Fidelity Learning Lab®
Grades 3-5
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Lesson plans
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In reading and discussing an adaptation of Aesop’s fable “The Grasshopper and the Ant,” the students learn about the trade-off between satisfying wants today and planning for the future. They use the fable to examine their own behavior and decisions about saving. They learn that interest payments provide an incentive to save. The students compose fables of their own, expressing their ideas about the importance of decisions about consuming and saving.
“You can’t have your cake and eat it, too” is an old and familiar saying. If people could have everything they want, whenever they want it, life would be very different. People wouldn’t worry about choices, and they certainly wouldn’t worry about things they might want in the future. However, resources and incomes are limited, so people must make choices.
Understanding the concept of opportunity cost is critical for good decision-making. The ability to identify the opportunity cost—the highest-valued alternative that must be given up when another option is chosen—helps people to assess their alternatives.
Understanding opportunity cost is especially helpful in making decisions about saving money. Saving money enables people to extend their uses of today’s income over a longer period of time. For most children, the future is very abstract. They tend to think only about things they want right now. Saving for the future may be far from their mind or utterly foreign.
This lesson correlates with national standards for English language arts, mathematics, and economics, and with personal finance guidelines.Objectives
At the end of this lesson, the student will be able to:
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Define opportunity cost and interest.
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Analyze the trade-offs and opportunity cost in a decision about saving.
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Identify reasons to save.
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Explain how savings can be used to satisfy future wants.
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Use the concept of opportunity cost to compare the advantages and disadvantages of saving and to make informed decisions about saving.
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Explain how interest serves as an incentive to save.
Materials
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A transparency of Visual 4.1 (to display with answers) or a transparency of Exercise 4.2 (to display without answers)
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A copy of Exercises 4.1, 4.2, and 4.3 from the Student Workbook for each student
Economic and personal finance concepts
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Economic want
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Interest
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Opportunity cost
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Savings
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Spending
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Trade-off
To download visuals, correlations to state standards, interactives, and more, visit the Council for Economic Education website.*
© Council for Economic Education
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This lesson provides activities designed to help students think clearly about decisions related to saving money. The students set a goal, determine a strategy for saving, and decide how they will save to achieve their goals. They also learn the basics of using savings accounts.
Saving involves trade-offs. When we save, we give up some present consumption in order to provide for future consumption. Doing so is often difficult for adults, and it is certainly difficult for children. But knowing about savings plans, savings goals, and interest-bearing savings accounts can help children to develop a savings routine. They can be encouraged to put away pennies, nickels, dimes, or more—for a vacation, a big purchase, or a college education.
When adults require children to save, children may perceive saving as a negative experience, focusing on what they forgo today instead of what they gain in the future. However, when children make the decision to save for reasons they choose and in a manner that they choose, they position themselves to experience a key benefit of saving. They may attain a goal they could not have achieved without saving.
This lesson correlates with national standards for English language arts, mathematics, and economics, and with personal finance guidelines.
Objectives
At the end of this lesson, the student will be able to:
-
Define savings, economic want, incentive, short-term goals, long-term goals, and interest.
-
Explain the elements of a savings plan.
-
Give examples of short-term and long-term goals.
-
Give examples of incentives.
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Compare the advantages and disadvantages of various savings options.
Materials
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A transparency of Visuals 5.1, 5.2, and 5.3
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A copy of Exercises 5.1, 5.2, 5.3, 5.4, and 5.5 from the Student Workbook for each student
-
A copy of an actual bank statement
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A piggy bank
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A coffee can or coin purse with coins in it
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A photograph of a local bank
Economic and personal finance concepts
-
Economic want
-
Incentive
-
Interest
-
Long-term goals
-
Savings
-
Short-term goals
To download visuals, correlations to state standards, interactives, and more, visit the Council for Economic Education website.*
© Council for Economic Education
-
This lesson provides activities designed to help students think clearly about decisions related to saving money. The students set a goal, determine a strategy for saving, and decide how they will save to achieve their goals. They also learn the basics of using savings accounts.
Saving involves trade-offs. When we save, we give up some present consumption in order to provide for future consumption. Doing so is often difficult for adults, and it is certainly difficult for children. But knowing about savings plans, savings goals, and interest-bearing savings accounts can help children to develop a savings routine. They can be encouraged to put away pennies, nickels, dimes, or more—for a vacation, a big purchase, or a college education.
When adults require children to save, children may perceive saving as a negative experience, focusing on what they forgo today instead of what they gain in the future. However, when children make the decision to save for reasons they choose and in a manner that they choose, they position themselves to experience a key benefit of saving. They may attain a goal they could not have achieved without saving.
