Save It or Spend It? Your First Piggy Bank Choice
Imagine your grandma gives you 5 shiny dollar coins for your birthday. You see a toy robot at the store for $5. Do you buy it right now, or do you put the coins in your piggy bank and wait? That one small choice is the very first money decision every person learns to make.
What You'll Learn
- Tell the difference between 'saving' and 'spending' - Explain why waiting to buy something can be a smart choice - Sort wants from needs - Count coins to make a simple saving goal
Saving Means Waiting on Purpose
Saving is when you keep your money instead of spending it right away, because you're waiting for something bigger or better. If you save 2 dollars every week, after 5 weeks you'll have 10 dollars — enough for a bigger toy than you could buy today! A piggy bank is a great tool because it's just for your money, and every coin you drop in makes a little clink that reminds you it's growing.
Wants vs. Needs
A need is something you must have to stay healthy and safe, like food, a warm coat, or a place to sleep. A want is something fun to have but you could live without it, like a video game or candy. Grown-ups have to pay for needs first, and then decide what wants they can afford.
Try labeling three jars: Save, Spend, and Share. Every time you get money, split it between the three jars. This is a trick real families use to plan their money!
Maria wants a $12 book. She has $4 now and gets $2 every week for chores. How many more weeks does she need to save?
Which of these is a NEED, not a want?
Build a Savings Goal Chart
Pick something you'd like to save for that costs between $5 and $15. Draw a chart with boxes for each dollar you need. Every time you save $1, color in one box. Bring your finished chart to show when all the boxes are colored in.
Flashcards — click each card to reveal the answer
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