How Does Your Family Save?
This lesson uses a Better Money Habits video to discuss a family's regular shopping habits.
This lesson uses the Better Money Habits video Easy Ways to Save on Everyday Expenses to discuss a family’s regular shopping habits. It is recommended that the activity with this lesson be used as homework to allow students to talk with other family members about ways to save money on everyday expenses by using comparison shopping techniques. Depending upon the class, it might be best to assign this over a weekend or allow several days for them to complete it. This lesson requires class time to introduce it and show the video (7:26 minutes), and then review the findings. It is designed to be used as a supplement to Lesson 17: Comparison Shopping in Financial Fitness for Life, Grades 6-8 .
Financial Fitness for Life is a comprehensive personal finance curriculum for K-12 students that teaches students how to make thoughtful, well-informed decisions about important aspects of personal finance, such as earning income, spending, saving, borrowing, investing, and managing money. Visit CEE’s Financial Fitness for Life website for more information on the publication and how to purchase it.
Identify the ways their family can save money on everyday goods and services.
- Handout 10.1: How Does My Family Save?
- Video transcript
- Ask students to list some of the items their families purchase on a regular basis, such as gasoline, food, cable, etc. Have them identify ways their family tries to reduce their spending when shopping. For example, do they compare prices at different gas stations or always buy gas at the same place? Use this discussion to introduce the video.
- Tell students the video will help them identify some additional ways they can help their family reduce their spending on everyday goods and services. Remind students that saving on everyday expenses involves all family members; if everyone works together to reduce spending, then the family has more money for other purchases or to add to their savings account, their vacation fund, or other family goals.
- Show the video Easy Ways to Save on Everyday Expenses in class.
- Distribute copies of Handout 10.1 and the video transcript to each student. Tell them this is a homework project that involves their parents or other family members. Remind them you are including a copy of the video transcript, plus a link to the video itself. They can choose which option is best for them to use. Be sure to include the date the assignment is due on the worksheet.
When students have completed the homework assignment, spend class time discussing some of their findings. Some suggested questions to ask to debrief this assignment:
- What are some of the ways your family is already using to reduce their spending and save money on everyday purchases?
- Which of those practices were you aware of them using?
- What did you learn from watching this video with your family?
- What did you learn from your friends’ families about saving money?
- What changes do you plan to make after this lesson?
To conclude this activity, ask students to identify ways they can help their family reduce its spending on everyday purchases. Remind them that saving money on everyday expenses is important because it provides money that can be used for other family needs or wants.
Put students in groups to identify ways that television commercials can encourage them to buy things they may not need. Have them discuss their results with the rest of the class.
Have students write a paragraph explaining how comparison shopping can help their family reduce its overall spending.