Social Studies
Objective: I can make a spending plan that meets needs first and stays within a budget.
Standards: D2.Eco.1.3-5, D2.Eco.2.3-5
Builds on: Needs Day 2 (needs and wants) and adding and subtracting within 20. One-minute check: ask "Name one need and one want from yesterday's plates." (Sample: bread is a need, and candy is a want.)
- budget – a plan for how to use money
- incentive – something that pushes people to do something or to avoid it, such as a reward or a fee
Materials: 20 play $1 bills (or 20 paper slips marked $1), 6 index cards for price cards, Notebook, Pencil, Marker
- Warm-Up · 5 min
Spaced review from Week 22. Ask: "Seven people vote. Is 4 votes a majority?" (Yes. 4 is more than half of 7.) Then ask: "You have $5. How would you use it?" Listen for spending or saving. Say: "Today you make a plan before you spend."
- Mini-Lesson · 10–15 min
Say: "A budget is a plan for how to use money. A smart budget pays for needs first, then wants. It saves some if it can." Work an example with the play bills. Say: "Elena has $15. Soap costs $2, oatmeal costs $5 and beans cost $3." Your child counts out 15 bills, then pays 2, 5 and 3. Say: "Her needs cost $10. She has $5 left for wants or saving." Ask: "Can Elena buy a $7 toy now?" (No. She has only $5 left.) Say: "An incentive is something that pushes people to act." Say: "A reward or a sale is a positive incentive. It makes you want to do something." Say: "A fee or a fine is a negative incentive. It makes you want to avoid something." Say: "'Buy one, get one half off' pushes shoppers to buy two. A late fee pushes people to pay a bill on time." Ask: "A parking ticket costs $30. Is that a positive or a negative incentive?" (Negative. It pushes drivers to park where it is allowed.) Ask: "A sign says 'Sale ends today.' What does it push you to do?" (Buy today.) If stuck, say: "Ask: Does it give me something, or take something away?"
- Activity / Source Work · 15–20 min
Shopping trip. 1) Your child makes six price cards with the marker. Three are rice $3, carrots $2 and eggs $3. Three are puzzle $8, comic book $6 and sticker pack $2. 2) Give your child $20 in play bills. Keep the $20 and the prices the same all through. 3) Shuffle. Your child sorts the cards into needs and wants. 4) Pay for the needs first. Rice, carrots and eggs cost $8. That leaves $12. 5) Ask: "Can you buy the puzzle and the comic book?" (No. They cost $14, and $14 is more than $12.) 6) Your child chooses wants, saving or both. Record it in a notebook chart with three columns: Item, Need or want, Price. Under it write Total spent and Saved. Sample: the puzzle and the stickers cost $10 more. The total is $18, and $2 is saved. 7) Add an incentive. Say: "The shop says stickers are $1 today only." Ask: "Does the sale change your plan? Should it?" Plans vary. Look for needs paid first, a total of $20 or less, and one thing your child chose to leave out.
- Notebook Entry · 10 min
Your child writes the plan: needs bought, wants bought, total spent and money saved. Then finish: "I chose ___ instead of ___ because ___." Sample: "Needs: rice, carrots, eggs, $8. Want: puzzle, $8. Total: $16. Saved: $4. I chose the puzzle instead of the comic book."
- Exit Ticket · 5 min
Read the three questions aloud. Your child may use the play bills. Praise a plan that pays for needs before wants.
Watch for: Spending on wants first and running out of money before the needs are bought.
Try: Your child sets the need cards aside and pays for them before looking at any want card.
- Tom has $16. His needs cost $9. How much is left for wants or saving?
- With that money, can Tom buy an $8 ball? What could he do instead?
- A town charges a $5 fine for littering in the park. Is that a positive or a negative incentive? What does it push people to do?
Show answers
- $7, because 16 minus 9 is 7.
- No. $8 is more than $7. He could choose something cheaper or save for the ball.
- A negative incentive. It pushes people to put litter in the trash cans.
Support: Use $10 and four price cards: rice $3, carrots $2, comic book $6 and sticker pack $2. Count the play bills together at each step.
Extend: Your child plans a $50 family picnic with made-up prices and one sale item. Tell how the sale changed the plan.
Homework: With a family member, your child looks at a receipt or a shopping list. Find one need and one want. Then name one incentive you have seen, such as a sale sign. Look for: all three named correctly.
Practice page · Week 24, Day 3
Social Studies
I can make a spending plan that meets needs first and stays within a budget.
Leo has $15. Buy the needs first. Then choose wants.
- 1.
Needs: rice $4, eggs $3, bananas $2. What is the total for needs?
- 2.
How much money is left after the needs?
- 3.
Wants: yo-yo $4, marker set $5, bubbles $1. Can Leo buy the marker set and the bubbles?
- 4.
Can Leo buy the yo-yo and the marker set?
Answer the questions.
- 5.
What should a budget pay for first?
- 6.
A store says, "Buy two notebooks, get a third for $1." What is this called?
Challenge: Make your own plan with $15. Write what you buy and what is left.
Materials: play money · price cards