Module 1:Basics of banking[]
Math standards covered in this module include:[]
Understand the place-value structure of the base-ten number system and be able to represent and compare whole numbers and decimals • develop fluency in adding, subtracting, multiplying, and dividing whole numbers • select appropriate methods and tools for computing with whole numbers from among mental computation, estimation, calculators, and paper and pencil according to the context and nature of the computation and use the selected method or tools.
Social studies standards covered in this module include:[]
Ia. explore and describe similarities and differences in the ways groups, societies, and cultures address similar human needs and concerns; IIIj. observe and speculate about social and economic effects of environmental changes and crises resulting from phenomena such as floods, storms, and drought; IVd. show how learning and physical development affect behavior; IVe. identify and describe ways family, groups, and community influence the individual’s daily life and personal choices; IVg. analyze a particular event to identify reasons individuals might respond to it in different ways; IVh. work independently and cooperatively to accomplish goals; Vci. identify examples of institutions and describe the interactions of people with institutions; Vf. give examples of the role of institutions in furthering both continuity and change; VIa. examine the rights and responsibilities of the individual in relation to his or her social group, such as family, peer group, and school class; VIc. give examples of how government does or does not provide for needs and wants of people, establish order and security, and manage conflict; VIIb. distinguish between needs and wants; VIId. give examples of the various institutions that make up economic systems such as households, business firms, banks, government agencies, labor unions, and corporations; VIIf. describe the influence of incentives, values, traditions, and habits on economic decisions; VIIg. explain and demonstrate the role of money in everyday life; X. identify and practice selected forms of civic discussion and participation consistent with the ideals of citizens in a democratic republic.
Vocabulary words:[]
BankA place where you can deposit money to keep it safe, borrow money, and invest money.
Credit unionSimilar to a bank, a credit union is a non-profit organization that serves a specific group of people.
MoneyA specific currency issued by each country that people exchange for goods or services.
BarterA way to trade a good for another good without using money (such as trading corn for a cow).
wantSomething that you want to buy or own, but you don’t need for your survival.
NeedSomething that you need to buy or have in order to survive, such as food, housing, and transportation.
Lesson: Basics of banking[]
Begin by asking students what they think about money. This should be a discussion that you lead.
Draw a brain map on the board to illustrate how the conversation progresses. Start with a central bubble in the middle (what is money?) with lines and bubbles leading out from it including other concepts and ideas we will cover in the discussion.
You can ask prompts such as:
->What is money?
->What did people use before money? Explain bartering
->Where does money come from? Explain that the government prints money through the treasury
->Why do we need it?
->How do you feel about it?
->What was the last thing you bought?
->What was the last thing your mom or dad bought?
->Why did you buy it? How did you get the money to buy it?
->Was the item you purchased a want or a need?
Notes :
...........................................................................
...........................................................................
...........................................................................
...........................................................................
...........................................................................
...........................................................................
...........................................................................
...........................................................................
-> HOPE Corps volunteer tip: If students offer an answer that isn’t quite right, try to lead them in theright direction through prompts.
From here, distinguish between a want and a need. Give them examples of each—for instance, a bus pass is a need because people need it to go to school or work, while a new video game is a want because students don’t need it to survive. Have students brainstorm about the two words, and write their concepts on the board.
You can approach this in a number of ways, including
->Write down each student’s purchase on the board and,after you’ve discussed it, decide whether it is a want or a need. Label W or N next to each item.
->Have students break up into groups of 3 or 4 to decide whether each item is a want or need. Visit each group to discuss and make sure that they’re on the right track.
->Have students add up whether the majority of things that they’ve bought have been wants or needs. Talk about how their needs are provided for. Make a list of all the items that are needs in their lives (these should include things like house or apartment/somewhere to live; food; water; transportation; safety (such as through having insurance or having an emergency preparedness kit). When talking about the emergency preparedness kit, mention BOOF’s Emergency Financial First Aid Kit (EFFAK), which helps to organize and file key financial records, legal documents, and household files in case there’s an emergency.
->You can also talk about how some needs—such as being loved or having friends and family—cannot be bought, and other needs—such as food and shelter—can.
->Have students break up into small groups. Provide them with old magazines or newspapers. Have them cut out different pictures or words and glue/tape these words or mages onto separate pieces of papers. One paper should be labeled want and one should be labeled need
Want: mp3 player Need: health insurance
->HOPE Corps volunteer tip: You can’t be everywhere at once — encourage your students to discuss a problemas a group to see if they can determine the answer themselves.
After this, discuss how we get money. Distinguish between money that you earn and money that you are given, such as an allowance or a gift. You can also discuss money that students’ parents get through credit cards or a loan to purchase big-ticket items, such as cars and homes.
HOPE corps volunteer worksheet:[]
Answer key:
........................................................................................................................................
1. Circle all of the money that Gabe was given as a gift. What is the total amount of
money that was a gift?
Circle: Birthday check from Grandma Kay $20.00;Birthday check from Auntie Ella $15.00. Total gifted money: $35.00
..........................................................................................................................................
