ALEX Lesson Plan


Money Management

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  This lesson provided by:  
Author:Laura Schmidt
  General Lesson Information  
Lesson Plan ID: 2298


Money Management


This month-long experience educates students in differentiating between needs and wants, how to budget resources, and to gain an understanding of the workings of a capitalist society.

 Associated Standards and Objectives 
Content Standard(s):
English Language Arts
ELA2015 (2015)
Grade: 2
24 ) Write narratives in which they recount a well-elaborated event or short sequence of events, include details to describe actions, thoughts, and feelings, use temporal words to signal event order, and provide a sense of closure. [W.2.3]

Alabama Alternate Achievement Standards
AAS Standard:
ELA.AAS.2.24- Compose narrative texts by introducing characters or a narrator and organizing events in sequence.

English Language Arts
ELA2015 (2015)
Grade: 2
25 ) With guidance and support from adults and peers, focus on a topic and strengthen writing as needed by revising and editing. [W.2.5]

English Language Arts
ELA2015 (2015)
Grade: 2
36 ) Demonstrate command of the conventions of Standard English capitalization, punctuation, and spelling when writing. [L.2.2]

a. Capitalize holidays, product names, and geographic names. [L.2.2a]

b. Use commas in greetings and closings of letters. [L.2.2b]

c. Use an apostrophe to form contractions and frequently occurring possessives. [L.2.2c]

d. Generalize learned spelling patterns when writing words (e.g., cage → badge; boy → boil). [L.2.2d]

e. Form uppercase and lowercase letters in cursive. (Alabama)

f. Consult reference materials, including beginning dictionaries, as needed to check and correct spellings. [L.2.2e]

MA2019 (2019)
Grade: 2
24. Solve problems with money.

a. Identify nickels and quarters by name and value.

b. Find the value of a collection of quarters, dimes, nickels, and pennies.

c. Solve word problems by adding and subtracting within one dollar, using the $ and ¢ symbols appropriately (not including decimal notation).

Example: 24¢ + 26¢ = 50¢
Unpacked Content
Evidence Of Student Attainment:
  • identify nickels and quarters.
  • find the value of a combination of coins.
  • solve word problems involving dollar bills, quarters, dimes, nickels, and pennies, using dollar and cent symbols appropriately.
Students know:
  • the value of pennies, nickels, dimes, and quarters.
  • ccounting sequence and skip counting by 1s, 5s, and 10s.
  • strategies for solving word problems.
Students are able to:
  • use problem solving strategies to solve word problems involving a variety of coins.
Students understand that:
  • a variety of strategies can be used to model and solve problems involving money.
  • mathematics procedures can be used to answer questions involving daily life situations.
Diverse Learning Needs:
Essential Skills:
Learning Objectives:
M.2.24.1: Determine the monetary value of a set of like and unlike bills.
M.2.24.2: Determine the monetary value of a set of like and unlike coins.
M.2.24.3: Apply addition and subtraction strategies.
M.2.24.4: Understand key words in addition and subtraction word problems involving money.
Examples: adding to, taking from, putting together, taking apart, sum, difference, all together, how much more, how much is left, in all, cents, dollar, change, paid, total.
M.2.24.5: Count forward from a given number by ones, fives, tens, and twenty-fives.
M.2.24.6: Identify coins and bills and their value.
M.2.24.7: Identify symbols for dollar ($), cent (¢).
M.2.24.8: Identify coins by name including penny, nickel, dime and quarter.
M.2.24.9: Sort pennies, nickels, dimes, and quarters.
M.2.24.10: Count 10 objects.
Examples: pennies and dollar bills.

Prior Knowledge Skills:
  • Count to 1-25.
  • Understand the concept of amount.
  • Pair the number of objects counted with "how many?"
  • Understand that the last number name tells the number of objects counted.
  • Pair a group of objects with a number representing the total number of objects in the group.
  • Count objects one-by-one using only one number per object.
  • Recognize that numbers have meaning.
  • Recognize numerals 1-25.
  • Communicate number words.
  • Point to matching or similar objects.
  • Identify a penny, dime, nickels, quarters by attributes (color, size).

Alabama Alternate Achievement Standards
AAS Standard:
M.AAS.2.24 Using vocalization, sign language, augmentative communication, or assistive technology, identify and demonstrate knowledge that money has value; limited to penny = 1 cent, nickel = 5 cents, dime = 10 cents.

