Students learn about money and its uses. Students realize how much a million really is.
Grades(s) 4, 5, 6, 7, 8, 9, 10
Subjects(s) Math
Objective
Students learn the value of money and ways to use it and save it. Students visually make predictions. Students learn about interest, banking, saving, borrowing, and spending.
Materials
Jar of jelly beans, If You Made a Million by David M. Schwartz, newspaper ads (cars, clothes, shoes, etc.)
Lesson
Have a large jar of objects (jelly beans, buttons, etc.) for students to make predictions about the contents. Have each student write his guess and name on a piece of paper. Give a price to the student who has the guess closest to the actual amount.
Each student brings in a hundred objects. They can be paperclips, grains of rice, holes punched from paper, etc. This activity gets them started on thinking about a million and how much it really is. Ask the question, “How many hundreds are in a million?”
Read the book to the students in sections. As the lesson progresses, it can be tailored for a specific grade level. Older students may think the book is for younger kids, but it really gets the point across. Students can learn how their money can earn interest, and older students can learn about credit card debt and interest charged for individual credit cards.
Students shop by using ads and picking out items they want. Have them total their purchases. They can borrow money from the bank or use a credit card to purchase their items. Then, they can determine interest charged and monthly payments.
Students can learn how to write checks using printed copies.
Other activities for this lesson: The author includes sections in the back of the book about banks, interest and compound interest, checks and checking accounts, loans, and income tax.
Assessment
Students write a short essay telling what they would do if they had a million dollars.
References