Lesson Notes By Weeks and Term v5 - Grade 4

Lesson Video

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Performance objectives

• Define 'needs' and 'wants'
• Identify ways to earn money
• Create a simple budget
• Explain the importance of saving
• Differentiate between responsible and irresponsible spending

Lesson summary

This week, we're going to learn about being responsible with money. Understanding how to manage money wisely is a crucial life skill, even from a young age. In South Africa, where many families face financial challenges, learning about budgeting, saving, and making smart spending choices can help us contribute positively to our families and communities. It empowers us to make better decisions and build a more secure future. Many families struggle to make ends meet, so understanding the value of money is very important.

Lesson notes

What is Money? Money is what we use to buy things we need and want. In South Africa, our money is called the Rand (R) and cents (c). 100 cents make up one Rand (R1.00). Needs vs.

Wants: This is a very important distinction.

Needs: These are things we must have to survive and be healthy. Examples include food, water, shelter (a safe place to live), clothing, and healthcare. For a grade 4 learner, school uniform, stationery, and a nutritious lunch are also needs.

Wants: These are things we would like to have, but we can live without them. Examples include toys, sweets, the latest video games, and expensive clothes. While fun, they're not essential for our well-being. Why is understanding the difference important? Knowing the difference helps us make better spending decisions. We should always prioritize our needs before spending money on wants.

Earning Money: There are appropriate ways for Grade 4 learners to earn money.

This could involve: Pocket money/Allowance: Your parents/guardians might give you a small amount of money regularly.

Helping with chores: You can earn money by helping with age-appropriate chores around the house, like tidying up, washing dishes, or helping in the garden. Always discuss the pay with your parents first.

Special tasks: Helping neighbours with simple tasks like watering plants or sweeping the yard (with their permission and under supervision) for a small fee. Important

Note: Child labour is illegal and harmful. It's crucial to only do age-appropriate tasks under safe conditions and with adult supervision. You should never be exploited or put in danger.

Budgeting: A budget is a plan for how you will spend your money. It helps you track your income (money you receive) and expenses (money you spend).

Example: Let's say Thando gets R20 pocket money each week.

Here's a simple budget: Needs: R10 for healthy snacks at school.

Wants: R5 for sweets or a small toy.

Savings: R5 to save up for a bigger toy or something special.

Saving: Saving means putting money aside for later use. It's like storing up for the future. Why save? To buy something big that you can't afford right now (e.g., a bicycle, a special toy). For emergencies (e.g., needing to buy new school shoes if yours get damaged). To help others (e.g., donating to a charity). Responsible vs.

Irresponsible Spending: Responsible Spending: Using money wisely and thoughtfully.

This includes: Prioritizing needs over wants. Saving money. Avoiding impulse purchases (buying things without thinking). Comparing prices before buying.

Irresponsible Spending: Wasting money on things you don't need, without thinking about the consequences.

This includes: Buying lots of sweets and junk food instead of healthy meals. Spending all your money as soon as you get it, without saving. Buying things just because they are on sale, even if you don't need them.

South African Example Scenarios: Scenario 1: Lerato has R

3

0. She wants to buy a new soccer ball (want) but her school shoes have a hole in them (need). Responsible spending would be to fix or replace the shoes first.

Scenario 2: Sipho's family needs money for food. Sipho should not spend all his pocket money on sweets. He could even offer to contribute some of his pocket money if appropriate. Guided Practice (With Solutions)

Question 1: Identify whether each of the following is a need or a want for a Grade 4 learner in South Africa: a) A warm jacket in winter b) A new PlayStation game c) A healthy lunch d) Designer sneakers e)

School stationery Solution: a) Need b) Want c) Need d) Want e) Need

Commentary: This question reinforces the fundamental understanding of "needs" versus "wants" within a South African context.

Question 2: Nomusa earns R15 each week by helping her grandmother with chores. She wants to buy a colouring book that costs R

3

0. How many weeks does she need to save to buy the colouring book?

Solution: R30 / R15 per week = 2 weeks Nomusa needs to save for 2 weeks.

Commentary: This problem applies basic division skills to a real-life savings scenario, making it relevant to learners.

Question 3: Mandla has R

2

5. He spends R10 on sweets and R15 on a small toy car. Is this responsible spending? Explain your answer.

Solution: This is likely irresponsible spending. Mandla spent all his money on wants (sweets and a toy car) and did not save any. If he had a need (like needing to buy a snack if he didn’t have lunch), he wouldn't have any money left.

Commentary: This problem encourages critical thinking about spending habits and their potential consequences.

Question 4: Name one way a Grade 4 learner can earn money legally and ethically in South Africa.

Solution: Helping with age-appropriate chores around the house for an agreed-upon payment from their parents or guardians.

Commentary: This reinforces the concept of earning money responsibly and avoids illegal child labour scenarios. Independent Practice (Questions Only) What is the difference between saving money and spending money?