Financial Literacy: Spending and Saving: Making Choices
Practice choosing between needs, wants, saving, and spending
Financial Literacy: Spending and Saving: Making Choices
Practice choosing between needs, wants, saving, and spending
Financial Literacy - Grade 2-3
- 1
Mia has $5. She can buy a notebook for school for $3 or a toy ring for $3. The notebook is needed for class tomorrow. Which choice should Mia make first, and why?
A need is something important for daily life or school. A want is something fun but not necessary.
Mia should buy the notebook first because it is something she needs for school. The toy ring is a want and can wait. - 2
Jay earns $2 each week for helping at home. He wants to save $8 for a soccer ball. How many weeks will Jay need to save if he saves all of his money each week?
Jay will need to save for 4 weeks because 2 + 2 + 2 + 2 = 8. - 3
Circle the items that are needs: winter coat, candy bar, toothbrush, video game, lunch.
Think about which items help a person stay safe or healthy.
The needs are winter coat, toothbrush, and lunch. These help keep a person warm, healthy, and fed. - 4
Lena has $10. She wants a book that costs $6 and stickers that cost $4. Can she buy both items? Explain your answer.
Yes, Lena can buy both items because $6 + $4 = $10. She will have $0 left. - 5
Aiden has $7. He can spend $5 on a toy car today, or he can save the $5 toward a $12 art set. What is one good reason to save the money instead of spending it today?
Think about what happens when you save money for something that costs more.
A good reason to save the money is that Aiden can get closer to buying the art set. Saving helps him reach a bigger goal. - 6
Look at this money plan: Save $3, Spend $2, Give $1. How much money does the plan use in all?
The plan uses $6 in all because $3 + $2 + $1 = $6. - 7
Sofia wants a jump rope that costs $9. She has already saved $4. How much more money does she need to save?
Subtract the amount she already has from the total cost.
Sofia needs to save $5 more because $9 - $4 = $5. - 8
Ben gets $6 for his birthday. He spends $2 on a snack. How much money does Ben have left?
Ben has $4 left because $6 - $2 = $4. - 9
Nora sees a puzzle for $8. She has $8, but she is also saving for a bike bell that costs $10. If she buys the puzzle, how much money will she have left for the bike bell?
Spending all of your money means there is none left to save.
Nora will have $0 left for the bike bell if she buys the puzzle. She may choose to wait and save if the bike bell is more important to her. - 10
A class is collecting coins for a field trip. Sam brings 3 quarters. Each quarter is worth 25 cents. How many cents did Sam bring?
Sam brought 75 cents because 25 + 25 + 25 = 75. - 11
Which choice shows saving? Choice A: Kim puts $4 in her piggy bank. Choice B: Kim spends $4 on gum. Explain your answer.
Saving means keeping money for the future.
Choice A shows saving because Kim keeps the money in her piggy bank to use later. - 12
Eli has $12. His money plan is to save half and spend half. How much should Eli save, and how much should he spend?
Eli should save $6 and spend $6 because half of $12 is $6. - 13
Grace wants to buy crayons for $3 and a small toy for $5. She has $6. Which item can she buy now without borrowing money? Explain.
Compare the prices to the amount of money Grace has.
Grace can buy the crayons because they cost $3 and she has $6. She cannot buy both items because $3 + $5 = $8, which is more than $6. - 14
Marcus saves $1 on Monday, $1 on Tuesday, $2 on Wednesday, and $2 on Thursday. How much did he save in all?
Marcus saved $6 in all because $1 + $1 + $2 + $2 = $6. - 15
Tara has $9. She needs socks for $4 and wants a comic book for $6. Can she buy both? What is a smart choice?
Add the two costs, then think about which item is a need.
Tara cannot buy both because $4 + $6 = $10, and she only has $9. A smart choice is to buy the socks first because they are a need, then save for the comic book.