Practical Money Skills: Making Decisions

Objective (Students will be able to…):

• Identify key financial decisions (saving, spending, credit use)
• Analyze everyday financial scenarios
  Make informed decisions using basic money management strategies

Activity: “Your Future Life” Think-Pair-Share

1. Ask students:

• • What are 3 things you want in your future? (house, car, travel, education, etc.)

  2. Students write responses individually.

  3. Pair students to discuss:

• • How will money affect these goals?

 4. Whole-class discussion:

• Chart responses under categories: Needs vs. Wants

👉 Interactive: Use a live poll (Mentimeter or show of hands) to vote:
“Which is harder: saving money or not spending money?”

Purpose of the Lesson

Explain:
Managing money is a daily life skill. Every decision—spending, saving, or borrowing—affects your future.

Key Question:
👉 How can we make smart financial decisions in everyday life?

Introduce lesson topics:

• Saving vs. spending
• Credit and debt basics
• Planning for life events

Guided Exploration Using Website Content

Use materials from:
https://www.practicalmoneyskills.com/teach/lesson_plans/grades_7_8

Mini-Lesson with Visual Support

Present key concepts (via PowerPoint or board):

1. Needs vs. Wants

• Needs = essential (rent, food)
• Wants = optional (entertainment, upgrades)

2. Saving vs. Spending

• Pay yourself first
• Emergency funds

3. Credit Basics

• Borrowing money = responsibility
• Interest = extra cost
   

Vocabulary (with student interaction)

Students match terms with definitions:

• Budget
• Credit
• Debt
• Savings
• Interest

👉 Quick Check: Students create one sentence using a vocabulary word.

Activity 1: Real-Life Scenarios (Small Groups)
Give each group a scenario:

Example:

Maria wants to buy a new phone for $800, but only has $300 saved. She can:

• Wait and save more
• Use a credit card
• Buy a cheaper phone

Task:
Groups discuss:

• What should she do?
• What are the risks and benefits?

Groups share decisions with the class.

 
Activity 2: Interactive Game (Tech Integration)

Students play a financial literacy game from the website (or teacher-selected):

• Individual or pairs
• Focus: decision-making

👉 Teacher circulates and asks guiding questions:

• “Why did you choose that option?”
• “What would happen if you chose differently?”

Option 1: Quiz (from site)

• Use the provided student quiz
• Can be paper or digital (Google Forms)

Option 2: Exit Ticket
Students respond:

1. One smart money decision I learned today:
2. One mistake to avoid:
3. One question I still have:

Activity: My Financial Plan

Students create a simple personal plan:

• One thing I will save for:
• One way I will reduce spending:
• One financial goal for the next 6 months:

👉 Extension: Students share in pairs or post on a class board.