Lesson Notes By Weeks and Term v5 - Grade 4

Lesson Video

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Performance objectives

• Define and give examples of 'needs' and 'wants'.
• Explain why saving money is important.
• List responsible ways to spend money.
• Identify dangers of spending too much on wants.

Lesson summary

In South Africa, understanding how to manage money wisely is crucial for everyone, especially from a young age. Many families face financial challenges, and learning to make responsible decisions about money can help us all, including Grade 4 learners, make better choices in our lives and contribute positively to our families and communities. This topic will help you understand the importance of saving, spending wisely, and avoiding unnecessary debt. It will also teach you how to identify needs versus wants.

Lesson notes

What are Needs and Wants?

Needs: These are things that we must have to survive and live a healthy life. Without them, we could become sick or have difficulties in our daily lives.

Examples of needs include: Food: We need food to give us energy and keep us strong. Think of pap and vleis, or a healthy sandwich for lunch.

Water: We need clean drinking water to stay hydrated and healthy.

Clothing: We need clothes to protect us from the sun, rain, and cold. This includes our school uniform.

Shelter: We need a safe place to live, like our homes.

Healthcare: We need to see a doctor or nurse when we are sick.

Education: Going to school and learning is a need because it helps us grow and learn skills for the future.

Wants: These are things that we would like to have, but we don't necessarily need them to survive. They can make our lives more enjoyable, but we can live without them.

Examples of wants include: Toys: A new action figure or doll.

Sweets and snacks: A packet of chips or a chocolate bar.

Video games: Playing games on a tablet or console.

Expensive clothing brands: Designer jeans or t-shirts.

Going to the movies every week: Seeing a new movie at the cinema. Why is it Important to Know the Difference? Understanding the difference between needs and wants is important because it helps us make smart choices about how we spend our money. If we spend all our money on wants, we might not have enough money for the things we truly need, like food or school supplies. Saving Money Saving money means putting some money aside instead of spending it right away. It's like planting a seed that grows into something bigger! Why Save? Saving money helps us prepare for the future.

We can save for: Emergencies: If something unexpected happens, like a broken bicycle or needing medicine, we have money to pay for it.

Special things: We can save for a special toy, a birthday gift for someone, or even a future education.

Achieving Goals: Saving helps us buy things we really want by building up a fund for them.

How to Save: Piggy bank: A simple way to save is to put any spare coins or small amounts of money into a piggy bank.

Saving account: Open a saving account at a bank with a parent or guardian. This is a safe place to keep your money.

Pocket money: If you get pocket money, try to save a portion of it each week.

Chores for money: Ask your parents if you can do extra chores around the house to earn extra money to save. Responsible Spending Responsible spending means using your money wisely. Here are some ways to be a responsible spender: Prioritize needs: Make sure you have enough money to pay for your needs before spending on wants.

Compare prices: Before buying something, check the prices at different shops to make sure you are getting the best deal. For example, Shoprite vs Pick 'n Pay.

Avoid impulse buying: Don't buy something just because you see it and want it right away. Think about it first and decide if you really need it.

Look for sales and discounts: See if you can find things on sale or with a discount to save money.

Don't borrow money: It's best to avoid borrowing money, especially from friends, because it can be difficult to pay it back and can damage relationships. Dangers of Spending Too Much on Wants If we spend too much money on wants, we might: Not have enough money for needs: We might not be able to buy food, clothes, or school supplies.

Get into debt: If we borrow money to buy wants, we will have to pay it back with interest, which can be difficult.

Feel stressed and worried: Not having enough money can cause stress and worry.

Not be able to achieve our goals: We might not be able to save for things we really want in the future.