Introduction
Congratulations! You have just received your first paycheck for $492.86. I know you worked so hard to make that money, however, we need to learn how to budget and add to your savings account. A savings account is an account where you place a certain amount of money to put away for something that may come up. A good way to think about a savings account is: May adults save up money to buy a house. When saving up for a house, this will cost thousands of dollars. When we save, we are saving for something big, and do not take the money out of the account for anything else. Also, aside from putting money in your savings account, we need to come up with a budget plan for the money you just earned. You do not get paid for another two weeks, so we need to make this money last!
Task
With the $492.86 that you just earned, it is time to make a plan. First, you need to create a list of items that you are going to need to create a budget for. Examples of things to go on your list is, grocery money, school supplies, phone bill money, shopping money, etc. You can create a "miscellaneous" category on your list for money that you want to have in your account for random items that you may need to buy. Since we are in fourth grade, you will not need to put "rent" on your list because you live at home. Second, you need to work together to determine how much money are you going to put into the savings account from your paycheck?
The next task is situational. Lets say, you spend all your grocery money for the two weeks, but, you still have money left in your miscellaneous budget. You are wanting to make dinner tonight for your friend, but you do not have enough ingredients. What do you do?
We will be working in groups of four. Each person needs to choose a role provided:
1. Encourager- uses kind words to keep the motivation up for the team.
2. Task enforcer- makes sure the team is staying on topic.
3. Materials Collector- collects all materials to be turned in and cleans up the groups station.
4. Time Keeper- makes sure the group is working diligently and making good use of their time.
Process
Each group will have 4 students in each. We will be working in our cooperative learning groups. Each group member will be writing down the questions and the answers from the lesson provided. When the group is finished, you will turn ALL GROUP MEMBERS papers into the inbox. Please indicate your role chosen at the top of the paper.
1. Create a list of items to put in your budget.
2. Determine how much of the money from your paycheck gets allocated into the list of items.
3. Determine how much money you are putting into your savings account.
4. Check to make sure you have allocated your money to the best of your ability.
5. Work on the situational question. Determine what you would do in this situation.
6. Write a reflection on what you learned from this activity. We are using the 3,2,1 system.
3 things you learned from todays lesson.
2 things you want to learn more about from the lesson.
1 way you helped the group in the role you were in.
Evaluation
| Expectation | Meets Expectations | Did not meet expectations |
|---|---|---|
| Each group member works in cooperative group. | ||
| Each member has a list for their budget | ||
| Answers situational question with great detail. | ||
| Answers the 3,2,1, questions with detail. | ||
| Fulfills duties chosen for the role of the group. |
Conclusion
We will be writing a reflection in on our paper that we are turning in. In order to get full points, you need to be thoughtful in your reflection and include examples. Please answer the following:
3 things you learned from todays lesson.
2 things you want to learn more about from the lesson.
1 way you helped the group in the role you were in.