?
2. What do they mean?
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wants
Lesson 1 – We Have Wants
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choice
Lesson 1 – We Have Wants
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economics
Lesson 1 – We Have Wants
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Why Do We
Have to Make
Choices?
Lesson 1 – We Have Wants
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Questions to Answer
• Nicholas’s sister Anna has one dollar - $1.00.
She goes to the toy store and sees two things she
wants to buy. Both cost one dollar each - $1.00.
1.
2.
3.
4.
Can Anna have both items?
Why or why not?
What does Anna have to do?
How can Anna make a good choice?
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What is scarcity?
Lesson 2 – Scarcity
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goods
Lesson 2 – Scarcity
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services
Lesson 2 – Scarcity
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Think, Pair, Share
Two Questions:
1. What is a good,
2. What is a service?
Think by yourself.
Share with an elbow partner
Share answers while I write on the board:
Goods
Services
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What Are Goods and Services?
• Good
• Service
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Two Questions:
• Think:
– 1. If you had all the money in the world, what is
one thing you would buy?
– 2. If you have $10, what would you buy?
• Pair: Discuss your answers with elbow partner
• Share: What was the difference between your
answers and why?
• Which question is reality? Why can’t you buy
everything you want?
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What Does Scarcity Mean?
• We lack the resources to buy everything we
want.
• We lack the time to do everything we want.
• So, because of scarcity, people have to make
choices.
• What does “choice” mean?
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Candy
• Are there lots of candy bars in the world? Are
there many of them available at the store?
• I have one candy bar.
• How many would like this?
• Is there a problem?
• What is the problem called?
• How do we distribute the candy bar? In other
words, who gets it?
• What are your suggestions?
• Let’s vote on the best way to decide.
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Not EnoughWheels!
• You will receive a– Glue
– Handout with different vehicles needing wheels
– 4 wheels
• How many wheels do you need?
• How many wheels do you have?
• What is scarce?
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Scarcity
• Because of ______ of wheels, you will have to
make ______.
• Make your choice. Glue your wheels on the
vehicles or transportation you would like to
choose. You may choose more than one but
you only have ____ wheels.
• Who chose roller skate? Why or why not?
• Think, pair, share who you used your wheels
and why.
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ECONObucks
• Getting started:
– Duplicate multiple sheets of ECONObucks on
green paper and cut the bills apart.
– Provide each student an envelope to keep their
ECONObucks in.
– Put each student’s name on envelope.
– Hand out envelopes each time and take up at end of
lesson.
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ECONObucks
• Use as INCENTIVES:
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to increase motivation
for participation
to reward good citizenship
for completing work
• Use for BUYING and SELLING in multiple
lessons.
• Use for DEPOSITS and WITHDRAWALS
in lessons that teach banking skills.
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ECONObucks
• Other ideas for ECONObucks:
– Each afterschool program will have a small amount of
money to purchase items on which students can spend
ECONObucks. Each program should develop its own
rules for this.
– In the second semester, students will produce goods for
a “market day” and will need to have ECONObucks to
purchase resources as producers and to purchase each
other’s goods as consumers.
– For older students, ECONObucks can be created that
have other values -- $5, $10, $20.
– Remember—we are modeling saving for the future,
budgeting, and spending.
– At the end, you need an activity such as a sale that gets
all of the ECONObucks out of the hands of the students
because they lose value once the lessons are over.
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ECONObuck Register
• Name________ Grade_____ School _______
Check #
Date
Transaction/Description
Subtractions
Amount of Payment
$$$
Additions
Amount of Deposit
$$$
Balance
$$$$
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Musical Chairs
• Let’s play musical chairs.
• Think, pair, share: What happened?
• How does this activity represent scarcity?
• What choices did you have to make?
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Closure
Work with a partner on the actions below
• Draw or write two examples of goods.
• Write a definition of goods.
• Draw or write two examples of services.
• Write a definition of services.
• What is scarcity?
• Name three things that are scarce.
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Assess What You Know
• What is Scarcity????
Draw and define your answer.
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What Do You Know?
• A 2nd grade class has three field trips planned.
They are planning to go to a theme park, a
science museum, and the zoo. One day the
principal announces there are only enough
buses for one trip. The students must now
choose what trip they want to go on.
• 1. What is scarce?
• 2. How do you think the class might choose?
