Helping young people learn to think, choose, and make better
economic and financial choices in a global economy
Laura Ewing
President/CEO
1801 Allen Parkway,
Houston, TX 77019
P: 713.655.1650
F: 713.655.1655
laura@economicstexas.org
Cindy Manzano
Director of Smarter Texas
1801 Allen Parkway,
Houston, TX 77019
C: 713.503.5338
F: 713.655.1655
cindy@economicstexas.org
www.economicstexas.org
www.smartertexas.org
1
Financial Fitness For Life
– Spiraled Curriculum
• Kindergarten – Grade 2
• Grades 3 – 5
• Grades 6 – 8
• Grades 9 – 12
Financial Fitness for Life CDs provided by Council for
Economic Education
2
• Free lessons for grades 4-8
– Full 5E lesson for each PFL TEKS
– Lessons for grades 4-6 funded by
– Lessons for grades 7-8 funded by
– www.smartertexas.org under Resource tab
3
1) www.smartertexas.org
2) Choose: Resource Tab
3) Choose: PFL Test Resources
Level
Password
3
Verna68
4
5
Meyer1969
Fisher1970
If you have any difficulty, accessing the files or have
any questions about the tests or stipends, please
contact Cindy at cindy@economicstexas.org
4
The TCEE programs are made possible by the following TCEE partners.
EnviroChem
Services, Inc.
John Anderson
Trout
Foundation
copyDR.
Less B. Fox
RBC Wealth Management
To build financial
capability, what
knowledge and skills do
students need to
understand?
6
What are some
misconceptions elementary
children have about money?
7
3-5 Resource
8
9
FFFL: Lesson 4
The Grasshopper and the Ant
10
Listen for these words:
•
•
•
•
•
•
•
Borrow
Spend
Save
Earn
Bank
Interest
Opportunity cost
11
Write down everything
you want.
12
• The next-best alternative that is given up
when a choice is made.
Opportunity cost:
13
Opportunity Cost
• Sofia must decide whether to finish her
math assignment or read a book right after
dinner. If she chooses her limited time to
do the math assignment, what is her
opportunity cost?
14
Opportunity Cost
• Maurice must decide whether to put books
or gym shoes on the shelf in his locker. If
he chooses to use the shelf space for books
what is his opportunity cost?
15
When have you had to make a
choice due to limited time, limited
space, or limited money?
• Use the phrase “opportunity cost” to describe
your situation.
• Why did you choose one alternative over the
other?
• What influenced your choice?
Opportunity Cost
16
Let’s read The
Grasshopper and the Ant
17
•
•
•
•
•
What is spending?
What is savings?
What was the ant’s messagethe moral of the story?
What does this message mean to you?
How did the ant earn the money she was putting in
the bank?
The Ant
18
• Think of time you made a choice, like the grasshopper,
and later wished that you hadn’t made that choice.
The Grasshopper
19
• Where did the ant save her money?
• How did the ant explain the concept of interest to the
grasshopper?
• Why didn’t the grasshopper understand what the ant was
saying about interest?
20
Banks pay interest
21
• What did the ant say we give up when we
spend?
• What did the ant call the next-best
alternative that is given up when a choice
is made?
• What did the ant say the bank pays her to
save?
• What is interest?
Closure
22
FFFL: Lesson 5
Savings Starts with Wanting More
23
• Math PFL 3.9A: explain the connection between human
capital/labor and income
• Math PFL 3.9E: List reasons to save and explain the
benefit of a savings plan, including for college
• Math PFL 3.9F: Identify decisions involving income,
spending, saving, credit, and charitable giving
• Math PFL 4.10C: Compare the advantages and
disadvantages of various savings options
• Math PFL 4.10E: describe the basic purpose of financial
institutions, including keeping money safe, borrowing
money, and lending
• Math PFL 5.10D: Develop a system for keeping and using
financial records
FFFL: Lesson 5
24
•
•
•
•
•
•
Savings
Goals
Interest
Goods
Services
Opportunity cost
Vocabulary
25
• Repairing a bicycle
• Grooming a dog
• Watching a movie
Goods and Services
26
Saving Starts with Wanting
More
27
Sources of income
28
Chores as a source of
income
29
• Where can students keep their
savings?
