Lesson 10 - Spending Money

by Katelyn Kelly
1) Lesson Plan Overview & Description
a) Expected Duration - 30-45 minutes
b) Social Sciences Economics
c) Concepts Money
d) Vocabulary i) Budgeting: Allowing or setting aside a specific amount of money for
something
ii) Circular: An ad distributed to a large amount of people
iii) Spend: Paying money for goods and/or services
e) Skills - Learning useful information about how and when to spend your
money
f) Broad Goals of Lesson - To understand when to spend money versus
when to save it
2) Content Outline
a) Why do we spend money?
b) What things do we spend money on?
i) Things we need
(1)House, transportation, food, etc.
ii) Things we want
(1)Designer brands, new models of things, etc.
c) How can we budget our money
i) Shop smart!
(1)Use this site for kids to go on: http://www.themint.org/kids/smartshopping.html
(2)Create a plan to manage expenses
3) Standards
a) PDE SAS Standards
i) 6.1.3.C - 6: Economics. 1: Scarcity and Choice. 3rd Grade. C: Explain
what is given up when making a choice.

ii) 6.1.3.D - 6: Economics. 1: Scarcity and Choice. 3rd Grade. D:

Identify reasons why people make a choice
iii) 6.2.3.A - 6: Economics. 2: Markets and Economic Systems. 3rd
Grade. A: Identify goods, services, consumers and producers in the
local community
iv) 6.2.3.B - 6: Economics. 2: Markets and Economic Systems. 3rd
Grade. B: Identify competing sellers in the local market.
v) 6.2.3.D - 6: Economics. 2: Markets and Economic Systems. 3rd
Grade. D: Identify price and how prices vary for products.
b) PDE Common Core
i) Not applicable for this lesson
c) NCSS Themes and Subthemes
i) VII. Production, Distribution and Consumption
1. b. Distinguish between needs and wants
2. g. Explain and identify the role of money in every day
life
4) Lesson Objectives
a) In small groups of three to four students, they will simulate grocery
shopping using actual circulars and pretend money.
b) Individually, as an exit slip, students will list reasons when and why we
need to spend money.
5) Teaching Procedures
a) Anticipatory Set/Introduction
i) Introduce the lesson
(1)Welcome to class today, boys and girls! Today, we are going to
be discussing spending money. You may wonder: Why do we
spend money? How much money do I have to spend? What
things do I want? We will cover all of these questions today in
our lesson. We will also have some time to budget our pretend
money and go grocery shopping.
ii) Show a video regarding supermarkets
(1)https://www.youtube.com/watch?v=OZtnlGcGvU8
b) Lesson Input
i) Open PowerPoint and discuss the slides in the following order:
(1)Why do we spend money?
(2)What things do we spend our money on?
(3)How do we budget our money

ii) Set aside time to ask questions about all topics discussed.
iii) Explain the concept of budgeting money and how it relates to
getting the best deal while grocery shopping.
(1)Explain what a budget is
(2)How people plan meals ahead to see what groceries theyll need
(3)How people look through circulars to get the best price
c) Guided Practice
i) Take out several grocery store ads
ii) Plan out your meals for a day and write on the board
(1)Take volunteers from the class for things they would like for their
meal
iii) Demonstrate to students how to find the best prices by looking
through several ads
iv) Discuss how finding the lowest prices is getting you the best deal
d) Independent Practice
i) Split students into groups of three or four
ii) Pass out worksheets to students that they will plan their meals for
the week on
iii) Have students plan what they would like to eat for the week
iv) Pass out several circulars to each group of students
v) Pass out pretend money to all the groups
vi) Have students look through the ads and purchase what they need
with their pretend money
e) Differentiation
(a) I will differentiate this lesson based on the specific learning
and behavioral needs of my students.
f) Closure
i) An exit slip will be filled out explaining when and why we need to
spend money
ii) Meal planning worksheets, with the prices of food from the ads
included, will be collected
6) Teacher and Student Resources & Evaluation of Resources
a) Student Reading Resources
i) http://www.themint.org/kids/whats-it-worth.html
ii) http://www.themint.org/kids/buy-it-or-not.html
iii) http://www.themint.org/kids/smart-shopping.html
iv) http://www.themint.org/kids/what-kind-of-spender-are-you.html

b) Teacher Resources for Lesson Design

i) http://www.mymoneycoach.ca/what-is-a-budget-and-budgetplanning-forecasting.html
ii) https://www.youtube.com/watch?v=OZtnlGcGvU8
iii) http://business.financialpost.com/personal-finance/why-do-wespend-what-science-says-about-our-personalfinances#__federated=1
c) Evaluation of Teacher Resources Used for Lesson Planning
Design
Resource Title
or Website
Address
http://www.my
moneycoach.c
a/what-is-abudget-andbudgetplanningforecasting.ht
ml

Influenc
e

Characteristics

Accessibili
ty

Overall
Rating

SI

Very
accessible

Good
information
on
budgeting
that is
simple to
turn into
kids terms

http://busines
s.financialpost
.com/personal
-finance/whydo-we-spendwhat-sciencesays-aboutour-personalfinances#__fe
derated=1

MI

Very
accessible

Interesting
article;
mostly used
for
teachers
background
knowledge
on the topic

https://www.y
outube.com/w
atch?
v=OZtnlGcGv
U8

SI

Very
accessible

The clip is
very quick
and simple,
but will get
the
students
thinking
about
grocery
shopping.

Written by a
credit
counseling
society.
Offers many
tools for
budgeting.
Involves all
aspects of
money.
Credible
article from
Financial Post.
Scientific
evidence
regarding
spending.
Good
background
knowledge.
Good tips.
Gets kids
thinking about
actually
grocery
shopping.

7) Formative and Summative Assessment of Students

a) Formative:
i) I will collect an exit slip at the end of lesson and the students
answers to make sure they are understanding the content.
b) Summative:
i) Meal planning worksheets will be handed in for a grade at the end
of the lesson.
8) Technology/Materials/Equipment

PowerPoint presentation
SmartBoard
Meal planning worksheet
Pencils
Grocery store ads
Pretend money
Video clip: https://www.youtube.com/watch?v=OZtnlGcGvU8

9) Reflection on Planning
This lesson took me a lot more time and effort than I honestly expected
it to. I thought, I love spending money, this will be easy! Well, it wasnt.
Spending money proved to be a much more difficult topic to write a lesson
for than saving money. The textbook that we used did not have very much
information regarding spending money, so I found myself supplementing
that and only using it as a guideline. I wanted to make this lesson more
interactive, so the students would really understand the purpose of
spending our money. We cant all just spend money for the fact of
spending it; there are actually skills to be learned.