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Topic 5 – Spending and saving for needs and wants

This primary school resource focuses on establishing strong foundations for learning about tax and super.

Last updated 12 July 2020

This primary school resource focuses on teaching values and actions to help establish strong foundations for learning about tax and super.

Overview

Tax talk

Some of our needs are met by government.

Super talk

People have choices and sometimes you need to wait for what you want.

Learning intention

In this topic, students:

  • distinguish between needs and wants
  • skip count by 1’s, 2’s or 5’s starting from 0
  • understand that not all wants can be satisfied
  • make informed decisions about spending and saving
  • create and determine data displays.

Focus questions

  • What is the difference between needs and wants?
  • Why can’t we always have what we want?
  • Why should I save?

Activities

  1. Introduction – I spy needs and wants
  2. Needs and wants – values walk
  3. The difference between needs and wants – sorting game
  4. Saving money for wants – skip counting
  5. Pros and cons of saving – visualising vocabulary
  6. To spend or to save? – Kiandra’s story
  7. Reflection – decision-making

Resources

Some resources are available as both a PDF and as accessible text. If a resource does not have a text version and you need an accessible version, email us at schoolseducationprogram@ato.gov.au.

Topic 5 resources

Australian curriculum connections

Content

  • English
  • Mathematics
  • HASS
  • HPE

General capabilities

  • Literacy
  • Numeracy
  • Creative and Critical Thinking
  • Personal and Social Capability
  • Ethical Understanding

Curriculum mapping

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Introduction – I spy needs and wants

  1. Pose the following question for students to Think–Pair–Share:    
    • What’s the difference between needs and wants?    
      • Think | 30 seconds   Pair | 1 minute   Share | 5 minutes
  2. Discuss that needs are things we need to have to survive, to be healthy and safe and to learn. Wants are things we would like to have.
  3. Play ‘I spy’ with the nouns listed on word wall from Topic 3.
  4. For each noun, use the following cues:      
    • I spy with my little eye, a NEED beginning with… or
    • I spy with my little eye, a WANT beginning with …

Needs and wants – values walk

  1. Write the word ‘Need’ on one piece of paper and the word ‘Want’ on another.
  2. Display these posters on opposite sides of the room.
  3. Reread the big book ‘A world without sharing (PDF, 9.5MB)This link will download a file’ and after every page, ask:      
    • Is this noun a need or a want?
  4. Students move to one side of the room to show their opinion for each page.
  5. Ask individual students:      
    • Why do you believe this? (encourage students use full sentences such as I need food because…)
    • Discuss why giving reasons for a point of view is important.
  6. Record the majority response on a T Chart under the heading ‘Need’ or ‘Want’ (use chart paper).
  7. Bring students back to the centre of the room before reading the next page and continue the process until you have finished reading the book.

The difference between needs and wants – sorting game

  1. Use a grouping strategy to organise students into pairs or groups of four.
  2. Give each group a set of needs and wants cards (Resource 1 – PDF, 118KBThis link will download a file).
  3. Ask groups to sort their cards into two piles – needs and wants.
  4. Groups share their list with the class and add words to the T Chart labelled 'Needs' and 'Wants'.
  5. Ask groups to identify the cards that they or their family pay money for and sort these cards into the following categories:      
    • What people need money for
    • What people want money for
  6. Discuss: Why can’t we always have what we want?
  7. Explain that some needs are provided by the government. Invite students to identify and share these with the class (students can use the cards as a starting point). If no answers are provided, hold up pictures of schools, hospitals, roads, buses, streetlights, parks (Resource 2 – PDF, 80KBThis link will download a file).

Teacher tip

Use the following questions if students need support:

  • Do you need this to survive? (Need)
  • Do you need this to be healthy? (Need)
  • Do you need this to be safe? (Need)
  • Do you need this to learn? (Need)
  • Could you replace this with something you already have? (Want)
  • Will you get bored with this over time? (Want)
  • If you could only choose five things to survive on, would this be one of them? (Need)

Saving money for wants – skip counting

  1. Scatter either $1, $2 or $5 coin or note cut outs (Resource 3 – PDF, 94KBThis link will download a file) around the room.
  2. Gather students into a central location and explain that you have carelessly dropped all the money you have saved around the space.
  3. Explain that you have been saving your money to buy a piggy bank for the classroom but now you need the class to help you find the dropped money.
  4. Ask:    
    • Is it a good idea to drop your money around the school? Why or why not?
    • What could you do if you find money? What is the right thing to do?
    • What would happen if you did keep the money you found? Is this right or wrong? Why? How would you feel?
    • What are the benefits of being honest?
    • How could I have been more responsible with my money?
    • Do I want to purchase a need or a want? How do you know?
  5. Invite students to help you gather your dropped money by collecting as many coins/notes as they can in a set period of time.
  6. Whistle cue the students back into the central location once time is up.
  7. Ask:    
    • How much money we have found?
  8. One-by-one, students queue their located coins/ notes into a coin chain at the front of the class group.
  9. Ask:    
    • Are all these coins/notes the same value? (yes)
    • What strategy could we use to help me find the total amount of money I dropped? (i.e. counting on, skip counting)
  10. Point at each coin/note and count by 1s, 2s or 5s as a class as you progress along the money chain (chant loudly).
  11. Repeat and chant as a class in a whisper voice.
  12. Repeat and clap each time you count on by 1, 2 or 5
  13. Ask:      
    • How much money have I saved?
    • Why would I choose to save my money instead of spending it?

