Money

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Teaching and Learning Proforma -
MONEY! MONEY! MONEY!

(Children will be aware of the importance of budgeting, banking and finance in their lives.)

Intended Outcomes:

Co-operative learning strategies to be modelled and practised.

Children will understand why a monetary system was developed and the problems that arose with bartering.

Children will be made aware of the value of working, budgeting and banking.

Financial terms to be taught and used by children.

The reason for taxation, superannuation, union fees and health insurance to be understood.

Engaging students:

Brainstorming -
Banking - what do we know?
Why should I save?
What is a budget and why should I keep within one?
Bartering - What do I know? Children will engage in bartering role play.
What problems arise from bartering?
Lesson plans - http://www.curriculum.edu.au/download.lesspln.dollars.htm
http://www.curriculum.edu.au/download.lesspln.trade.htm

Wordsearch. Activity sheet.

Refining (students’ questions, ideas and teacher’s intentions):

In groups children will build a tower with a set amount of equipment and are allowed to barter with other groups for more. Discuss problems that arose.

Consider 'survival without money'. Students suggest alternatives to the use of notes and coins and state how this would alter their daily lives eg how could they pay the teacher?

Explanation of various banking terms.

Extending:

Children will be paid $500 a week in Monopoly money. Deducted from this will be taxation, superannuation, health insurance, union fee, rent, food and transport costs. The teacher is the 'government' paying the employees. After each child is initially given their wallet with $500 in it a discussion session will be held to explain why all the deductions take place and for what the money is used. Each week children will be asked again why they pay taxation, superannuation, health insurance and union fees. After these deductions have taken place children will find they have less than $200 take home pay.

Children will have the opportunity to save their money in a passbook account (they will all be issued with a passbook and account number) or in an ATM (old BBC computer set up inside a box). Each child will have a PIN (which is explained) and their own card to operate the machine. The program (devised by my son) makes it's own sounds and displays messages for the children to read and follow. The children can only deposit into the machine at this stage so we call this a term deposit account. They must make sure they don't put all their money in the ATM and keep enough in their passbook account to pay any bills as these arise occasionally eg hydro, car registration, car repairs, telephone. To operate their passbooks they will learn how to fill out withdrawal and deposit forms accurately. Children will train to be tellers and try and balance at the end of the day. The ATM has to be cleared daily also.

Children can earn overtime or rewards by doing certain tasks. They can also be fined for breaking rules (the law).

I usually continue this unit for about 8 weeks or longer if the children are enjoying it.

Other activities will include

Language -    You were given a million dollars and spent it all in one day. Explain what you                           spent it on.
                    Be a television reporter! Think of five questions to ask the world's richest                          person and write down the answers to those questions.
                    Be a bank robber! You have been caught and you are in gaol. Write a letter to                          your friend, explaining how and why you did such a terrible thing.
                    Select a money word and write it downwards and then write a related word or                          synonym after each letter.
                    Defining words.
                    Spelling list of money words.
                    Alphabet hunt for money words.
Maths -         Using an ATM. Using withdrawals and deposits in passbooks. Interest will be given.
                    Spending $1000 from junk mail.
                    Various maths problems
Technology - Children will design a new $5 coin.
SOSE - Research one of the noted Australians on a bank note.
LOTE - Discuss currencies in other countries.
Art - Collage of ways of earning money.

Reflecting on what we have learnt

Children will write answers to questions on a financial report. Questions will include banking terms and to find out how much importance they place on budgeting.

They will also find out how much they have saved over the period of time. They will add up their ATM savings, passbook savings, any cash they have and superannuation.

Teaching Resources:

Budgeting, Buying and Banking Produced by the Australian Bankers' Association in conjunction with the Victorian Commercial Teachers' Association