Substitute Lesson Plan: Money Smart — Setting Goals

Objective

Students will learn what a goal is, the difference between short-term and long-term goals, what a savings goal is, and how advertising can influence spending and saving decisions.

Materials

• This resource ("Money Smart: Setting Goals" Parent/Caregiver Guide, Lesson 2)
• Chart paper or whiteboard
• Markers
• Paper and pencils for each student

Warm-up (~5 min)

1. Write the word "GOAL" on the board.
2. Ask students: "What is a goal?" Take a few answers.
3. Share the definition from the resource: A goal is something you plan to achieve.
4. Tell students that today they will learn about two kinds of goals and how advertising can affect the choices they make with money.

Main Activity (~25 min)

1. Introduce Short-Term vs. Long-Term Goals (8 min)
2. Write "Short-Term Goal" and "Long-Term Goal" as two headers on the board.
3. Read the definitions aloud:
4. Short-Term Goal: Something you want to achieve soon, such as in two weeks or a few months (example: getting a good grade on an upcoming test).
5. Long-Term Goal: Something you want to achieve in the future, such as in one year, five years, ten years, or more (example: learning to play the violin or going to college).
6. Ask students to share one short-term goal and one long-term goal of their own. Write a few examples under each header.

1. Introduce Savings Goals (5 min)
2. Explain: A savings goal is the amount of money you plan to put aside for a specific purpose.
3. Ask: "Has anyone ever saved money to buy something? What was it?" Discuss briefly.

1. Discuss Advertising (12 min)
2. Ask: "What is the purpose of advertising?"
3. Share the definition: The purpose of advertising is to persuade others to buy the product so the company who paid for the ad can make money.
4. Define "Advertisement or Ad": A public notice or announcement that a company pays for to help promote and increase sales of a product or service.
5. Ask students: "How might advertising influence your decisions to spend or save money?"
6. Discuss the idea that advertising may influence people to want to spend money instead of saving it, or to spend more than they planned.
7. Ask a few students to describe a commercial or ad they remember and how it tried to convince people to buy something.

Wrap-up / Exit Ticket (~10 min)

On a sheet of paper, have each student answer the following (read aloud one at a time):

1. Write one of your short-term goals.
2. Write one of your long-term goals.
3. In your own words, explain what a savings goal is.
4. Describe one ad you have seen and explain how it tried to get people to buy something.

Collect papers as students finish.

If Time Remains

Have students turn to a partner and share their answers from the exit ticket. Ask a few volunteers to share with the whole class one goal they wrote down and how they plan to work toward it.