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Students are introduced to the idea of delayed gratification and keeping money safe.
Have you ever seen a toy you really wanted, but your pockets were empty? What if you could grow your money like a plant until it was big enough to buy that toy?
When you get money, you have a choice. You can spend it right now, or you can save it. Saving means keeping your money in a safe place so you can use it at a later time. It is like a 'wait and see' plan for your coins and bills. Instead of buying a small snack today, you keep that money for something else tomorrow!
Quick Check
What do we call it when we keep our money to use another day?
Answer
Saving
Why do we wait? We save because some things cost a lot of money! These are called big wants. If a toy costs dollars and you only have dollar, you cannot buy it yet. But if you save your dollar every time you get one, soon you will have enough! Saving helps you reach a goal.
Leo wants a toy car that costs dollars. 1. Leo gets dollar for helping clean his room. 2. Instead of buying candy, he puts the dollar in a jar. 3. He does this times. 4. Now he has dollars! Leo can buy the car.
Quick Check
Why would someone save money instead of spending it all right away?
Answer
To buy something bigger or more expensive later (a big want).
If you leave your money on the floor or in your pocket, it might get lost. To save, you need a safe place. At home, many children use a piggy bank. It is a special container with a small slot for coins. For grown-ups or for very large amounts of money, people use a bank. A bank is a strong building where people work together to keep everyone's money safe.
Maya has three coins. Where should she put them to keep them safe for next week? 1. On the playground? No, they might get lost in the grass. 2. In her hand? No, her hand might get tired or she might drop them. 3. In her piggy bank? Yes! It has a lid and stays in her room.
Imagine you have dollars. You want a book that costs dollars. 1. How much more money do you need? You need more dollars. 2. If you save dollar every week, how many weeks will it take to reach your goal? 3. It will take weeks of saving to get the extra dollars!
What is the best definition of saving?
Which of these is a safe place to save your money?
If you save your money, you can buy something that costs more later.
Review Tomorrow
Tomorrow, try to remember the two 'B' words that are safe places for money (Hint: Bank and ...).
Practice Activity
Find an empty jar or box at home. Decorate it and label it with one 'Big Want' you would like to save for!