MA2019 (2019)
Grade: 4
22. Use the four operations to solve measurement word problems with distance, intervals of time, liquid volume, mass of objects, and money.

a. Solve measurement problems involving simple fractions or decimals.

b. Solve measurement problems that require expressing measurements given in a larger unit in terms of a smaller unit.

c. Represent measurement quantities using diagrams such as number line diagrams that feature a measurement scale.
Unpacked Content
Evidence Of Student Attainment:
When given multistep word problems involving units of measure will,
  • Represent and solve world problems involving whole number measurements and require expressing measurements when given a larger unit in terms of a smaller unit.

  • Example: Given a picture frame which is 2 feet long and 8 inches wide, express the perimeter of the picture frame in inches.
  • Represent and solve word problems involving two measurements given in the same units, one a whole number measurement and the other a non-whole number measurement.

  • Example: Given a picture frame with dimensions 1/2 ft and 8 in, express the perimeter of the picture frame in inches.
  • Use visual representations to illustrate a measurement scale.
Note: Quantities are limited to expectations in grade 4 standards and operations will not include division of fractions or decimals.
Teacher Vocabulary:
  • Operations
  • Distance
  • Intervals of time
  • Liquid volume
  • Mass
  • Number line diagram
  • Measurement scale
Students know:
  • Relative sizes of units within one system of measurement.
  • Strategies to solve word problems involving the four operations.
  • Measurement units in the same system are multiplicatively related.
Students are able to:
  • Solve measurement word problems
  • Involving distance, intervals of time, liquid volume, mass, and money.
  • Involving measurement conversion of larger units to a smaller unit.
  • Involving simple fractions or decimals.
  • Using diagrams to represent measurement quantities and solutions.

Note: Quantities and operations are limited to grade 4 standard expectations.
Students understand that:
  • Relationships among units within a system of measurement are multiplicative comparisons.
  • The size of the unit of measurement and the number of units are inversely related.
  • Addition and subtraction of measurements require measurements in the same unit and that the common unit is maintained in the answer.
Diverse Learning Needs:
Essential Skills:
Learning Objectives:
M.4.22.1: Define distance, time, elapsed time, volume, mass.
M.4.22.2: Determine elapsed time to the day with calendars and to the hour with a clock.
M.4.22.3: Express liquid volumes and masses of objects using standard units of grams, kilograms, and liters.
M.4.22.4: Use addition, subtraction, multiplication and division to solve one- and two-step word problems.
M.4.22.5: Recognize key terms to solve word problems.
M.4.22.6: Recall basic facts for addition, subtraction, multiplication, and division.
M.4.22.7: Identify monetary equivalents.
Examples: four quarters equal one dollar, five one-dollar bills equals five dollars.

Prior Knowledge Skills:
  • Define liquid volume, mass, grams, kilograms, and liters.
  • Recognize how the standard units of measure compare to one another.
  • Identify key terms for word problems.
    Examples: Difference, altogether, in all, between.
  • Express the length of an object as a whole number of length units by laying multiple copies of a shorter object (the length unit) end to end; understand that the length measurement of an object is the number of same-size length units that span it with no gaps or overlaps.
  • Recall basic addition, subtraction, multiplication, and division facts.
  • Describe measurable attributes of objects such as length or weight. Describe several measurable attributes of a single object.
  • Compare equivalent units of time using hours and minutes.
    Examples: 60 minutes = one hour, 30 minutes = one half of an hour.
  • Recognize key vocabulary and/or phrases associated with time.
    Examples: Quarter 'til = 15 minutes before; half past the hour = 30 minutes after the hour M. 3.16.3: Compare the lengths of time to complete everyday activities.
    Examples: Brushing your teeth = about 2 minutes; riding the bus = about 20 minutes.

Alabama Alternate Achievement Standards
AAS Standard:
M.AAS.4.22 Using vocalization, sign language, augmentative communication, or assistive technology, tell time on a digital and analog clock (to the hour, half-hour, quarter hour).
M.AAS.4.22a Measure mass, volume, or lengths of an object when given a measurement tool.
M.AAS.4.22b Using vocalization, sign language, augmentative communication, or assistive technology, identify and determine the value of penny, nickel, dime, and quarter.

Local/National Standards:


Primary Learning Objective(s):

Students will understand the workings of a capitalist society. Students will gain practical experience in differentiating between needs and wants and determining how to budget income.

Additional Learning Objective(s):

Students will work together for individual as well as group benefit. Students will express thoughts and experiences in the form of a journal, to be used as a resource in writing a report of the completed unit on resource management. Students will keep an accurate timesheet for payroll purposes.

