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The Mini Page — 2008 Activities
Financial Literacy
Issue 44
Nov. 1-7
This week's standards:
- Money makes it easier to trade, borrow, save, invest and compare the value of goods and services.
(Economics: Role of Money)
- Banks are institutions where people save money and earn interest, and where other people borrow money and pay interest. (Economics: Role of Institutions)
Activities:
1. What coins and $1 bills would you use to buy something you wanted? Cut out newspaper pictures of three things you would like to have. Choose items that cost less than $5. Paste your pictures on pieces of paper. Under each picture, draw the coins and/or $1 bills you would need to buy that item.
2. Create a series of "needs" and "wants" trading cards. Cut out newspaper pictures and words for things you really need to live (food, shelter, clothing) and things you'd like to have (games, electronic items). Paste one picture or word on a 3-by-5-inch card. On the back, write either "need" or "want." Have friends separate the cards into stacks of "Things I Need" and "Things I'd Like to Have."
3. Show how you can budget your money. Pretend your parents have given you $50 to spend for a party with six of your friends. Use the store ads in the newspaper to find items you would buy for the party. List each item and its price. Keep your budget under $50.
4. We save money for short-term and long-term goals. Find five items in the newspaper that would be short-term goals and five that would be long-term goals. Explain why you selected each item.
5. Conduct a survey of adult family members and friends. Ask them to discuss how they make decisions about when to pay cash and when to put something on a credit card. What types of bills do they pay in full each month and what types do they pay over time? Ask for their advice for saving and spending money. Write a paragraph discussing what youčve learned from the people you interviewed.
Standards by Dr. Sherrye D. Garrett, Texas A&M University-Corpus Christi
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