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Let’s Talk Spending Habits (NL)

Subject Area: English Language Arts

Links to the Newfoundland and Labrador English Language Arts Curriculum Outcomes:
  • Speak and listen to explore, extend, clarify, and reflect on their thoughts, ideas, feelings and experiences
  • Communicate information and ideas effectively and clearly and to respond personally and critically
  • Participate constructively in conversation, small-group and whole group discussion, and debate, using a range of strategies that contribute to effective talk
Brief Overview of the Lesson:

Often children spend money without regard for how much of their money and how their choices affect themselves and others. In order to be a financially responsible adult they need to develop an awareness of their spending habits and whether or not their habits need to be modified to ensure that they have proper priorities. Developing wise approaches to money now will provide them with a stable future.

Estimated Time Required for Implementation:

One class period

Materials Needed:

Copies of the handout “What Are Your Spending Habits?”

Suggested Implementation Strategy:
  • Talk with the class about different types of “spenders” — those who plan carefully, those who are impulse spenders who make quick decisions on the spur of the moment, those who don’t like to spend their money, those who like to comparison shop, etc.
  • Tell the class that they are each going to complete a quiz to develop a personal awareness of what kind of spender they are.
  • Once they have completed the quiz, arrange them into small groups and ask them to discuss their spending habits with their peers and their thoughts about the quiz questions.
  • Ask the groups to discuss how might their habits and attitude towards spending money in the future be different, now that they have thought more about their spending habits.
Extended Learning Opportunities:
  • Ask the class to take home the quiz and discuss it with their families.
What Are Your Spending Habits?

Circle the best answer.

If I want to buy something:
1. I wait until I have enough money to buy it.
2. I ask my parents or guardian to buy it for me.
3. I check the prices to find the best deal.
4. I take the money out of my bank.

When I get a credit card I will likely:
1. Use it as little as possible.
2. Go on a shopping spree.
3. Pay off my balance as soon as I get my bill.
4. Charge a lot of things because I am sure that I can pay it off quickly.

My thoughts about saving money are:
1. I know I should save money but I never seem to have any money to save.
2. Saving money is easy for me, I save most of my money.
3. I make a point of always putting some of my money in the bank.
4. I believe in living for today, so I don’t save.

Spending money makes me feel:
1. Very happy, it cheers me up!
2. Guilty, I think I should be saving more.
3. Spending money has nothing to do with my being happy or sad.
4. Proud that I was able to save the money to purchase what I wanted.