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  • Introduction – goal setting

    1. Explain to students that a goal is something that you would like to achieve. Goals can help you save for something you need or want. Goals can be:    
      • personal (I want to save money for a game)
      • belong to a group of people (e.g. My class wants to raise money for a charity).
      • short-term (something that you would like to achieve within a day, week or month).
      • long-term goal (something which will take months or years to achieve).
    2. Ask:    
      • Why might money-related goal setting be important?
      • Is anyone saving their money for anything in particular?
      • How are you saving?
      • Are you saving a percentage of your money, all of your money?
      • Are you saving for a short-term goal? What is it?
      • Are you saving for a long-term goal? What is it?
      • Is it important that goals be realistic? Why or why not?
      • What does realistic mean?

    How to reach your goals – budgeting

    This activity may contribute to student portfolios.

    1. Put the following scenario on the board – Indigo has the following income and expenses:    
      • monthly pocket money – $40
      • entertainment – $15
      • phone plan – $20
      • pay for watering the neighbour’s pot plants – $10
      • snack food – $10
    2. Ask:    
      • Does Indigo have enough money to meet her expenses each month?
      • How do you know?
      • What does Indigo earn each month?
    3. Write the income items on the board under the heading ‘Income’.
    4. Ask:    
      • What are Indigo’s expenses?
    5. Write the expense items on the board under the heading ‘Expenses’.
    6. Students calculate total income and total expenses. Record the correct answers on the board.
    7. Explain to students that the difference between income and expenses can be ‘savings’. Show as 'savings' under expenses and change 'total expenses' to $50, equal to income.
    8. Explain to students that you have written a monthly budget.
    Monthly budget



    Pocket money $40

    Entertainment $15

    Watering plants $10

    Phone $20

    Snack food $10

    Savings $5

    Total income $50

    Total expenses $50

    1. Ask    
      • Why it might be useful to keep a budget?
      • How could Indigo increase monthly savings for a large purchase in the future? (either increasing income or decreasing spending).
    2. Students complete ‘Budget help’ – Resource 1: budget help (text version) or PDF (89KB)External Link.

    Teacher tip

    Be mindful that some students may not earn money. If appropriate, celebrate when a student reaches their savings goal. After students have been working toward their goals for some time, discuss some of the challenges they met when trying to stay on track.

    The benefits and costs of saving – estimating

    This activity may contribute to student portfolios.

    1. Ask:    
      • What can you buy with $1.00?
      • Hands up if you would spend $1.00 each day if you had it.
      • If you saved $1.00 each day, how much would you have at the end of the week?
      • What can you buy for $7.00?
      • Hands up if you would spend $7.00 a week if you could?
      • Imagine you saved $1.00 every day for 5 years. I wonder how much you would have.
    2. Students estimate the answer and share their strategy with the class. Examples include:    
      • I multiplied by 350 by 10 then halved it.
      • I multiplied 300 by 5, then I multiplied 50 by 5 and added it.

    Teacher tip

    Depending of levels of student readiness, you could model one approach and give students time to think of another approach.

    1. Students write their strategy as number sentences. An example is: (350 × 10) ÷  2 = $1750
    2. Students use a calculator to check the reasonableness of their answers.
    3. Ask:    
      • How reasonable was your answer?
      • How much would you have saved by not spending $1.00 each day? ($1,820)
      • What are some of the things you might be able to buy with this amount of money?
      • Do you think you would save that $1 a day or $7.00 a week instead of spending it?
      • How does the feeling you get from buying something influence your decision to spend or save?
      • What are the benefits of saving instead of spending?
      • What are the benefits of spending instead of saving?
      • What were the costs of saving $1.00 a day or $7.00 a week?
    4. Explain to students that the cost of saving this amount of money is what they could have bought for $1.00 every day, or what they could have bought each week for $7.00. This is called ‘opportunity cost’.

    Teacher tip

    Provide students with internet access or shopping catalogues to see what they could buy with the amount they would have saved over five years.

    Long-term saving – saving worksheet

    This activity may contribute to student portfolios.

    1. Students complete the Saving worksheet (Resource 2 – PDF, 97KBExternal Link).

    Teacher tip

    Depending on the level of student readiness, this worksheet could be completed in pairs, or support provided to individual students.

    1. When students have finished the worksheet, use a grouping strategy to organise students into groups of four.
    2. Each group:    
      • Compares their answer to the question: What percentage of income do you think Diamantina should save?
      • Explains their reasons why.
      • Considers the costs and benefits of each answer.
      • Agrees on a percentage and reasons for the decision (by weighing up costs and benefits)
      • Shares their answers and justification with the class.
    3. As a class, decide what percentage of her income Diamantina should save. Ask:    
      • What are the benefits of this decision?
      • What are the costs for Diamantina? What will she have to give up to save this much?

    Saving for retirement – an introduction to superannuation

    1. Explain:    
      • The federal government helps Australians to achieve long-term financial goals through the superannuation guarantee.
      • The Australian Taxation Office (ATO) makes sure that employers pay superannuation on behalf of their employees.
      • Superannuation is the money saved throughout your working life for when you retire. It is mostly made up of the money your employer puts in. You can also contribute to your super. Small contributions over time can make a huge difference later.
      • Your long-term goals are more likely to be achieved with this support.
    2. Give students the graphic organiser (Resource 3: graphic organiser for animation (text version) or PDF (86KB)External Link) to guide them as they view the student-produced animation ‘The answer’.
    1. Discuss answers with students (Resource 4: graphic organiser for animation – answer sheet (text version) or PDF (88KB)External Link).

    Reflection – jingle or rap

    This activity may contribute to student portfolios.

    1. Explain that each Community Planning Group will create either a jingle or a rap that promotes the importance of superannuation to members of their ideal community.
    2. Explain that a jingle is a short song or tune used in advertising or promotional campaigns and contains memorable slogans.
    3. Play examples of jingles and ask students to identify the slogan in each. Examples of jingles include:    
      • Weet-bix
      • Aeroplane jelly
      • Qantas
      • Vegemite
    4. Explain that a rap can also be used in advertising and uses slogans.
    5. Play examples and ask students to identify the slogans. Examples include:    
      • Woolworths Cricket Blast
      • Kia Sportage
    6. Play the student-produced ‘Superannuation rapExternal Link’ and ask them to identify as many slogans as they can.
    7. Brainstorm the slogans used.
    8. Students draft, edit and word process their jingle or rap. Remind them that the jingle or rap they produce should contain one or more hooks or slogans that explicitly promote superannuation.
    9. Students explain why it is important to be informed when making financial decisions such as Superannuation.

    Teacher tip

    Allow students to research the benefits of superannuation to help them create their jingle or rap.

    Extension – presentation

    This activity may contribute to student portfolios.

    Students film their jingle or rap to showcase at the community presentations.

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      Last modified: 28 Feb 2020QC 61309