Money Matter$

Jade Hodge

Tier 1

Lesson Plan

Money Matter$

Teach basic financial literacy

This lesson introduces students to basic financial concepts such as saving, budgeting, and making smart financial decisions. Through engaging activities and simulations, students will gain a foundational understanding of how to manage their finances effectively. This lesson is crucial for equipping youth with the knowledge and skills they need to make informed financial choices, setting the stage for a financially stable future.

Audience

Ages 13-18 (Leaders)

Time

1 hour

Approach

Teach basic financial literacy

Materials

Discussion Questions, Financial Literacy Worksheet, and Financial Literacy Quiz

Step 1

Introduction

10 mins

Welcome the students and briefly discuss the importance of financial literacy.
Ask questions like, "What do you think financial literacy means? Why is it important?"
Introduce the main topics: saving, budgeting, and making smart financial decisions.

Step 2

Saving Activity

15 mins

Explain the concept of saving money using simple terms. Use examples like saving for a new phone or a special outing.
Run a short activity where students list three things they wish to save for and the amount needed for each.
Discuss strategies for saving money, such as setting a monthly savings goal or cutting back on unnecessary expenses.

Step 3

Budgeting Workshop

20 mins

Introduce the concept of budgeting and why it’s important to manage money wisely.
Provide each student with a simple budgeting worksheet to track hypothetical income and expenses.
Guide students through filling out the worksheet, emphasizing the balance between income and expenses.
Discuss the importance of differentiating between needs and wants.

Step 4

Smart Financial Decisions Simulation

10 mins

Share scenarios with the students where they have to make financial decisions, such as choosing between buying a new video game or saving that money.
Discuss the outcomes of each decision and the impact on their overall financial health.
Emphasize the importance of thinking ahead and weighing the pros and cons of financial decisions.

Step 5

Closure and Reflection

5 mins

Recap the key points about saving, budgeting, and making smart financial decisions.
Encourage students to share what they’ve learned and how they plan to apply it in their own lives.
Hand out a short quiz to assess understanding and reinforce the key concepts.

Discussion

Financial Literacy Discussion

A thoughtful discussion to help students relate to and understand the importance of financial literacy.

What does financial literacy mean to you?

Guide students to think about their understanding of managing money, knowing about savings, budgeting, and making wise financial choices.

Why do you think it’s important to learn about saving and budgeting?

Encourage students to reflect on personal and future benefits of managing their finances properly.

Can you think of a time when you made a good or bad financial decision? What did you learn from it?

Help students to share personal experiences and the lessons they learned, reinforcing the importance of making wise financial decisions.

Worksheet

Financial Literacy Worksheet

This worksheet is designed to help students practice budgeting and saving through examples and exercises.

List three things you want to save for and the amount needed for each.

Think about the things that are important to you, like a new phone, a trip, or a special event.

Using the worksheet provided, create a simple budget for a week with your hypothetical income and expenses. Ensure your budget is balanced.

Remember to include both needs and wants, and try to save a portion of your income.