Saving + Spending
What is saving? What is spending?
Saving is putting money away to use later. Spending is using money to buy something you want or need.
What is borrowing?
Borrowing is when you use something from someone for a time to later give it back.
What is lending?
A ______________ is when you take money out of your bank account.
Withdrawal.
What is a producer?
Someone who makes a product or does a service.
List 3 ways that you can save money.
1. Put money in the bank.
2. Save money in a piggy bank.
3. Earn money doing something and do not spend the money.
How can you be a responsible borrower?
I can return what I borrowed in the condition that I received it in and return it on time.
What are some things you have to consider before lending out money to people?
If they are a responsible borrower, if there will be a cost to you lending something out, and when you want the item returned.
A _______________ is when you put money INTO your bank account.
What is a consumer?
Someone who buys a product or service.
Why is it important to save money?
We need money in savings to buy things we may need later on.
What would you do if you broke something that someone let you borrow?
Apologize and try to replace the item.
KK is really good about saving money. One day, his sister asks him if she can borrow money for a new ball that costs $74. She already has $29. KK decides to lend the money to his sister to get the new ball.
How much money did KK lend his sister?
45
Benjamin decides to put his weekly allowance into his piggy bank. Which word best describes the situation?
Deposit
Laya was making a necklace to sell to her friend for Mother's Day. Her friend, Aaria, bought the necklace and gave it to her mother. Who would be described as the producer in this situation?
Laya
Miles earns $7.00 per week for his allowance. How much money will he have if he saves for 3 weeks?
$21.00
A park down the street from Chandler's house built a new basketball court. Chandler and his friends are learning to play basketball at school. Chandler asked his dad if he would loan him the $15.00 to buy his own basketball. Chandler explained to his dad that if he had his own basketball, he and his friends could take advantage of the new basketball court and practice new skills. He agrees to pay back his dad $3 a week for 5 weeks. Which of the following best describes Chandler?
Responsible Borrower or Irresponsible Borrower?
Responsible Borrower
What does benefit mean? What does cost mean?
A benefit means something good that happens when you lend out something. A cost is something bad that happens when you lend out something.
Why is it important to deposit money into a bank?
So the money stays in a safe place and cannot get stolen and spent as quickly as if I had it all.
Crosby needs to make family dinner! He hops in the car, drives himself to the store, and buys cherrios and chocolate milk. What role does Crosby play in this situation - producer or consumer?
Consumer
Melvin earns $5.00 per week for his allowance. If he wants to save $30.00, how many weeks will he need to save his allowance and not spend any money?
6 weeks
Nicole borrowed a video game from Violet. Nicole lost the video game for six months. When she finally returned the game to Violet, it was broken. Which of the following best describes Nicole?
A. Strong Borrower
B. Responsible Borrower
C. Irresponsible Borrower
D. Safe Borrower
C. Irresponsible Borrower
Which of the following would be considered a benefit to lending a friend your video game?
A. Your friend decided to give you one of his games that he does not use anymore when he returned the game.
B. The video game was destroyed by your friend's younger sister.
C. The video game was left outside in the rain.
D. Your friend let another friend borrow the game.
A. Your friend decided to give you one of his games that he does not use anymore when he returned the game.
Give me an example of a deposit and an example of a withdrawal.
Deposit - putting money away in a safe place
Withdrawal - taking money out of a safe place to spend it
Give me 2 examples of a producer and 2 examples of a consumer.
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