Money Matters
By Elizabeth Swartz

For the printable click here. PDF 69KB

Financial records are something that many adults struggle with because they are thrust upon us with little opportunity for practice. While children are given piggy banks before they can count to five, little or no instruction is given for financial records.

This could be a very beneficial writing skill as well as a benchmark for understanding mathematics as it applies to daily life. While most financial training is left up to parents, the vocabulary, as well as the mathematical properties, can be practiced at school with real life activities. Let's begin by setting up and using some classroom finances. Then we'll provide the skills and a format that students can choose to use at home. Only our classroom finances will be kept in the portfolios.

The bottom line. The reproducible on the following page is a simple, direct form that can be used to record income and expenses. Once the vocabulary is clear, students are ready to begin using the format in a meaningful manner.

Working with money is viewed differently in different school districts, so meet with your administrator to discuss the best way to undertake this mini-unit. The bottom line is that you need some money to get this project started. Perhaps a letter home explaining the project and requesting a small amount of change would be permissible or maybe you can recycle cans or printer cartridges to get funds.

Basically, some income is necessary so the students get practice in tracking it. Perhaps this lesson could be combined with a service learning project in which students collect money for a few weeks and then buy groceries to give to a local food bank or homeless shelter, or toys and books to go to a children's hospital. Whatever you choose, make sure the students are responsible for keeping track of their money on a daily basis.

Give and take. Send copies of the reproducible home for students to use with their own money. Create an imaginary student and have your students brainstorm about where he or she might get money – for example, on birthdays, allowance, etc. Then brainstorm about how this student might choose to spend some of his or her money. Show the give and take, the addition and subtraction. Help them see the importance of keeping a balance. Reinforce this skill throughout the year as students collect for other charities, save and spend money for book orders, etc.

All students understand the need for money; hopefully this will get them started on keeping track of income, expenses and balancing their personal budgets.

For the printable click here. PDF 69KB

Elizabeth Swartz is librarian at Watsontown Elementary School and Turbotville Elementary School in PA.

January, 2004, Vol.34, No.4