• Do you decide whether or not you
will save money, or do your parents
make that decision for you?
• Why do you save?
Saving Money
30
Goal
31
Setting goals for your
money
32
1.
2.
3.
4.
Fold a blank sheet of paper along the
shortest line of symmetry.
Write your name on the top right.
Write “My Savings Plan” on the front
cover.
Decorate cover page only.
My Savings Plan
33
1. Set a Goal
2. Calculate a Savings Plan
3. Where Will I Save My Money?
My Savings Plan
34
• Is your savings target realistic?
• Can you really set that amount of money
aside each week or month?
• What can you do if the targeted amount is too
much or too little?
• What will you give up by saving the targeted
amount each week or month?
My Savings Plan
35
Pair students up to discuss the
following:
• Explain your savings plan.
• Decide where you will keep your
money.
Making Decisions
36
37
• Rodrigo put his birthday money into
his account.
• Rodrigo wrote a check to pay the vet
bill.
• Rodrigo used his debit card to get
money out of his account.
• The bank pays you $1.25 in interest.
Deposit or Withdrawal
38
39
in
out
Savings Account Register
40
Savings Account Register
41
Savings Account Register
42
Savings Account Register
43
Assessments:
44
• Choose your partner.
$100,000 Pyramid Game
45
• Goal
• Services
• Withdrawal
• Opportunity cost
• Interest
Game 1
46
• Bank
• Income
• Borrow
• Earn
• Deposit
Game 2
47
TCEE: Grade 4, Lesson 1
Not Enough Bucks
48
TCEE created lesson
Grade 4, Lesson 1
• PFL Math 4.10A: distinguish
between fixed and variable
expenses
Not Enough Bucks
49
• Fixed expenses are those expenses
that remain the same each week or
month.
• Variable expenses are those
expenses that vary from week to
week or month to month.
Expenses
50
TCEE: Grade 4, Lesson 2
Ideas for Raising Profit
51
TCEE created lesson
Grade 4, Lesson 2
• PFL Math 4.10B: calculate profit
in a given situation
Ideas for Raising Profit
52
Capital Elementary School is getting ready
to begin a fundraiser to buy additional
playground equipment for their school. Mr.
Cash’s fourth grade class has asked if they
could work together to help with the project.
53
•
•
•
•
•
Penny
Buck
Richey
Bill
Mr. Cash
Reader’s Theater
54
• What are some of the things each team will
need to consider before you can put your
fund raising plan into effect?
55
• Assign each group a fund raising project.
• Create a supply list needed to carry out
your fund raising project.
56
• Which items can be borrowed or donated?
• Circle items to purchase.
57
• Expenses –
• Revenue –
• Profit –
Vocabulary
58
• Expenses – cost for supplies
• Revenue –
• Profit –
Vocabulary
59
• Expenses – cost for supplies
• Revenue – total amount each project earns
• Profit –
Vocabulary
60
• Expenses – cost for supplies
• Revenue – total amount each project earns
• Profit – revenue minus expenses
Vocabulary
61
Yesterday my neighbor bought a birdhouse
that I made. I spent $1.50 for wood and 25¢
for nails to make the birdhouse. I already
had glue and paint. My neighbor
gave me $5.00 for the birdhouse. How
much profit did I make?
• profit = revenue – expenses
Profit
62
Activity 4.2-2
63
• Which fundraiser would you do?
Why?
Closing
64
TCEE: Grade 5, Lesson 1
The Case of the Disappearing Paycheck
65
TCEE created lesson
Grade 5, Lesson 1
• PFL Math 5.10A: define income tax,
payroll tax, sales tax, and property tax
• PFL Math 5.10B: explain the difference
between gross income and net income
The Case of the
Disappearing Paycheck
66
• Write any word or phrase or draw
a picture on each chart paper to
show what you know about each
tax.
