Activity 1: Tye's blades (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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Tye is working as a dispatch person for a stationery company and earns $260 per week (after tax). He has decided he really needs a new pair of rollerblades, which will cost $280.
Sophie explained to Tye that he has to prepare a budget to make sure he saves the money.
Tye sets out his expenses as:
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Rent |
$90 |
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Kitty |
$25 |
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Other food and drink |
$25 |
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Bills |
$20 |
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Fares |
$15 |
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Clothes, toiletries |
$25 |
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Entertainment |
$40 |
2. With a partner, WORK OUT how much Tye is able to save each week. How long will it take him to pay for the rollerblades?
3. DISCUSS: Which of Tye's expenses are 'fixed' and which are 'variable'?
4. What are three things Tye could do to save more money?
5. If Tye decides to walk to work, how much sooner will he get the blades?
This activity can be found in the NSW Money Stuff Teacher resource book – Commerce page 42.
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: Spending and saving, Managing finances.
Outcome LS.3:
Student 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.
R 4.2 Understands that people make decisions in order to be efficient and enterprising in their use of resources.