START SMART SAVING GOALS. Suggested Introduction. Teaching Points. Consolidation. Curriculum Points. Lesson Objectives

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1 Lesson Objectives 4 Students will recognise the value of saving and appreciate that saving empowers people to get what they want 4 Students will also understand that the first step to saving effectively is setting a clear savings goal Time Allowance 4 1 hour Materials and Preparation 4 Have the Savings Goals animation from the Savings Goals webpage open on your Interactive Whiteboard or projector 4 Provide copies of the ACT Smart and Save worksheet (one per student) Suggested Introduction 1. Introduce the ACT framework: ACT goals are achievable, clear and within a specified timeframe. 2. Watch the Savings Goals animation. Teaching Points 1. Provide the following scenario. If necessary, write the details on the board as you read it out. 2. Bradley is dreaming about going on holiday with friends. It will cost him about $2600 including spending money. He plans to leave in 12 months. Bradley works at a fast-food outlet and earns $200 a week. He still lives at home so he doesn t pay rent or utilities, but he contributes $40 a week towards groceries. He spends $20 a week going out with his friends. 3. With suggestions from students, discuss whether Bradley s goal is an ACT goal. Have the class consider: 3.1 Is Bradley s goal achievable? Calculate how much Bradley can reasonably save every week, and whether that will allow him to save enough for the trip in 12 months. 3.2 Is Bradley s goal clear? Bradley knows exactly how much he needs to save. 3.3 Can Bradley make his goal clearer? To make his goal clearer, he can figure out how much he needs to save every week, and identify how he will budget to achieve this. 3.4 Does Bradley s goal have a specified timeframe? Bradley already knows he has 12 months to reach his goal. Consolidation 1. Ask the students to make a personal wish list of the all the things they want to buy. Have each student choose up to three items on their wish list and create their own saving goals on the worksheet provided. 2. Ask each student to evaluate their goals using the ACT framework. 3. Provide students with the scenario below if necessary. Steph works at the supermarket during the weekend and earns $43 each week. On average, she spends $3 a day at school on food. She also pays for her own entertainment and occasional shopping, which cost her about $10 a week. Steph wants to buy a new MP3 player, which costs $360. She wants to be able to get it within 2 months. How can she turn this into an ACT goal? Curriculum Points National Consumer and Financial Literacy Framework Take initiatives to build wealth. Understand the value of setting personal financial goals. Page 1 of 5

2 National Consumer & Financial Literacy Framework Identify and explain strategies to manage personal finances Explain the various factors that may impact on achieving personal financial goals ACT 24.LA.9 [Learn to] develop a long-term plan for a major purchase (e.g. planning the steps to buy a car or undertake an overseas trip) 24.LA.9 [Learn to] develop a long-term plan for a major purchase (e.g. planning the steps to buy a car or undertake an overseas trip) NSW Mathematics - Stage 5.1 Solves financial problems involving earning, spending and investing money (MA5.1-4NA) Solve problems involving earning money Mathematics - Stage 5.1 Solves financial problems involving earning, spending and investing money (MA5.1-4NA) Solve problems involving earning money NT Studies of Society & Environment (Enterprise: Financial Literacy) Apply a range of strategies in personal financial management (Ent 4.1) Not Applicable Page 2 of 5

3 QLD Not Applicable Not Applicable SA Not Applicable Not Applicable TAS Society & History (Interconnections between systems; Standard 4: Stage 10) Understand how needs and wants are met by groups in society Society & History (Interconnections between systems; Standard 4: Stage 10) Understand how needs and wants are met by groups in society Financial literacy Making personal financial decisions How do I set financial goals? How do I reach those goals? Page 3 of 5

4 VIC Economics (Learning Focus) Economics (Learning Focus) Students extend their personal financial literacy skills and understanding about the role of savings and investment Students extend their personal financial literacy skills and understanding about the role of savings and investment WA How to self-evaluate personal skills and abilities Personal finances can be managed Consequences for self and others of spending decisions To use critical thinking and problem-solving skills to make consumer/finance/resource decisions Page 4 of 5

5 ACT Smart and Save! I am saving for: 1. which will cost $ 2. which will cost $ 3. which will cost $ Total cost $ My saving goal is Timeline (How long to reach my saving goal) How will I reach my savings goal? Are they Achievable? Have you set ACT goals? Are they Clear? Are they within a specific Timeline? Page 5 of 5