pocket money. learning outcomes the main learning outcomes for this lesson are: to understand there...
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Pocket Money
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Learning outcomes
The main learning outcomes for this lesson are:
To understand there are different ways a young person can get money e.g. doing chores around the house.Gain a simple concept that money doesn’t grow on trees but that you have to work for it.Have a clear understanding of what you can do with your money and the pros and cons of spending it straight away or saving it.
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Starter task
Complete the Word Search provided. You must try to find all the words.
The first person to find all the words gets a merit!
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Answers to word search
Spender - someone who spends a lot of their money Pocket Money - money that is given to you on a regular basis from your parentsSavings - money you have put in a bank or building society to leave for a later dateInterest – money that the bank pays you for leaving your money in their bankBank Account - an account that you pay your money into and pay out for any bills or purchasesNeed – something you must have to surviveWant - something that you do not need but would like to have Earn – money that you have received from doing a job
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Activity 1
You need to complete the worksheet called ‘Pocket Money’. You must answer all questions in detail.
You have 10 minutes!
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Activity 2
Swap your answers with the person next to you. Think about the following questions:-Do they have the same answers? Are they different ? Why are they different?
You have 5 minutes!
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Activity 3
You need to get into groups of 4. Your team will be given £40.00 pounds pocket money and within your group you must decide what you are going to do with it. You have 4 options to choose from:
Spend it on sweets and fizzy drinksDivide it up equally and buy something they each want e.g. a toy, a top etc.Go out for the day as a group somewherePut the money in a bank to save it for later.
Once each group has decided what they would do with the money you must write down the reason why you have chosen that option.
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Feedback time
Was the choice an easy choice or hard choice?
Did everyone agree to the decision or were there a lot of disagreements?
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Spending money
Spending money follows into two categories:Need - a need is something you need to survive the real world like food and drink.Want - a want is something we would like to have e.g. a video game, DVDs, etc. A want will enhance our lives and make it more enjoyable but is not absolutely necessary!Some items can fall into both categories - for example clothes. We need clothes to stay warm but we don’t need to get lots of designer clothes.
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Pros and cons to saving money
Pros Cons
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Pros and cons to saving money
ProsYour money builds upYou can buy nicer things as you will have more money to spend
If it is in a bank it will gain interest (this is where the bank gives you a small amount of money)Save for emergencies
ConsYou don’t get to spend the money right awayYou have to wait for the item you want to buyA savings account typically comes with a low interest rate (so you don’t get much money back from the bank for saving your money with them)
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Fun fact for pupils:-
In a survey taken by Santander, 94% of kids aged between 11 and 16 save money, with an average saving of £336 a year. They are seen as better savers than their parents.
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Plenary
You need to complete the worksheet called “What sort of spender are you?”
You have 3 minutes!
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AnswersA answers – if you answered A for both questions you are a frivolous spender. You need to do the following:
Recognise your spending behaviour and change it immediately so you don’t fall into the financial disaster category.Learn some self-discipline, try to be a window shopper instead to save the pennies!!Go and open a savings account straight away!!
B answers – if you answered B to both questions then you are a smart spender, you do look for those bargains - well done! You should pass on your wisdom to others and help them.C answers – if you answered C to both questions you are known as a penny – pincher. You will need to consider the following:
Time to loosen the purse strings a little bit.It’s important to enjoy your hard earned money sometimes, don’t feel guilty having some fun!