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How do I make
the best choice?
Lesson 3 – Choices, Costs, and Benefits
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benefits
Lesson 3 – Choices, Costs, and Benefits
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costs
Lesson 3 – Choices, Costs, and Benefits
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opportunity
costs
Lesson 3 – Choices, Costs, and Benefits
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Lesson 3 – Choices, Costs, and Benefits
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Procedure for Lesson 3 Activity
Divide students into groups of three.
One of the three is the “recorder.”
Give each group one copy of Handout 3.1.
Students will decide which activity they will do next summer.
Already listed are:
Sports team
Swimming
Camping
Choose your own
A column lists “costs”. A column lists “benefits.”
Lesson 3 – Choices, Costs, and Benefits
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Procedure for Lesson 3 Activity
Have students analyze all four alternatives by listing cost and
benefits. Then they should vote and rank 1 to 4.
Have each group report back.
Make the point that what they picked 1st is their choice, and what
they picked 2nd is their opportunity cost.
Next activity: Distribute a piece of paper and have each student
write down or draw pictures of their three favorite activities to do
after school.
The should put “1” by the first choice, “2” and second
choice, and “3” on the third choice.
Have them circle their choice.
Have them draw a box around their opportunity cost.
Have them report by saying, “__________ is my choice, and
____________ is my opportunity cost.”
Lesson 3 – Choices, Costs, and Benefits
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Assessment for Lesson 3
Have older students write an answer to the question, “How do I
make the best choice.”
For younger students, use Handout 3.2. Cut the strips apart and
have them draw one out of a container.
They read the scenario (or they draw it out and you read
it), then they state their choice and select another
student to tell the opportunity cost.
Example:
The blue shirt was cool, but Matthew decided to
get the yellow one.
the blue shirt is the choice
the yellow shirt is the opportunity cost
Lesson 3 – Choices, Costs, and Benefits
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How are people
both producers
and consumers?
Lesson 4 – Consumers, Producers, and Resources
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producer
Lesson 4 – Consumers, Producers, and Resources
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consumer
Lesson 4 – Consumers, Producers, and Resources
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Birthday
Party
What comes to mind when you think of a birthday party?
Lesson 4 – Consumers, Producers, and Resources
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Activity – Lesson 4
Divide into groups of 4.
Each groups gets:
3 pencils
3 pairs of scissors
1 set of 4 patterns
5 sheets each - red, green, blue, and yellow paper
a paper lunch bag
10 sandwich bags
Handout 4.1 – the instructions
Lesson 4 – Consumers, Producers, and Resources
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Activity – Lesson 4
Explain they are all going to be PRODUCERS.
Each group will be producing birthday decorations.
Read the instructions to the groups and show the
cut-outs.
Tell them that quality is more important than
quantity, so it is important to cut out each
decoration very carefully and one at a time so that
each complete product has smooth edges.
Lesson 4 – Consumers, Producers, and Resources
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Activity – Lesson 4
Each group is a small company of PRODUCERS.
Groups have 20 minutes to work.
Stop production after 10 minutes. Tell teams to
inspect work for quality and reorganize the
production if necessary.
After 10 more minutes, stop production.
Lesson 4 – Consumers, Producers, and Resources
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Activity – Lesson 4
All sandwich bags of decorations should be put into
the lunch bag and labeled with names.
Collect unused materials.
Give bags to panel of judges to make sure quality is
good. Give 1 point for each correct packet.
Reward the winner with ECONbucks.
Lesson 4 – Consumers, Producers, and Resources
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Activity – Lesson 4
Use the work done as a point of discussion for:
Human resources – the mental and physical work
to produce goods and services
Capital resources – the tools, equipment, and
factories in the production process
Lesson 4 – Consumers, Producers, and Resources
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What are human
and capital
resources?
Lesson 4 – Consumers, Producers, and Resources
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human
resources
Lesson 4 – Consumers, Producers, and Resources
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capital
resources
Lesson 4 – Consumers, Producers, and Resources
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natural
resources
Lesson 4 – Consumers, Producers, and Resources
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What is a
budget?
Lesson 8 – Budgeting
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Budget
Spending and savings plan that lists the
income and expenses that a person has.
Lesson 8 – Budgeting
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income
Lesson 8 – Budgeting
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Income
Money $$$ from working and other
sources.
What are ways you can earn money?
