Unit Plan: Teaching Kids About Money

Lesson Plan for Thursday Grade: 3rd Grade 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 Thursday

Strand: Economics

submitted by: Vida Reljic

B. Summary of the Lesson Plan: This social studies lesson is designed for 3rd grade students to learn about income, savings, and short-term goal. Students will also identify examples of short-term goals and develop a plan to reach a short-term savings goal. C. Basic Information: Grade Level: 3rd grade Time to Complete this Lesson: approximately 50 minutes Groupings: direct instruction, partners, guided practice, independent for activity, assessment

D. Materials: Strategy 21: Connecting to Music Studies

A Gift for Mama by Esther Hautzig

Nevada State College

EDEL 453 - Spring 2014

Karen Powell- Instructor

page 2

Lesson Plan for Thursday

Strand: Economics

submitted by: Vida Reljic

Ene, Due, Rabe (Polish and English version), Polish National Anthem Lyrics and CD

Pencil, paper, crayons

E. Objectives: o NV State Social Studies Standards o 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

F. Vocabulary Income- is the money people earn for work. Saving- not spending money and keeping it in a sage place such as a bank. Short-term savings goal- an object the saver will achieve within two years. Spending- giving your money away to buy something Zlotys- Polish currency

G. Procedure: 1. Have the students read the story A Gift for Mama by Esther Hautzig.
Nevada State College EDEL 453 - Spring 2014 Karen Powell- Instructor page 3

Lesson Plan for Thursday

Strand: Economics

submitted by: Vida Reljic

2. Discuss the following questions with the students. Why did Sara's mother seem sad when Sara first gave her the slippers? Answer: The gift wasn't hand made. Mother probably didn't think Sara put much work into buying the gift.) How much did the slippers cost? Answer: (9 zlotys) What is a zloty? Answer: Polish currency

3. Using Strategy 21: Connecting to Music Studies- Listen to a Polish counting song called Ene, Due, Rabe In column 1: Have the students create a choice board by comparing the English version of One, Two, Three to the Polish version Ene, Due, Rabe. In Column 2: Students will listen to the Polish national anthem and write what they think its about. In Column 3: Have the students research the currency of Poland and draw a picture. 4. Explain that when people work they earn income as salary or wages. When people buy goods and services, they are spending part of their income. The income that people don't spend on goods and services is called saving. People save so that they can buy goods and services in the future. Usually people spend some income and save some income.

5. Ask the students how Sara thought she could earn income. Answer: (She thought that she could repair the clothing for her Aunt's college friends.) 6. Point out that when people save they often have a goal in mind. A short-term goal exists if a person must save for less than two years to reach the goal. 7. Explain that savings are funds that build up over time if you dont use it, such as money in a savings account. Have you ever had a savings goal? (for a gift, new toy) Record student responses on the board. 8. Ask each student to list some short-term savings goals. Divide the class into pairs. Ask each student to share the goals with his or her partner. Tell them to circle the short-term savings goals that they have in common. 9. Have the students discuss the following questions with a partner Share a short-term savings goal you and your partner had in common. Share a short-term savings goal that you did not have in common with your partner. Why did some of you have different short-term savings goals? H. Assessment: What will you use to measure student understanding? To measure students understanding I would ask students to write another chapter for the story that includes a description of another short-term savings goal for Sara. Explain how you will know students understand the concepts from the lesson. I will know the students understand the concepts from the lesson by reviewing their questions they did with their partners. This would allow me to see who grasped the concepts taught in this lesson.
Nevada State College EDEL 453 - Spring 2014 Karen Powell- Instructor page 4

Lesson Plan for Thursday

I. Closure:

Strand: Economics

submitted by: Vida Reljic

We would review the questions as a class: 1. What is income? (wages or salaries earned for work performed) 2. What is spending? (using income to purchase goods and services in the present) 3. Give an example of a short-term savings goal.

J. Reflection: 1. Which part of the lesson do you think will be the easiest for you to teach? I think the easiest part to teach will be relating the story with the vocabulary terms since the story explains all of the vocabulary in simple terms that students will understand. 2. Which part will be most challenging for you to teach? The most challenging part to teach will be working with the zloty because I think the students will get slightly confused with the US currency and the Polish currency, 3. How will you follow up or extend this lesson? An extension to this lesson would be for the students to ask an adult family member Do you set savings goals? Do you have some short-term savings goals? If so, name one. Why do you think it is important to save and to have savings goals? 4. What can you do for students who dont grasp the concepts? For students who didnt grasp the concept I would have them read an easier story that such as the "The Grasshopper and the Ant," which explains the terms in a simple way. 5. Which part of the lesson, if any, do you think might need to change? I dont think anything needs to change. 6. When you were writing this lesson plan, what was the most difficult part? The most difficult part of writing this lesson plan was trying to incorporate the Strategy with this lesson. 7. Explain the strategy from Integrating Language Arts & Social Studies that you included in this lesson plan. The strategy that I chose to incorporate in this lesson plan was Strategy 21: Connecting to Music Studies. I included this strategy because the story the class was reading contains Polish currency; therefore, I wanted them to discover a bit more about the zloty currency. They had to do research on the country of Poland and discover how their money relates to the U.S. dollar.

Nevada State College

EDEL 453 - Spring 2014

Karen Powell- Instructor

page 5

Lesson Plan for Thursday

Strand: Economics

submitted by: Vida Reljic

Nevada State College

EDEL 453 - Spring 2014

Karen Powell- Instructor

page 6