Lesson 6: Money goals
Introduction
Time:
- Single class period
Materials:
Activity Two: Money goals
Homework Task:
- Lesson Three: Homework Task (completed Weekly Spending Diary)
Useful Links:
Introduction:
Money goals are a list of the things you want to save up for (e.g. build up savings, save up for a holiday/holiday spending money, Christmas presents etc.). To make sure you reach your money goal, you should write it down – explain the goal, when you want to reach it, how much it will cost and the actions you will need to take to reach it. During this lesson, students will consider one money goal in detail. They will consider when they hope to achieve this goal and the steps they are prepared to take to make it happen. Most money goals are realised when people plan and save.
Step-By-Step Instructions
Activity One: Review of Lesson 5 Homework Task
1. Invite students to take out their completed Student Worksheet: Needs and wants (Lesson 5: Homework Task).
2. Facilitate a brief whole class discussion using the following questions as prompts:
- Was it easy to say which items in your spending diary were ‘needs’ and which were ‘wants’? Explain your answers.
- Were you surprised with your answers?
- Did you have more on the needs or wants side?
- Do you think this was a useful activity? Why/Why not?
Explain that carrying out this type of audit on spending can help you identify where you can cut back or make savings in the future.
Activity Two: Money goals
1. Explain to the class that a money goal is a thing you are prepared to work or save towards. Examples of money goals might include a holiday or holiday spending money, Christmas presents, a computer game, a phone etc.
2. Tell the class that they are going to do an activity that will help everyone to think a little bit more clearly about their money goals. Invite students to think about one of their money goals – they will need to explain the goal, state when they want to reach it, how much it will cost and the actions they will need to take to reach it.
3. Distribute one copy of Student Worksheet: Money goals to each student.
4. Remind them to think about one money goal only and to complete the worksheet with that goal in mind.
5. Once the worksheets are completed divide the class into pairs.
6. Invite each pair to discuss why it is good to write down their money goals, rather than just having the ideas in their heads.
7. Take feedback from a sample of pairs, noting their responses on the white/black board.
8. Conclude by explaining to the class that some money goals can be achieved quite quickly – these are short-term goals, while others are longer-term goals and can take 10 or more years to achieve.
Homework Task
Invite students to look at their completed Weekly Spending diary (Lesson 3: Homework Task) and identify if/where they can save money to help them achieve their money goal.
The steps for reviewing this homework task are given at the start of Lesson 7.
