### Personal Financial Literacy Grade 3

```Personal Financial Literacy
Beth Graber
Della Hoffman
Objectives for Today
• Explain the Personal Financial Literacy
both Economics and Math
• Describe some resources you can use
• Identify other sources to find more
resources to teach PFL
PFL Standards
• PFL Standards are written!
• Combined Social Studies (Economics)
and Math
Level
Standard(s)
Describe how to meet short term financial goals.
Multiplying and dividing are inverse operations modeled in a
variety of ways.
The relationship between choice and opportunity cost.
Mathematical models are used to test predictions about the
likelihood of events.
Use financial institutions to manage personal finances.
In the real number system, commonly used rational numbers
have multiple equivalent representations.
Number patterns and relationships can be described using a
variety of tools.
When a relationship exists between two quantities, a change
in one results in a change in the other.
Meet Short Term Financial Goals
•
•
•
•
What is my goal?
How much does it cost?
How can I earn money?
How can I make responsible decisions
in order to save money?
Pickle Patch Bathtub
by Fran Kennedy
I will cut the grass for my
parents and my neighbors.
I will help my mom weed
her garden..
I will stop buying candy at the
corner store every day.
I will walk my neighbors
dog.
Relationship Between Choice
and Opportunity Cost
• We can’t do/have everything we would
like to!
• We have to choose!
• Every choice comes with a cost.
So Few of Me by Peter H.
Reynolds
Time Slot
8:00 am – 9:00 am
9:00 am – 10:00 am
10:00 am – 11:00 am
11:00 am - noon
Choice
Opportunity
Cost
Use of Financial Institutions
• What do banks do?
– Saving
• Interest
• Accounts – Saving/Checking
– Loans
• Interest
• Credit Cards
Use of Financial Institutions
• What do banks do?
– Comic Books
Use of Financial Institutions
• Saving
– Chair For My Mother
– Saving Strawberry Farm
• Interest
– Rock, Brock, and the Saving Shock
• Accounts
– Check Writing
– www.mykidsbank.org
Use of Financial Institutions
• Loans
– One Hen: How One Small Loan Made a
Big Difference (www.onehen.org)
• Interest