F1. Money and Finances:
demonstrate the knowledge and skills needed to make informed financial decisions
identify various methods of payment that can be used to purchase goods and services
Have students make a list of the different methods they know of that can be used to purchase or exchange goods and services.
Make a class list of the possible methods of payment people might use in particular situations and why (e.g., buying groceries: debit card – convenient; cash – helps control spending).
estimate and calculate the cost of transactions involving multiple items priced in whole-dollar amounts, not including sales tax, and the amount of change needed when payment is made in cash, using mental math
Provide a list of several items along with their cost in whole dollars (e.g., a pair of second-hand skates for $50, a T-shirt for $15, a backpack for $30), and specify a given amount of “money” available to spend (e.g., $90). Ask students to choose two or three items and use different mental math strategies to estimate the total cost and change.
Provide a list of several items along with their cost in whole dollars (e.g., using a grocery store flyer), and specify three different amounts of “money” available to spend (e.g., $55, $23, and $39). Ask students to choose two or three items priced in whole-dollar amounts to purchase, and have them use mental math to determine the total cost for the items and the change they will receive.
explain the concepts of spending, saving, earning, investing, and donating, and identify key factors to consider when making basic decisions related to each
Discuss and make a class list of different ways people spend, save, earn, invest, and donate. During this discussion, it is important to pay attention to the local community context and how societal, political, and/or historical factors may contribute to the varied abilities to spend or save within the community. It is also relevant to include in this discussion what things students like/enjoy that money cannot buy, such as spending time with friends and family, exploring nature, creating with found objects, and so on. Borrowing, lending, and donating items such as books or sports equipment can provide access to resources without needing to spend money.
Have students identify possible factors to consider when making financial decisions (e.g., spending, saving, donating), given various scenarios.
explain the relationship between spending and saving, and describe how spending and saving behaviours may differ from one person to another
Have students discuss the relationship between spending and saving. During this discussion, it is important to pay attention to the local community context and how societal, political, and/or historical factors may contribute to varied abilities to spend or save within the community.
Ask students to discuss and create a list of factors that might influence their decisions to spend and save, given different scenarios.
describe some ways of determining whether something is reasonably priced and therefore a good purchase
Have students compare the cost of items that have different prices at different places. Consider using a scenario that involves planning to buy an item for a community or school event. Ask students to look at three different flyers (e.g., online, paper) and find that item. Have them compare the prices and discuss why they may vary. Ask them how they would decide which place to buy the item from and why.
Have students explain factors they would consider when making a purchasing decision (e.g., the quality of the materials used, cost of the brand, their prior experience with the brand [brand loyalty], whether the item is produced ethically, the environmental impact of the purchase, whether the item is available used or second-hand, where the product is produced, whether shipping costs are added to the cost of the product, celebrity endorsements that the student considers trustworthy).