Financial Literacy for 4th Graders

What is a budget plan?

• A budget plan is a schedule of upcoming vacations

• A budget plan is a detailed outline of expected income and expenses over a specific period, typically monthly or annually.

• A budget plan is a detailed outline of expected expenses only

• A budget plan is a list of recipes for cooking meals

Give an example of a need and a want.

• Food (need) and a vacation (want)

• Shelter (need) and a pet (want)

• Water (need) and a new phone (want)

• Education (need) and a luxury car (want)

Tags

CCSS.RI.1.1

CCSS.RI.2.1

CCSS.RL.2.1

CCSS.RL.2.2

CCSS.RL.3.2

Name one tip for saving money.

• Investing in high-risk stocks

• Ignoring bills

• Shopping without a list

• Budgeting

Explain the difference between income and expenses.

• Income is the money earned, while expenses are the money saved.

• Income is the money received, while expenses are the money spent.

• Income is the money invested, while expenses are the money lost.

• Income is the money spent, while expenses are the money received.

Why is it important to set financial goals?

• Financial goals limit flexibility in spending

• Setting financial goals provides direction, motivation, and clarity for financial planning.

• Setting financial goals is time-consuming and unnecessary

• Financial goals do not impact financial well-being

How can you create a budget plan?

• Ask a friend to do it for you

• Guess randomly

• List all sources of income, track expenses, categorize expenses, set financial goals, allocate funds, monitor progress.

• Ignore all financial data

List three examples of needs.

• Love, transportation, electricity

• Air, clothing, education

• Food, water, shelter

• Money, entertainment, friendship

How can you differentiate between needs and wants?

• To differentiate between needs and wants, consider whether the item is necessary for survival or simply a desire.

• Consider the price of the item

• Flip a coin to decide

• Ask a friend for advice

Tags

CCSS.RI.1.5

CCSS.RI.2.3

CCSS.RI.2.5

CCSS.RI.3.3

CCSS.RI.3.5

What are some ways to save money as a 4th grader?

• Set up a piggy bank, create a budget, avoid impulse purchases, look for deals

• Give money away to friends

• Open a lemonade stand

• Spend all money on toys

Why should you track your income and expenses?

• To understand financial flow and make informed decisions.

• To forget about your financial situation

• Because it's fun to do

• To intentionally make poor financial decisions