2. Underline all of the money that Gabe earned. What was the total amount of money that Gabe earned from working?Underline: Money for cleaning the garage $10.00; Money for walking my little sister to soccer practice for 1 week $5.00; Money for washing my dad’s car $5.00; Money for planting my grandma’s flower garden $7.00. Total earned money: $27.00
.........................................................................................................................................
3. What is the total amount of money when you add the money that Gabe received
as a gift and the money that Gabe earned?$62.00
............................................................................................................................................
4. What does it mean to earn money?Earned money is money that you make by completing a job or a task for someone.
.............................................................................................................................................
5. Have you ever earned money? What did you do to get this money?Answers will vary...
.............................................................................................................................................6. Gabe wants to buy a new video game with the money he earned and was given for his birthday. It costs $30.00, including tax. Gabe wants to put the rest of the money in the bank. After he buys the video game, how much money will he have left?$32.00
..............................................................................................................................................
7. Can you think of other ways that you can earn money? Write these ways down.Answers will vary. May include: babysitting; doing chores for mom or dad, weeding garden, running errands, cleaning house, walking dog, washing car, helping parents, mowing lawn, etc
HOPE Corps volunteer tip: Even though students have calculators, encourage them to do the calculations withpen and paper to practice their math skills
1. Circle all of the money that Gabe was given as a gift.What is the total amount of money that was a gift?
...............................................................................................................................................2. Underline all of the money that Gabe earned. What was the total amountof money that Gabe earned from working?
................................................................................................................................................3. How much is the total of gifted and earned money?
................................................................................................................................................4. What does it mean to earn money?
................................................................................................................................................
5. Have you ever earned money? What did you do to get this money?
................................................................................................................................................
................................................................................................................................................
................................................................................................................................................6. Gabe wants to buy a new video game. It costs $30.00, including tax. Gabe wants to put the rest of the money in the bank. After he buys the video game, how much money will he have left?
................................................................................................................................................
7. Can you think of other ways that you can earn money? Write these ways down
.................................................................................................................................................
.................................................................................................................................................
Game: learn it and earn it![]
Have students split up into groups of 4 to 5. Explain that by answering a question correctly, each team will get to draw an Earn it! card from the pile that you’re holding. The questions are drawn from material that they’ve learned in the lesson that day.
Questions:1. What is a bank?A place where you can deposit money to keep it safe, borrow money, and invest money.
..................................................................................................................................................2. What type of institution is similar to a bank but is a non-profit that serves a specific group of people?Credit union
...................................................................................................................................................3. What does bartering mean?Exchanging one good for another.
....................................................................................................................................................
4. Where does money come from?The government prints and regulates it.
....................................................................................................................................................
5. You got a check from your dad for your birthday. Is this money a gift or money that you earned?Gift
.....................................................................................................................................................
6. Say that you mowed four lawns in your neighborhood. Each person paid you $5 for each lawn. How much did you earn?$20.00
......................................................................................................................................................
7. Uh-oh! Your dog dug a hole in your neighbor’s yard. You have to pay him ten dollars from the money that you earned for mowing those lawns. If you earned $20, how much money do you have left after paying him?$10.00
.......................................................................................................................................................8. Say that you really want to see a new summer superhero movie. Is this a want or a need?Want
........................................................................................................................................................9. Your sister has to get eyeglasses. Is this a want or a need?Need
.........................................................................................................................................................10. Your father said that if you earned fifty dollars, he would contribute an equal amount of money towards buying a bike. How much money is your dad going to contribute? $50.00
...........................................................................................................................................................
11. The bike costs $300.00. How much more money do you need to earn, after the $50 you earned and the money that your dad contributed?$200.00
............................................................................................................................................................
............................................................................................................................................................
12. You agree to help your little sister with her homework to earn the rest of the money for the bike. You need $200.00 more. Your mom will give you $5.00 for every hour that you help your sister. How many hours will you need to work to make the $200.00?40 hours
.............................................................................................................................................................
13. Your friend has to go to the doctor because he has an ear infection. Is this a want or a need?Need
..............................................................................................................................................................
14. You will use your bicycle to get back and forth to school. Is the bike a want or a need? Explain.Need. You need your bike for transportation to school, just like people need a bus pass or a car to get to work.
..............................................................................................................................................................
15. Your big sister doesn’t want to open a bank account. She says she’ll save her money in a bag under her bed instead. Explain why this isn’t a good idea.Her money could be lost or stolen, or the dog might eat it. You can also explain that it is also harder to save your money when it’s under your bed, because you’ll be tempted to spend it.
..............................................................................................................................................................
Learn it and earn it! game cards[]
The cards should be cut out so there are 15 separate cards to match the 15 questions. You can stack them on a chair beside you or hand one to a student when he or she comes up to get one after answering a question correctly)
After all of the cards have been picked, have students tally the amount of money that they’ve earned.End the session by thanking the students for being such good listeners and for learning so much about money in such little time. If you have time you can review some of the vocabulary words, concepts, or important points you covered verbally
