ALEX Lesson Plan

     

Money Management

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  This lesson provided by:  
Author:Laura Schmidt
Organization:0
  General Lesson Information  
Lesson Plan ID: 2298

Title:

Money Management

Overview/Annotation:

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):
Mathematics
MA2015 (2016)
Grade: 2
21 ) Solve word problems involving dollar bills, quarters, dimes, nickels, and pennies, using $ and ¢ symbols appropriately. [2-MD8]

Example: If you have 2 dimes and 3 pennies, how many cents do you have'


NAEP Framework
NAEP Statement::
4NPO3f: Solve application problems involving numbers and operations.



Alabama Alternate Achievement Standards
AAS Standard:
M.AAS.2.21- Demonstrate knowledge that money has value; identify coins (penny, nickel, dime).


Mathematics
MA2015 (2016)
Grade: 4
20 ) Use the four operations to solve word problems involving distances, intervals of time, liquid volumes, masses of objects, and money, including problems involving simple fractions or decimals, and problems that require expressing measurements given in a larger unit in terms of a smaller unit. Represent measurement quantities using diagrams such as number line diagrams that feature a measurement scale. [4-MD2]


NAEP Framework
NAEP Statement::
4NPO3f: Solve application problems involving numbers and operations.



Alabama Alternate Achievement Standards
AAS Standard:
M.AAS.4.20- Tell time to the half-hour; identify the hour before or after a given time; measure weight using standard units; recognize the value of coins in cents.


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]

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

Background/Preparation:

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.

  Procedures/Activities: 
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  

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.

Acceleration:

 

Intervention:

 

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.