Word Splash
67
• Create a tax flipbook
• Number 1-4
• Move to your number
The Case of the
Disappearing Paycheck
68
•
•
•
•
Group 1 will become experts on income tax.
Group 2 will become experts on payroll taxes.
Group 3 will become experts on sales tax.
Group 4 will become experts on property tax.
The Case of the
Disappearing Check
69
• Read the section about your tax category.
• Discuss the important points about your tax
category.
• Create a visual on chart paper that
communicates the important information
about your assigned tax.
• Plan your presentation.
The Case of the
Disappearing Paycheck
70
• What points will you write in your flipbook?
• Now that you know more about taxes, where
does the money come from that one uses to
pay taxes?
The Case of the
Disappearing Paycheck
71
• Here’s what Mr. Cash made in a one week
period. He worked 40 hours and made
$14.50 per hour. This means that he
earned $580.00 that week. His federal
withholding tax was $47.00, Social
Security tax paid was $35.96, and his
Medicare tax contribution was $8.41.
The Case of the
Disappearing Paycheck
72
• How much did Mr. Cash pay in taxes that
week?
• What was his final net income?
• How did you determine his net income?
The Case of the
Disappearing Paycheck
73
TCEE: Grade 5, Lesson 4
Money In, Money Out
74
TCEE created lesson
Grade 5, Lesson 4
• PFL Math 5.10E: describe actions that
might be taken to balance a budget when
expenses exceed income
• PFL Math 5.10F: balance a simple
budget
Money In, Money Out
75
Handsonbanking.org
76
Column A
Weekly Income
Source
Amount
Column B
Weekly Expenses
Item
Amount
77
Column A
Weekly Income
Source
Amount
allowance for
household chores
Column B
Weekly Expenses
Item
Amount
$10.00
78
Column A
Weekly Income
Source
Amount
allowance for
household chores
$10.00
mow the yard
$15.00
Column B
Weekly Expenses
Item
Amount
79
Column A
Weekly Income
Source
Amount
allowance for
household chores
$10.00
mow the yard
$15.00
bathe the dog
$5.00
Column B
Weekly Expenses
Item
Amount
80
Column A
Weekly Income
Source
Amount
allowance for
household chores
$10.00
mow the yard
$15.00
bathe the dog
$5.00
Column B
Weekly Expenses
Item
Amount
dues for Scouts
$2.00
81
Column A
Weekly Income
Source
Amount
Column B
Weekly Expenses
Item
Amount
allowance for
household chores
$10.00
dues for Scouts
$2.00
mow the yard
$15.00
college savings
$5.00
bathe the dog
$5.00
82
Column A
Weekly Income
Source
Amount
Column B
Weekly Expenses
Item
Amount
allowance for
household chores
$10.00
dues for Scouts
$2.00
mow the yard
$15.00
college savings
$5.00
bathe the dog
$5.00
cell phone
$5.00
83
Column A
Weekly Income
Source
Amount
Column B
Weekly Expenses
Item
Amount
allowance for
household chores
$10.00
dues for Scouts
$2.00
mow the yard
$15.00
college savings
$5.00
bathe the dog
$5.00
cell phone
$5.00
entertainment
$10
84
Column A
Weekly Income
Source
Amount
Column B
Weekly Expenses
Item
Amount
allowance for
household chores
$10.00
dues for Scouts
$2.00
mow the yard
$15.00
college savings
$5.00
bathe the dog
$5.00
cell phone
$5.00
entertainment
Total:
$10
$30.00
85
Column A
Weekly Income
Source
Amount
Column B
Weekly Expenses
Item
Amount
allowance for
household chores
$10.00
dues for Scouts
$2.00
mow the yard
$15.00
college savings
$5.00
bathe the dog
$5.00
cell phone
$5.00
entertainment
Total:
$30.00
Total:
$10
$22.00
86
Column A
Weekly Income
Source
Amount
Column B
Weekly Expenses
Item
Amount
