Activity 2: Saving up (Commerce)
1. PLAY the video segment
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In the video, Tye is short of money and he says he will use Nik's kitty money.
Later, Tye had his credit card cancelled because he could not make the repayments. |
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Think of one thing you would really like/or need to buy. The purpose of your budget is to buy this one thing.
2. ANSWER the following questions:
a. What is the thing you would like to buy?
b. How much will it cost?
c. What is your income?
d. What are your weekly expenses?
e. Which expenses are fixed and which are variable? Which can you adjust?
f. How much can you save per week or fortnight?
g. How long will it take you to save for your item?
h. Will you need to adjust your spending to improve your savings?
This activity can be found in the NSW Money Stuff Teacher resource book – Commerce page 43.
Explore additional learning activities (which include extension and revision tasks) in the print resources section under Print resources - Victoria.
Linked Learning Outcomes - NSW
Core Part 1.2 Personal Finance
Focus: Students develop knowledge, understanding and skills that assist them to achieve financial independence by developing the ability to make informed judgements and to take effective decisions regarding the use and management of money.
Students learn about: Managing finances.
Outcome LS.3:
Students learn about: Obtaining and managing finances.
Learning Outcomes – Victoria
Victorian Essential Learning Standards (VELS) Discipline-based learning
Domain: The Humanities - Economics
Dimension: Economic knowledge and understanding
Level 5
Students explain the nature of the economic problem and how economic choices involve trade-offs that have both immediate and future consequences.
Students make informed economic and consumer decisions, demonstrating the development of personal financial literacy.
Level 6
Students discuss and explain what it means to be an ethical consumer and producer and identify examples of ways values can affect the economic decision making of consumers, producers and governments.
Students explain the role and significance of savings and investments for individuals and for the economy, and demonstrate the skills required to successfully plan and manage personal finances.
Learning Outcomes - Western Australia
(Society & Environment)
ICP 4.3 Identifies, selects and combines information from a variety of sources and perspectives, connecting similar ideas and making generalisations.
NSS 2.3 Understands that groups and communities obtain goods and services to meet their needs and wants.