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Money Lesson Plan
Money Matters: Building Business Savvy in Young Minds
Subject
Economics
Grade
3
Methodology
Direct Instruction
Duration (minutes)
55
Overview
Introduction to Money (10 min)
Earning Money (15 min)
Spending and Saving (15 min)
Activity: Money Management Simulation (10 min)
Conclusion and Q&A (5 min)
Standards
CCSS.MATH.CONTENT.3.NBT.A.1, CCSS.MATH.CONTENT.3.OA.D.8, CCSS.ELA-LITERACY.SL.3.1
Background Knowledge
Students should have a basic understanding of numbers, simple addition and subtraction, and real-world experiences with money, such as recognizing coins and bills or discussing purchases with family. Prior exposure to concepts like wants vs. needs will help them engage more deeply in discussions about earning, spending, and saving.
Skills
Adaptability, Creativity, and Problem-Solving
Objectives
Understand the basic concept of money
Identify different ways to earn money
Learn the importance of spending and saving wisely
Apply money management skills in a simulated activity
Materials
Video: The History of Paper Money - Origins of Exchange - Extra History - Part 1
Game: Money Management Jeopardy Game
Presentation: Money Management for Kids
Assessment: Money Management for Third Graders
Video: Who Invented Money? | The History of Money | Barter System of Exchange | The Dr Binocs Show
Article: how to make money as a kid
Lesson Activities
Introduction to Money
10 Min
Begin the lesson by asking students a provocative question: 'What would you do if you found $100?' Allow students to share their thoughts and experiences with money. Introduce the concept of money using visual aids such as images of coins and bills. Explain that money is a tool we use to buy things we need and want. Use a short, engaging video to illustrate the history and purpose of money.
Note
Use real coins and bills if possible to make the concept more tangible for students.
Earning Money
15 Min
Discuss various ways people earn money, such as through jobs, chores, and selling items. Use simple examples that are relatable to third graders, like earning an allowance for doing household chores. Introduce the idea of different jobs using a storybook or a video about different professions. Engage students in a role-play activity where they act out different jobs and 'earn' play money.
Note
Prepare job role cards and play money for the role-play activity.
Spending and Saving
15 Min
Explain the concepts of spending and saving using a storytelling approach. Share a story about a character who has to decide between spending money on a toy or saving for a bigger purchase. Use a visual chart to show the benefits of saving over time. Encourage students to share their own experiences with spending and saving. Use a simple worksheet where students can plan how they would allocate their money between spending and saving.
Note
Ensure the story is engaging and relatable to the students' age group.
Activity: Money Management Simulation
10 Min
Divide students into small groups and provide each group with a set amount of play money. Present them with different scenarios where they have to decide how to spend and save their money. Scenarios could include buying school supplies, saving for a class trip, or spending on a fun activity. Each group will discuss and make decisions together, then present their choices to the class. Provide feedback and discuss the outcomes of their decisions.
Note
Prepare scenario cards and ensure each group has enough play money for the activity.
Conclusion and Q&A
5 Min
Summarize the key points of the lesson, emphasizing the importance of understanding money, earning it, and making wise decisions about spending and saving. Open the floor for any questions students may have. Encourage them to reflect on what they learned and how they can apply these concepts in their own lives. End with a fun, interactive quiz using a tool like Jeopardy to review the lesson's main points.
Note
Prepare a simple Jeopardy game with questions related to the lesson for a fun review.
