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Money Concepts: Earning, Saving, Spending, Borrowing, Opportunity Cost (AB)

Subject Area: Music

Links to the Alberta Arts Education Curriculum Outcomes: Music
  • Discover, develop and evaluate their talents and abilities relative to singing, and to establish and reinforce correct vocal techniques and skills.
  • Develop an additional avenue of self-expression by improvising and interpreting music.
Brief Overview of the Lesson:   

The class will discuss the meaning of several money concepts. Then they will expand their understanding of these concepts by performing in small groups, a money song based on a familiar tune.

Estimated Time Required for Implementation:
  • One period
Materials Needed:
  • Copies of the Seven Songs provided
Suggested Implementation Strategy:
  • Post the following topics on a smart board or chart paper: Earning, Saving, Spending, Borrowing, Opportunity Cost
  • Ask the class to explain what these words mean to them. (Likely they will not know what Opportunity Cost means, so explain this concept to them. For example, the cost of an economic choice in terms of what was chosen and what was not, when a choice is made, the opportunity for something else is given up.)
  • Divide the class into groups of 5. Tell the groups that they will be given a song about one of these money topics to perform as a group. The songs are based on familiar tunes.

NOTE:  There are extra songs provided, so if one of the groups does not know the tune of their song, another song can be used.

  • Allow 5-10 minutes for the groups to read and practice their song.
  • Then ask each group to perform their song.
Evaluation:
  • Ask what message about money the composer was trying to teach by writing this version of the song.
  • Ask each group what they learned about money today.
Possible Links to the Home Program:
  • What Do You Know About Finances? – On the Web – Ages 11-13
  • What kind of spender are you?– Games – Ages 11-13
Extended Learning Opportunities:
  • Discuss other money issues after researching songs written about other money concepts.
  • Ask the class to write their own song, rap, or chant about money concepts.
Songs

1. Borrowing Money
Tune: Bingo
Verse 1:
Consumers want to buy some things.
And sometimes they will borrow.
M-O-N-E-Y,
M-O-N-E-Y,
M-O-N-E-Y,
And money’s what they borrow.

Verse 2:
They buy the things they want today,
But pay for them tomorrow.
M-O-N-E-Y,
M-O-N-E-Y,
M-O-N-E-Y,
Is what they pay tomorrow.

By Martha Hopkins & Donna Wright) Used with permission. From Financial Fitness for Life: Pocket Power, K-2

2. Come On Everybody
Tune: Buffalo Gals, Won’t You Come Out Tonight

Come on everybody,
Won’t you save your money?
Won’t you save your money?
Won’t you save your money?
Come on everybody,
Won’t you save your money,
And buy something good some day?

Come on everybody,
Won’t you spend your money?
Won’t you spend your money?
Won’t you spend your money?
Come on everybody,
Won’t you spend your money,
And buy something small today?

Look at (name of student,)
With a hole in your pocket,
A hole in your pocket,
A hole in your pocket,
Look at (name of student,)
With a hole in your pocket,
You’ll spend your money today!

By Martha Hopkins & Donna Wright) Used with permission. From Financial Fitness for Life: Pocket Power, K-2

3. Consumers and Producers
Tune: The More We Get Together

Consumers need producers
Producers, producers
Consumers need producers
To make products they want

Consumers shop for bargains
For bargains, for bargains
Consumers shop for bargains
To get the best price

Producers need consumers
Consumers, consumers
Producers need consumers
To buy products they make

Producers hope to make a profit
A profit, a profit
Producers hope to make a profit
To continue to sell

The more they get together
Together, together
The more they get together
The better off we’ll be!

4. Earning Income
Tune: She’ll Be Coming ‘Round the Mountain

(Verse 1)
We’ll be earning lots of income when we work (when we work).
We’ll be earning lots of income when we work (when we work).
We’ll be earning lots of income.
We’ll be earning lots of income.
We’ll be earning lots of income when we work (when we work).

(Verse 2)
We will sometimes get some money as a gift (as a gift).
We will sometimes get some money as a gift (as a gift).
We will sometimes get some money.
We will sometimes get some money.
We will sometimes get some money as a gift (as a gift).

By Martha Hopkins & Donna Wright) Used with permission. From Financial Fitness for Life: Pocket Power, K-2

5. Be Careful
Tune: If You’re Happy and You Know It Clap Your Hands

Be careful little eyes what you want.
(clap, clap)
Be careful little eyes what you want.
(clap, clap)
Wanting goods and services,
Can put you in a fizz,
Be careful little eyes what you want.
(clap, clap)

Be careful little mind when you decide.
(clap, clap)
Be careful little mind when you decide.
(clap, clap)
Weigh the costs and benefits,
They will help you quite a bit.
Be careful little mind when you decide.
(clap, clap)

Be careful little hands when you choose.
(clap, clap)
Be careful little hands when you choose.
(clap, clap)
Opportunity cost
Is the choice that is lost.
Be careful little hands when you choose.
(clap, clap)

(By Martha Hopkins & Donna Wright) Used with permission. From Financial Fitness for Life: Pocket Power, K-2

6. I’ve Got Money
Tune: Are You Sleeping, Brother John

I’ve got money. I’ve got money.
What should I do? What should I do?
I must make a choice. I must make a choice.
Spend or save, Spend or save.

I’ve got money. I’ve got money.
I could spend. I could spend.
Getting something now, Getting something now,
Something small, Something small.

I’ve got money. I’ve got money.
I could save. I could save.
Getting something later, Getting something later,
Something big, Something big.

I’ve got money. I’ve got money.
What should I do? What should I do?
Spend a little now, Spend a little now,
Save some, too! Save some, too!

By Martha Hopkins & Donna Wright) Used with permission. From Financial Fitness for Life: Pocket Power, K-2.  

7. Saving Song
Tune: Sailing, Sailing, Over the Bounding Main

Saving, saving
To pay for our heart’s desires.
We really tried
To put aside
The money it requires.

Saving, saving
To pay for emergencies.
When things get tough
We’ll have enough
To pay for lots of these.