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Where Does My Money Go Every Month?

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Tammy Thompson

Tier 1
For Schools

Lesson Plan

Money Tracking 101

Students will be able to identify and categorize their daily spending habits and understand the concept of a budget by tracking where their money goes.

Understanding where your money goes is the first step towards financial independence. This lesson helps students develop critical life skills for managing their finances responsibly, making informed spending choices, and building a foundation for future financial health.

Audience

6th Grade Students

Time

50 minutes

Approach

Interactive lecture, individual activity, and group discussion.

Materials

  • My Money Journey Presentation, - Daily Spending Tracker, and - Spending Habits Share-Out

Prep

Teacher Preparation

15 minutes

  • Review the My Money Journey Presentation to familiarize yourself with the content.
    - Print copies of the Daily Spending Tracker for each student.
    - Prepare the classroom for group discussions.

Step 1

Introduction: The Money Mystery

10 minutes

  • Begin by asking students: "Where do you think your money goes each month?" (e.g., allowance, gifts, chores)
    - Introduce the concept of spending and saving.
    - Use My Money Journey Presentation slides 1-3 to guide the introduction.

Step 2

Tracking Our Pennies

15 minutes

  • Distribute the Daily Spending Tracker.
    - Explain how to fill out the tracker, emphasizing categories like 'needs' and 'wants'.
    - Provide examples of common spending for their age group.
    - Instruct students to brainstorm and write down where their money has gone in the past week (even if hypothetical).
    - Use My Money Journey Presentation slides 4-6 to explain tracking.

Step 3

Spotlight on Spending Habits

15 minutes

  • Facilitate a Spending Habits Share-Out based on their trackers.
    - Encourage students to identify patterns in their spending.
    - Discuss the difference between essential spending and discretionary spending.
    - Use My Money Journey Presentation slides 7-8 to guide the discussion.

Step 4

Wrap-Up: Your Money Journey Ahead

10 minutes

  • Summarize the importance of tracking spending.
    - Introduce the idea of making a simple budget.
    - Assign a take-home activity: Continue tracking spending for the next 3 days using the Daily Spending Tracker or a personal notebook.
    - Conclude with My Money Journey Presentation slide 9, emphasizing the power of financial awareness.
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Slide Deck

Welcome to Your Money Journey!

Have you ever wondered where your money goes?
Today, we'll become money detectives and uncover the secrets of our spending!

Welcome students and introduce the topic of money. Ask engaging questions to get them thinking about their own experiences with money.

Where Does Money Come From?

Allowance, gifts, chores, jobs
Money doesn't just appear!
What do you usually do with your money?

Explain that money comes from various sources and that everyone spends it differently. Set the stage for why tracking is important.

Becoming a Money Detective

We all spend money, but do we know where it goes?
Tracking your spending helps you see patterns.
It's like solving a mystery: Where did that dollar go?

Introduce the core concept of the lesson: tracking spending. Explain that knowing where your money goes helps you make better choices.

Your Daily Spending Tracker

We'll use a special tool to track our money.
Date, Item, Cost, Category (Need or Want?)
Be honest about where your money goes!

Introduce the Daily Spending Tracker worksheet. Explain the purpose of each column and how to fill it out accurately.

Needs vs. Wants

Needs: Food, water, shelter, clothes, school supplies
Wants: Toys, candy, video games, movies
Can you think of other Needs and Wants?

Give examples of 'Needs' (things you must have) versus 'Wants' (things you desire but don't strictly need). Provide age-appropriate examples.

Let's Start Tracking!

Take a few minutes to fill in your tracker.
Think about the last week – where did your money go?
Don't worry if it's hypothetical for now!

Instruct students to start filling out their trackers, thinking about their recent spending or hypothetical spending.

Sharing Our Spending Stories

What did you discover?
Were there any surprises?
Did you spend more on Needs or Wants?

Transition to the discussion phase. Encourage students to share what they noticed about their spending. Facilitate a group conversation.

Understanding Your Habits

Do you see any patterns?
How does knowing where your money goes help you?
This is the first step to making a budget!

Guide the discussion towards identifying spending patterns and the implications of those patterns. Introduce the idea of budgeting.

Your Money Journey Continues!

Tracking your money is a superpower!
It helps you make smart choices.
Keep tracking your spending – your future self will thank you!

Conclude the lesson by reinforcing the importance of financial awareness and encouraging continued tracking. Give the take-home assignment.

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Worksheet

Daily Spending Tracker

Name: ____________________________

Date: ____________________________

Becoming a money detective means knowing where every dollar goes! Use this tracker to record your spending for the past week (or hypothetically). Be honest and detailed!

DateItem PurchasedCostCategory (Need/Want)Notes/Reason for Purchase








































Reflection Questions:

  1. What was the most surprising thing you learned about your spending habits?






  2. Did you spend more money on Needs or Wants? Explain why you think that is.






  3. How do you think tracking your spending could help you make better financial decisions in the future?






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Discussion

Spending Habits Share-Out

Now that you've had a chance to be money detectives and track your spending, let's share what we've discovered!

Discussion Questions:

  1. Opening Up: What was one item you wrote down on your Daily Spending Tracker that you were surprised by? Why was it surprising?






  2. Needs vs. Wants: Look at your tracker. Did you spend more on Needs (things you must have) or Wants (things you desire)? Share an example of each from your tracker.






  3. Pattern Recognition: Did you notice any patterns in your spending? For example, do you tend to buy the same types of things on certain days, or spend more in certain situations?






  4. Impact of Tracking: How do you think knowing exactly where your money goes can help you make different choices in the future? Give a specific example.






  5. Budgeting Basics: If you were to create a simple plan for your money based on what you learned today, what would be one change you might consider making?

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