Saving goals

What does the word “saving” make you think of? What does it mean to save money?

Task 1: Wants vs. needs

Record a definition of a need and a want and give examples of both.

Complete the Needs and Wants in your notebook, speech-to-text, or using the following fillable and printable document.

Needs and wants both cost money. However, a need is something that is essential and you cannot do without, such as food or electricity. A want is something you would like to have but it is not essential for living such as a new bike or pet hamster. The main difference between the two is that one is necessary or essential to have, and that the other is something you can do without.

It is important to know the difference between a want and a need when we decide how to spend and save our money. We need to make sure that we have enough money to buy the things we need before we buy the things we want.

Task 2: Savings goals

What is an example of a goal you might have related to saving money?

Let’s sort out these goals to determine whether they are short-term goals or long-term goals. Record your thoughts using speech-to-text, the chart below or a chart of your own making.

Below is a list of goals. Sort them into short- and long-term goals.

Complete the Short and Long-Term Goals in your notebook, speech-to-text, or using the following fillable and printable document.

Task 3: Math problems

Task 1: Savings plan

If you would like, you can complete the next activity using TVO Mathify. You can also use the following fillable and printable document or a method of your choice.

Your task is to develop your own savings plan. Come up with a way to help the librarian save every month to achieve the following scenario.

Their goal is to save enough money to move to an apartment by the end of the year. It is now March and they are making $3,000/month. They want to move to Toronto.

Start developing the librarian’s savings plan by answering these questions:

• How much will an apartment in Toronto cost?
• How much money do they need to save each month?
• If they save the amount of money they have chosen every month, how much money will they have saved after six months? One year? Two years?
• Think about if they need to spend some of that money now (on gifts, gas, food, etc.). Do they still have enough money to cover their cost of living, with what they’re saving put aside?

If not, you need to change your plan. There are a few ways you can adjust your saving plan. Investigate each alternative and make a choice for which one will help you the most. You may need to do research to find out how much an apartment may cost in different areas of Toronto, (like you did in the Action section), cost of gas and food, or job salaries.

As you adjust your savings plan, consider the following alternatives:

• You can change the goal timing (move out later)
• You can change the goal price (move to a less expensive area, find a less expensive apartment)
• They can earn more money (change job, get a second job)

Once investigating these options, answer the above questions again until your saving plan allows the librarian to meet their goal and have money to spend.

Task 2: Reflection

Reflect on what we have learned about saving money.

Complete the Reflection Needs and Wants in your notebook, speech-to-text, or using the following fillable and printable document.

1. Why is it important to save money?
2. What are two needs you have, two wants you have, one short-term goal and one long-term goal you have?
3. What is something that can get in the way of meeting your goal? How can you respond to that?

Reflection

As you read through these descriptions, which sentence best describes how you are feeling about your understanding of this learning activity? Press the button that is beside this sentence.

Now, record your ideas using a voice recorder, speech-to-text, or writing tool.

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