What is Money?
What is money used for?
To buy goods and services, save for the future, and trade with others
Is water a need or want?
What is opportunity cost?
What you give up when you make a choice
What’s a common way kids get money?
Allowance, gifts, etc.
What does it mean to save money?
Set aside money for future use
True or False: Money has always looked the way it does now
False
Is a phone a need or a want for most kids?
Want
If you buy candy, what might your opportunity cost be?
Saving or something else you wanted
What’s one money mistake kids sometimes make?
Spending it all, not saving, impulse buying, etc.
True or False: Saving means you can’t spend money at all
False
Name one way digital money is different from cash
debit/credit cards, digital payments, etc.
What’s the difference between a need and a want?
Needs = must have
Wants = nice to have
Would you rather: Spend $10 today or save it for $20 later? Why?
open-ended
What’s one smart way to use your money?
Saving, budgeting, planning
Why is setting a goal important when saving?
It gives you something to work toward
What does it mean to say money is a “store of value”?
You can save it and use it later
Give one example of something that could be a need or a want
Shoes, transportation, etc.
True or False: Opportunity cost is only about money
False – also time, effort
What should you do before spending all your money?
Think, budget, compare
What is one thing you might save for?
open-ended
What is one reason why bartering isn’t as efficient as money?
Not always equal trade, not everyone wants what you have
Create a sentence using the words "budget," "need," and "want."
.
Explain the opportunity cost of going to a movie instead of doing homework
Time lost, grade drop, etc.
What’s one way to keep your money safe?
Bank account, wallet, don’t share passwords
What is the difference between a short-term and long-term savings goal?
Short-term = soon; Long-term = takes time