Lesson 8 – Budgeting
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balanced
budget
Lesson 8 – Budgeting
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expenses
Lesson 8 – Budgeting
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Expenses
Money $$$ that is spent on
goods and services.
Lesson 8 – Budgeting
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Weekly Budget
• You are going to work on making a weekly
budget. In a budget you keep track of the
money spent on your goods and services.
• What is a BALANCED BUDGET?
Income
Expenses
• My Budget
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Envelopes
Place your cards face up on your desk as they are on the board:
Left for Money In and ……………………………Right for Money Out
Money In Cards Are Your ???
Money Out Cards Are Your ????
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Look At Your Money Money Money
1. What is the value of a quarter?
2. How many quarters do you have?
3. What is the total value of your quarters?
4. How many dollars do you have?
5. What is the total value of your money?
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Sources of Income or
“Money In Cards”
• Income from helping grandma by doing yard
work card—place $1.00 on top
• Income from walking the dog – place $1.00
on top
• Income from allowance – place $2.00 on top
• Do not place any money on the Extra
Allowance Needed.
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Money In Your Hands
• Now, take the money from the three cards and
hold in your hand.
• How much do you have for income?
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Look At Expenses or
“Money Out Cards”
• 1. Place $3.00 on Spending Money on Pockets,
your pet.
• 2. Place $.25 on Giving Money to the
Children’s Hospital.
• Place $.75 on Saving Money for Gifts.
• Place $1.00 on Spending Money for Fun.
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Balanced Budget Time
• Take your money and place the appropriate
amounts on the cards
• Your expenses = __________?
Show with your fingers the total of our expenses.
• Your income = _________?
• Show with your fingers the total of your income.
• Is your budget balanced? Yes No Maybe
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How Do You Balance the Budget?
• Think how you would do it.
• Pair with your elbow partner and discuss how
to balance your budget.
• Share 3 ideas out with the group.
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Closure
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What is a budget?
What is a balanced budget?
What is income?
What is an expense?
• You will need paper and pencil for the next
activity.
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Visual 8.2 Amusement Park
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Item Price Item Price
Video Arcade $5 Frozen
Lemonade $2
Cotton Candy $4
Roller Coaster $4
Speedy Go‐Carts $5
Hot Dog & Drink $4
Twister $5
Free‐Fall Tower $5
Fun House$4
Dunk Tank $5
Bumper Boats $6
Basketball Dunk $4
Souvenir $5
Ice Cream Cone $3
Chili Cheese Fries $5
Ferris Wheel $6
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Setting Up A Budget For the
Amusement Park
Income
Write….$40
Expenses
List how you will spend your
money at the amusement
park.
• Income
• Expenses
Be sure that your budget is
balanced
After completing your budget, share your expenses with
an elbow partner.
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Assessment
• What is a budget?
• You will each receive 8 quarters.
• How much is that worth?
• Look at Handout 8.4 and divide your money
among the expenses.
• Make sure your budget is balanced.
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Why is it
important to
save?
Lesson 9 – Saving Your Money
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Where do you
save your
money?
Lesson 9 – Saving Your Money
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deposit
Lesson 9 – Saving Your Money
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withdrawal
Lesson 9 – Saving Your Money
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savings
accounts
Lesson 9 – Saving Your Money
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savings
goal
Lesson 9 – Saving Your Money
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Banking Game
• Divide into groups
of 4.
• Each group has:
50 ECONObucks
8 deposit cards
4 withdrawal cards
A “piggy bank”
A “probabilities
cube” (a die)
– A savings register
like the one here
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Banking Game
• Each group starts by
putting 10 ECONObucks
in the bank.
• Then each person rolls,
draws a card, and deposits
or withdraws.
• The balance must be kept.
• Each person will explain
out loud.
• For example: “I rolled a 3
and drew “deposit,” so I
will deposit 3
ECONObucks that I
earned for carrying out
trash.
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Banking Game
• They roll until they
have filled out the
entire register.
• Discuss what people
save money for.
• Give each a sheet of
paper to draw a
picture of something
they want to save for.
• Put the drawings on
a “savings goal” wall.
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Assessment of Lesson 9
• Have older students answer the
question:
Why is it important to save?
• For younger students:
Using the picture they have
drawn, have students explain
the steps they would take to
complete their savings goal.
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Read About Saving
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