 Preparation Information 

Total Duration:

Greater than 120 Minutes

Materials and Resources:

The teacher will need to create a worksheet for listing student needs, wants and resources and daily timesheets for students to fill out, listing jobs completed. This will be the basis for their "pay." Teacher will need play money in small denominations in order to meet payroll. Each student will need an journal which will be kept daily. Teacher may create and allow students to decorate envelopes for "mail boxes" for each student. Notes and bills will be delivered to these by the "postman." It is suggested that the teacher read Judy Blume's newest book Double Fudge to the class before or during this money unit. Fudge becomes obsessed with money and some of the insights and observations of his family are worth considering.

Technology Resources Needed:

Computer with Internet access if having students do research online


Pose the question "What is a resource?" and moderate a discussion of this, as well as how to determine if something that is desired is a need or a want.

1.)Hold class discussion about the definition of needs, wants, and resources. Teacher may list on board and/or students may make a brief list in their journals. Assignment: worksheet asking students to identify 1 or 2 of their perceived needs, 1 or 2 things they just want, and what resources they have available to them to help attain these desires. Take home and bring back completed the next day.

2.)On day two have students share from their homework sheets on resources/needs/wants. Keep in journal. Explain that they are going to get to participate in an experiment to see how it might really be to have to meet your needs out of resources you earn.

3.)Explain the guidelines: school is their main job so they will be paid a set amount (all amounts determined by the teacher in advance)for showing up for work and being prepared (having homework completed, pencils or books needed, etc.) They will also all have rotating tasks assigned, such as, line leader, energy captain, message runner, clean-up crew (for end of the day spiffing and next-day prep), postman, and any other jobs appropriate to your classroom. Everyone should have equal opportunity to have a "special" job at some time during the length of this unit. Explain that when they do their jobs, they will be paid, as long as they document each day's work on the timesheet. (Timesheet can be a simple check off table where the student writes name & date at the top and checks all appropriate spaces.)From the wages earned students may pay taxes to support some jobs that benefit everyone (postman, clean-up crew, others as appropriate) and they may use their money to pay for extra library trips, extra computer time, extra bathroom trips, rent on desk space, snacks, replacement school supplies--whatever the teacher deems appropriate for each classroom.

4.)Students will each need mailboxes to receive pay, notes from each other, bills, and so forth. (The postman must have something to deliver!) Have students create an envelope or decorate a pre-prepared envelope to hang on their desk for a mailbox.

5.)Give out timesheets. Explain how to document their work. You may choose to have a "Quality Control" committee whose job it is to sign off that the timesheets are accurate and the assigned work was done to classroom standards.

6.)Assign jobs. Pull names from a hat, or whatever your favorite method is to assure everyone that the assignments are fair. Rotate jobs every few days or as needed to give everyone a chance to do a special job or two. Remember, SCHOOL is everyone's MAIN job, and all should receive pay for that. The extra jobs should be shared equally over the period of this unit.

7.)Give time at the beginning and/or end of each day (5-10 minutes max) to write a note to a friend or prepare a bill for someone to who they may have rendered an extra service--or to PAY bills if necessary (attach a note to the dollars "To Susie, for going back to get my sweater on the playground." These kinds of services and bills for such must have been mutually agreed upon. Payment for kindnesses to classmates should not be expected or solicited!

8.)Give time toward the end of EVERY day to write in journals. Students should record their thoughts and experiences, how they feel, what they would like to change, etc. The journals are required and will themselves be used as a resource in the assessment phase.

9.)When the unit time draws to an end, have the students add up how much money they have earned and spent over the time. Did they come out ahead or behind? Why do they think this happened? Could they have done anything differently and changed their financial outcome? Have this be their journal topic for today.

10.)Assign a reflective essay. Students should use their journal entries as resource material and create a rough draft, edit, and turn in a final draft. Students may hand write or use a word processor for the final draft. Ask them to address questions like, "Which jobs did you think were the best ones? The worst? Did anything seem unfair? Did people work together well or not? Do you think you are ready to be responsible for your own finances? To balance the resources and needs of a whole family? Is there anything from this unit that you would like to keep as a regular part of our class life?"

11.)As an adjunct to this unit, read Double Fudge by Judy Blume. This newest book about Peter and his little brother "Fudge" deals with Fudge's obsession with money. It's funny and timely. It will be a "lighter side" to the sometimes heavy responsibilities of dealing with finances!


Assessment Strategies

Reflective essay. Student must apply principles of grammar, use descriptive and narrative writing to clearly express thoughts, and write using legible manuscript or using proper typewritten form if produced on the word processor. In the essay student should discuss skills associated with money, analyze the information he collected from this enactment of a real-life situation, express opinion on the rights of everyone to earn a living wage, and identifiy careers essential to daily living in our society.





View the Special Education resources for instructional guidance in providing modifications and adaptations for students with significant cognitive disabilities who qualify for the Alabama Alternate Assessment.