Activity 1 : This or That?
We come across choices to make about spending our money almost every day.�Choose which option you would purchase (either 1 or 2) and answer the questions below. Make sure you think through your answers carefully.
E.g. | Option 1: Loaf of bread | Option 2: 6 pack of bread rolls |
What option do you think is better? I think option 1 is the better choice. Why do you think this option is better? Give reasons. In a loaf of bread, there are a lot more slices so it feeds more people and lasts longer. There are several different ways you can use bread slices, like toast, sandwiches, with eggs on top, etc. | ||
1 | Option 1: Power company A - $60 per week | Option 2: Power company B - $210 per month |
What option do you think is better? � Why do you think this option is better? Give reasons.� | ||
2 | Option 1: 2015 car worth $8,000 | Option 2: 2003 car worth $2,500 |
What option do you think is better? � Why do you think this option is better? Give reasons.� | ||
Making Wise Spending Choices
Activity 1 : This or That? (Continued)
3 | Option 1: Bar of soap - $4 | Option 2: Body wash - $6 |
What option do you think is better? Why do you think this option is better? Give reasons. | ||
4 | Option 1: 3 pairs of cotton socks $10 | Option 2: 1 pair of woolen socks $13 |
What option do you think is better? Why do you think this option is better? Give reasons. | ||
5 | Option 1: Property in a city/town - $900,000 | Option 2: Property out of the city/town - $500,000 |
What option do you think is better? Why do you think this option is better? Give reasons. | ||
6 | Option 1: 2.4L bottle of Juice | Option 2: 6 pack of juice bottles (350ml each) |
What option do you think is better? Why do you think this option is better? Give reasons. | ||
Making Wise Spending Choices
Activity 1 : This or That? (Continued)
7 | Option 1: Unlimited Wifi - $90 per month | Option 2: 50GB Wifi - $60 per month |
What option do you think is better? Why do you think this option is better? Give reasons. | ||
8 | Option 1: Benchtop oven - $600 | Option 2: Wall oven - $1000 |
What option do you think is better? Why do you think this option is better? Give reasons. | ||
9 | Option 1: Regular toothbrush - $5 | Option 2: Electric toothbrush -$60 |
What option do you think is better? Why do you think this option is better? Give reasons. | ||
10 | Option 1: 2 litre tub of ice cream | Option 2: 6 pack ice cream on a stick (89ml each) |
What option do you think is better? Why do you think this option is better? Give reasons. | ||
Making Wise Spending Choices
Activity 2: Reducing Expenses
In order to save money, we need to make wise spending choices. Sometimes we spend money on things and we have no idea where our money went. If we find ourselves in that situation, we probably aren’t doing a very good job of controlling our spending.
Morgan is one of your older siblings who is having a hard time managing their money and would like some help. Morgan is a secondary school student and has a part-time job at Kmart.
Instructions: On the next page, you’ll find a bank statement that shows how Morgan spends money in one month. Have a look at this and answer the following questions:
Making Wise Spending Choices
Date | Transaction | Expense/Withdrawal | Wages | Balance |
2 Feb | Paycheck | | $250.86 | |
2 Feb | Snack | $4.00 | | $246.86 |
3 Feb | Bus pass | $18.00 | | $228.86 |
4 Feb | Lunch | $8.00 | | $220.86 |
5 Feb | Jacket | $60.00 | | $160.86 |
7 Feb | Minigolf & icecream | $13.00 | | $147.86 |
12 Feb | Shirt | $25.50 | | $122.36 |
12 Feb | Shorts | $30.00 | | $92.36 |
12 Feb | Concert | $50.00 | | $42.36 |
15 Feb | Mobile phone payment | $35.00 | | $7.36 |
15 Feb | Paycheck | | $250.86 | $258.22 |
17 Feb | Birthday present for Mum | $25.00 | | $233.22 |
19 Feb | Boardgame | $15.00 | | $218.22 |
20 Feb | Lunch | $12.00 | | $206.22 |
21 Feb | Shoes | $90 | | $116.22 |
24 Feb | Netflix | $11 | | $105.22 |
25 Feb | Lunch | $12.50 | | $97.72 |
27 Feb | Spotify | $12 | | $80.72 |
Making Wise Spending Choices
Activity 3: What We Spend Matters!
Your cousin Taylor, who is a similar age to you, has been doing jobs for the family. From these jobs, he has earned $60. Taylor is keen to spend the money, but doesn’t have enough money for everything he wants.
Can you help Taylor?
Highlight YES or NO for each item on Taylor’s list. Remember, the total amount of money must be $60, no more, no less. Fill in the box with the total.
A. Taylor’s phone charging cord is broken and a new one costs $23.
Should he buy one?
B. Taylor really wants to buy a Spotify subscription. This costs $12. Should he get one?
C. The local animal shelter needs money to build a new kennel and help more animals. Should Taylor give to the animal shelter?
D. A bluetooth speaker that Taylor has always wanted is on sale. It only costs $30. Should he buy it?
E. Taylor’s class is going on a fun field trip to a theme park. He wants spending money and his parents said they would give him a dollar for every dollar he saves. Should he save some of his money?
A. $___ | B. $___ | C. $___ | D. $___ | E. $___ |
Enter amounts here
Making Wise Spending Choices
Activity 3: It’s Your Turn!
Pretend that you have earned $110 altogether, by doing jobs around the house. You must decide how you will use the $110. You must put some money into savings, some money into spending, and some into giving.
SAVINGS
How much?
What will you be saving for?
SPENDING
How much?
What will you buy?
GIVING
How much?
Where will you donate your money and who will it help?
Making Wise Spending Choices