Unit Plan: Teaching Kids About Money

Lesson Plan for Wednesday Grade: 3rd Social Studies Strand: Economics

Submitted By: Vida Reljic

EDEL 453: Teaching Elementary School Social Science Nevada State College Spring 2014 Instructor: Karen Powell

Lesson Plan for Wednesday

1. Summary of the Lesson Plan:

Strand: Economics

submitted by: Vida Reljic

This social studies lesson is designed for 3rd grade students to learn about money management. This includes knowing where to put savings, as well as learning about interest rates. 2. Basic Information: Grade Level: 3rd grade Time to Complete this Lesson: approximately 50 minutes Groupings: direct instruction, discussion, partners, independent for activity, assessment

3. Materials: Crayons, pencils, paper

White board, dry-erase marker, and expo eraser

The Great Piggy Bank Adventure Game, Banking Magazines, Brochure Chart

Nevada State College

EDEL 453 - Spring 2014

Karen Powell- Instructor

page 2

Lesson Plan for Wednesday

4. Objectives: o

Strand: Economics

submitted by: Vida Reljic

NV State Social Studies Standards E10.3.2. Define banking terms including saving, interest, and borrowing. I can explain different terms used in banks such as interest, saving, and borrowing. Student-Friendly Standards

5. Vocabulary Account- (n) A place where you keep your money safe in a bank. Bank- (n) A place where you can store your money to keep it safe. Interest- (n) Is the money the bank pays you for keeping your money there. Savings- (n) Not spending money and keeping it in a safe place such as a bank. Withdraw- (v) Remove or take away something.

6. Procedure: 1. Introduce students to different places where they can put their money so that it earns interest. 2. List 1 financial institution. Banks 3. Ask students to research different types of savings accounts at banks by looking through bank magazines. Collect brochures on types of savings accounts from local financial institutions. 4. Let the students put the information on a classroom chart so they can compare the different choices. 5. Have the students draw the chart and color it using crayons. 6. Explain that some savings account choices make it easier to withdraw their money if they experience a money emergency. 7. Have the students brainstorm on what they would do if they had a money emergency. 8. Let the students share their answers by raising their hands. 9. Explain that other accounts have penalties for taking money out for emergencies. Discuss how easy it is to obtain your cash on short notice. 10. Have them talk stand up-pair up with a student from another table and let them discuss what they learned about savings and interest. 7. Assessment: What will you use to measure student understanding?
Nevada State College EDEL 453 - Spring 2014 Karen Powell- Instructor page 3

Lesson Plan for Wednesday

Strand: Economics

submitted by: Vida Reljic

I will measure students understanding by having each student explain what their partner said. Explain how you will know students understand the concepts from the lesson. Students must Give examples of different banking terms we discussed. Stand up and pair-up with another student and discuss what they learned about savings and interest. 8. Closure: Have the students answer the 5 True/False questions: 1. Placing money into a savings account can increase my money. T/F 2. The longer my money is in a savings account, the more money it will earn. T/F 3. Different savings accounts pay different amounts of interest. T/F 4. If the price per share of stock increases, I can sell it for more money than I paid for it. T/F 5. Compound interest makes money grow faster. T/F 9. Reflection: 1. Which part of the lesson do you think will be the easiest for you to teach? I think using examples to describe savings and interest will be the easiest to teach because most students know these terms since they heard it from their parents/guardians. 2. Which part will be most challenging for you to teach? I think the most challenging part to teach will be having the students compare different choices on the banking chart since most of them never saw a banking chart. 3. How will you follow up or extend this lesson? As an extension of this lesson, I would have the students create their own imaginary bank accounts and they can practice using interest rates and savings in order to understand the concepts by doing hands-on activities. 4. What can you do for students who dont grasp the concepts? For students who dont understand the concepts in this lesson, I would use a diagram where savings and interest rates are presented. I would work with the kids personally to get them started, then I would have the students play a game called The Great Piggy Bank Adventure. 5. Which part of the lesson, if any, do you think might need to change? I believe there should be more examples regarding savings and interest rates so that students can get a better understanding of these concepts. 6. When you were writing this lesson plan, what was the most difficult part?

Nevada State College

EDEL 453 - Spring 2014

Karen Powell- Instructor

page 4

Lesson Plan for Wednesday

Strand: Economics

submitted by: Vida Reljic

The most difficult part of writing this lesson plan was deciding how to incorporate the brochures used in banks in order to have the students see real life examples of interest rates and savings.

Nevada State College

EDEL 453 - Spring 2014

Karen Powell- Instructor

page 5