allowance for
household chores
$10.00
dues for Scouts
$2.00
mow the yard
$15.00
college savings
$5.00
bathe the dog
$5.00
cell phone
$5.00
entertainment
$10.00
saving for basketball
shoes
Total:
$30.00
Total:
$22.00
87
Column A
Weekly Income
Source
Amount
Column B
Weekly Expenses
Item
Amount
allowance for
household chores
$10.00
dues for Scouts
$2.00
mow the yard
$15.00
college savings
$5.00
bathe the dog
$5.00
cell phone
$5.00
entertainment
$10.00
saving for basketball
shoes
$16.00
Total:
$30.00
Total:
$22.00
88
Column A
Weekly Income
Source
Amount
Column B
Weekly Expenses
Item
Amount
allowance for
household chores
$10.00
dues for Scouts
$2.00
mow the yard
$15.00
college savings
$5.00
bathe the dog
$5.00
cell phone
$5.00
entertainment
$10.00
saving for basketball
shoes
$16.00
Total:
$30.00
Total:
$22.00
89
Column A
Weekly Income
Source
Amount
Column B
Weekly Expenses
Item
Amount
allowance for
household chores
$10.00
dues for Scouts
$2.00
mow the yard
$15.00
college savings
$5.00
bathe the dog
$5.00
cell phone
$5.00
entertainment
$10.00
saving for basketball
shoes
$16.00
Total:
$30.00
Total:
$22.00
$38.00
90
• Fixed expenses are those expenses
that remain the same each week or
month.
• Variable expenses are those
expenses that vary from week to
week or month to month.
Expenses
91
Column A
Weekly Income
Source
Amount
Column B
Weekly Expenses
Item
Amount
allowance for
household chores
$10.00
dues for Scouts
$2.00
mow the yard
$15.00
college savings
$5.00
bathe the dog
$5.00
cell phone
$5.00
entertainment
$10.00
saving for basketball
shoes
$16.00
Total:
$30.00
Total:
$22.00
$38.00
92
Column A
Weekly Income
Source
Amount
Column B
Weekly Expenses
Item
Amount
allowance for household
chores
$10.00
dues for Scouts - f
$2.00
mow the yard
$15.00
college savings - f
$5.00
bathe the dog
$5.00
cell phone - f
$5.00
Entertainment - v
$10.00
saving for basketball
shoes
$16.00
Total:
$30.00
Total:
$22.00
$38.00
93
Column A
Weekly Income
Source
Amount
Column B
Weekly Expenses
Item
Amount
allowance for household
chores
$10.00
dues for Scouts – f
$2.00
mow the yard
$15.00
college savings – f
$5.00
bathe the dog
$5.00
cell phone – f
$5.00
entertainment – v
$10.00
$2.00
saving for basketball
shoes – v
$16.00
Total:
$30.00
Total:
Jordan can reduce his
entertainment from $10 to $2 for
5 weeks.
$22.00
$38.00
94
$30.00
95
96
• How would you describe a budget?
• Why is having a budget important?
• What may happen if you do not stick
to your budget?
Evaluate
97
We’ve worked on Jordan’s budget
together to make sure he has a balanced
budget. Now it’s your turn to help
Ginger.
Ginger’s Budget
98
• You must have at least $30.00 weekly income. No more
than $15.00 can be allowance. You must show jobs that
you can do and would be willing to do every week.
• You must save at least $5.00 of your weekly income in
a college savings plan.
• You must share/donate some of your income with
others.
• You must spend some of your money. Your spending
must be reasonable for someone your age.
• Your expenses may not exceed your income.
Plan a weekly budget for yourself.
99
• The Mint Kids –
http://themint.org/kids/determiningyour-budget.html
Extension
100
• Students may create a skit about the
Budgee twins, Spender and Saver. As
their names imply, Spender likes to
spend money while Saver prefers to
save his money. The skit should
illustrate problems that arise when one
does not have a balanced budget.
Extension
101