Pros and cons of saving – visualising vocabulary

  1. On chart paper draw two T Charts with the labels 'Pros' and 'Cons' on each.
  2. Explain that 'Pro' means the advantages or upsides of a choice and 'Con' means the disadvantages or downside of a choice.
  3. Put a happy face on the T Charts next to Pros and a sad face next to Cons.
  4. Hold onto your container of $1, $2 or $ 5 savings and ask:      
    • Who else likes to save their money?
    • What are the good things about saving money? What are the 'pros'?
    • What are the not so good things about saving? What are the 'cons'?
  5. Explain that choosing whether you spend or save your money can be a hard decision and different people make different choices. Thinking about the pros and cons of each choice can help us make a decision.

To spend or to save? – Kiandra's story

  1. Introduce the story 'To spend or to save?'. Kiandra needs your assistance to help her make a responsible decision with her money. See Resource 4: Kiandra's story – to spend or to save? (text version) or PDF (128KB)This link will download a file.
  2. Read the story and discuss the two choices posed.
  3. Ask:      
    • Who would choose Choice 1 (to spend)? Why?
    • Who would choose Choice 2 (to save)? Why?
  4. Label one T Chart ‘To spend’ and the other T Chart ‘To save’.
  5. Brainstorm and record the pros and cons of each choice to decide on the 'best' choice.
  6. Explain to students that they are going to weigh up the pros and cons of each choice by using their arms like a balance beam. Model the following instructions:      
    • When I read out a 'pro' or 'upside' raise your left arm up slightly. When I read the next pro, raise your arm slightly further, and so on until I have read all the pros.
    • When I read a 'con' or 'downside' lower your right arm down slightly. When I read the next con lower your arm slightly further, and so on until I have read all the cons.
  7. Students find a space and hold their arms out like a balance beam.
  8. Read each pro, then con for Choice 1, reminding students to raise their left arm or lower their right arm.
  9. Repeat the process for Choice 2.
  10. Students make a final decision, based on their balance beams, on which option Kiandra should choose.
  11. Tally how many students would choose Choice 1 and Choice 2, then as a class, write the ending to the story ‘To spend or to save?’ based on the majority result.

Reflection – decision-making

This activity may contribute to student portfolios.

  1. Revise skip counting.
  2. Give each student Resource 5 (PDF, 120KB)This link will download a file to complete.
  3. Provide each student with a $1, $2 or $5 coin or note cut-outs (Resource 3 – PDF, 94KBThis link will download a file).
  4. Explain to students that they have a choice to make just like Kiandra:      
    • Choice 1: To spend their money and place their coin (or note) in the class 'Spend' jar and receive an immediate but small fun activity that day or
    • Choice 2: To save their coin and place it in the class’ 'Super Savings' jar and have a delayed but larger fun activity in the future.
  5. Provide the following instructions:      
    • If you choose Choice 1 (to spend), put your money in the class 'Spend' jar.
    • If you choose Choice 2, put your money in the class 'Super Savings' jar.
  6. Explain to students that the jar with most money will determine the choice of activity.
  7. Reveal to students the secret activity for the spending choice and the saving choice.
  8. Ask students to complete the Spend or save survey (Resource 6 – PDF, 93KBThis link will download a file).
  9. Form a class circle and use skip counting to tally the total amount of money in each jar.
  10. Summarise results in a class sentence.
  11. Ask:    
    • Who is happy with their spending or saving decision? Why?
    • Would you make this choice next time?
    • How does saving help us buy what we want?
    • Which feels better – spending on something small now or saving for something bigger in the longer term? Why?
  12. Follow through on the majority decision by providing a small fun activity that same day or a larger fun activity within the week.

Teacher tip

Make sure every student will enjoy the activity, so it is seen as a reward and not a punishment.

Immediate Small Activity Example (Spending Choice): 10-minute indoor game of 'Heads Down, Thumbs Up'

Delayed Larger Activity (Saving Choice): 45-minute outdoor activity.

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Text versions of resources

The following are accessible text versions of resources for Foundation to Year 2, Topic 5 – Spending and saving for needs and wants:

We do not have accessible text versions for all resources. If a resource does not have a text version and you need an accessible version, email us at schoolseducationprogram@ato.gov.au.

For a complete list of this topic’s resources, see Resources.

Resource 4: Kiandra's story – to spend or to save?

This resource is for Foundation to Year 2, Topic 5 – Spending and saving for needs and wants, activity titled To spend or to save? – Kiandra's story.

Along with this accessible version, which you can either print or use online, we also have the same resource available as a PDF – Resource 4 – PDF, 128KBThis link will download a file.

Making a choice: to spend or to save?

Kiandra is a helpful daughter who receives $2 every week for doing her responsibilities at home like feeding their cat, washing their dog and folding the socks.

Every week, Kiandra spends her $2 on a new Hot Wheels car from the local toy store. This decision makes Kiandra very happy as she loves racing cars with her twin brother and enjoys playing with her new car collection every week.

However, Kiandra visits her local toy store and sees a brand-new remote-control Hot Wheels car for sale. The problem is, it costs $20 to purchase and not $2.

Kiandra now has a choice to make.

Choice 1

Kiandra can choose to continue buying a new Hot Wheels car for $2 every week but not buy the electronic car.

Choice 2

Kiandra can choose to save her money for 10 weeks and buy the new remote control car valued at $20.

Decision

Kiandra now has a decision to make: to spend or to save?

What would you choose to do? Why?

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QC61174