This lesson correlates with national standards for English language arts, mathematics, and economics, and with personal finance guidelines.
Objectives
At the end of this lesson, the student will be able to:
-
Define savings, economic want, incentive, short-term goals, long-term goals, and interest.
-
Explain the elements of a savings plan.
-
Give examples of short-term and long-term goals.
-
Give examples of incentives.
-
Compare the advantages and disadvantages of various savings options.
Materials
-
A transparency of Visuals 5.1, 5.2, and 5.3
-
A copy of Exercises 5.1, 5.2, 5.3, 5.4, and 5.5 from the Student Workbook for each student
-
A copy of an actual bank statement
-
A piggy bank
-
A coffee can or coin purse with coins in it
-
A photograph of a local bank
Economic and personal finance concepts
-
Economic want
-
Incentive
-
Interest
-
Long-term goals
-
Savings
-
Short-term goals
To download visuals, correlations to state standards, interactives, and more, visit the Council for Economic Education website.*
© Council for Economic Education
-
This lesson provides activities designed to help students think clearly about decisions related to saving money. The students set a goal, determine a strategy for saving, and decide how they will save to achieve their goals. They also learn the basics of using savings accounts.
Saving involves trade-offs. When we save, we give up some present consumption in order to provide for future consumption. Doing so is often difficult for adults, and it is certainly difficult for children. But knowing about savings plans, savings goals, and interest-bearing savings accounts can help children to develop a savings routine. They can be encouraged to put away pennies, nickels, dimes, or more—for a vacation, a big purchase, or a college education.
When adults require children to save, children may perceive saving as a negative experience, focusing on what they forgo today instead of what they gain in the future. However, when children make the decision to save for reasons they choose and in a manner that they choose, they position themselves to experience a key benefit of saving. They may attain a goal they could not have achieved without saving.
This lesson correlates with national standards for English language arts, mathematics, and economics, and with personal finance guidelines.
Objectives
At the end of this lesson, the student will be able to:
-
Define savings, economic want, incentive, short-term goals, long-term goals, and interest.
-
Explain the elements of a savings plan.
-
Give examples of short-term and long-term goals.
-
Give examples of incentives.
-
Compare the advantages and disadvantages of various savings options.
Materials
-
A transparency of Visuals 5.1, 5.2, and 5.3
-
A copy of Exercises 5.1, 5.2, 5.3, 5.4, and 5.5 from the Student Workbook for each student
-
A copy of an actual bank statement
-
A piggy bank
-
A coffee can or coin purse with coins in it
-
A photograph of a local bank
Economic and personal finance concepts
-
Economic want
-
Incentive
-
Interest
-
Long-term goals
-
Savings
-
Short-term goals
To download visuals, correlations to state standards, interactives, and more, visit the Council for Economic Education website.*
© Council for Economic Education
-
The students are introduced to various methods of payment, such as cash, check, debit and credit cards, and electronic or online payments. They learn about the advantages and disadvantages of each method of payment. They also practice writing a check and recording information on a check register.
Children have many misconceptions about how adults pay for things. Perhaps you’ve heard a parent say, “We can’t afford that,” only to hear a child respond, “Write a check for it” or “Get some money out of the machine.“ Such examples show that children don’t understand the connection between having cash in a transactions account and being able to write checks or “get money.” Children may view the mere use of a credit card as payment, thinking, “Gee, Mom bought those groceries, and she didn’t even have to use any of her money.“ In such a case, the child doesn’t realize that, at a later date, Mom will have to pay her credit card bill with money. Correcting children’s misconceptions about payment mechanisms improves their financial literacy.
This lesson correlates with national standards for English language arts, mathematics, and economics, and with personal finance guidelines.
Objectives
At the end of this lesson, the student will be able to:
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Identify methods of paying for goods and services.
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Define money, check, electronic or online payments, debit card, and credit card.
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Explain the relationship between checks and money held in a checking account.
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Identify advantages and disadvantages of different methods of payment.
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Explain why credit cards are not considered money.
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Explain how a payment is made when a consumer uses a credit card.
Materials
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A transparency of Visuals 8.1 and 8.2
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A copy of Exercises 8.1 and 8.2 from the Student Workbook for each student
Economic and personal finance concepts
-
Check
-
Consumers
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Credit card
-
Debit card
-
Electronic or online payment
-
Finance charge
To download visuals, correlations to state standards, interactives, and more, visit the Council for Economic Education website.*
© Council for Economic Education
-
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