girl saving money in a piggy bank
girl saving money in a piggy bank

Financial Literacy: Borrowing vs. Saving to Buy Something

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When it comes to purchasing something you really want, what’s the better option- borrowing or saving? It’s a tough question to answer, but financial literacy can help!

This course will break down the pros and cons of each option. You’ll learn about things like interest rates and how they can add cost to your purchase. Weighing your options and understanding prices is also key in making the smartest decision for you.

In the end, you’ll have a better understanding of how to save and borrow money wisely. So whether you’re looking to buy a new car or take a dream vacation, this course will help set you up for success!

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Description

In this lesson, students will learn about saving versus borrowing money to purchase the things they want. Students will set short and long-term goals to save for items they want and find ways to earn money. They will also walk through a car loan application to see what lenders want to know before loaning money to a person. For homework, students can go to or call a local financial institution to learn about their rates, loans, and accounts. Parents are encouraged to open a savings account with their children to help them learn about how interest works.

 

Additional information

grade-level

5th Grade, 6th Grade

subject

Math, Social Studies

State Educational Standards

NCSS.D2.ECO.1.3-5, NCSS.ECO.2.3-5, &NCSS.D2.ECO.10.3-5

Lessons are aligned to meet the education objectives and goals of
most states. For more information on your state objectives, contact
your local Board of Education or Department of Education in your state.

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