Teaching
Money Skills Classified by Grade Level:
Fifth Grade and Sixth Grade
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Money
Math Worksheets and Lessons
Fifth and sixth grade students now have the skills of addition, subtraction, multiplication, and division. They can recognize monetary values and can use their learned skills in real life situations. Teachers in the prior grades have introduced multiplication and division of money and now the students will learn the decimal rules pertaining to this concept.
According to state standards, by the end of fifth and sixth grade, students should have the skills of computation to add, subtract, multiply, or divide fractions, decimals, integers, percentages, and money values (see
Money Math). Any number value is expected to be solved and the use of mental strategies like problem solving, as well as a pencil, paper, and calculator, students should be familiar with. Comparisons are also taught so when students are in the real world, they can mentally calculate the price of an item and make a comparison.
As students become more knowledgeable in money, they can begin to look for part time jobs. Teachers have found students who work as a babysitter or newspaper person have a stronger concept of money, its value, what it represents, and what it can get them. The best lesson to teach about the value of the dollar is the reality of life.
One way a teacher can help their students understand the importance of the dollar is by developing a two month long project, where they must keep an average amount of money in a fake bank account
(see
Banking Lessons). Some
expenses which can be mandatory
are food, shelter, and clothing.
Then the students will be given
a list of necessities and
luxuries with weekly pricing for
each service and be told to
choose between two and ten more
items. The items on the
list are flexible and always can
be changed. Each week the
teacher will ask the students
for a copy of their expenses for
the week.
The students
are required to keep track of
every expense, similar to a
check book ledger, for any item
money is spent on. The
teacher will give ten charts for
all the project weeks. On
the first chart, the total
amount of money being used will
be in the first row plus the
prices for food, shelter, and
clothing. Nothing will be
calculated, this is the students
job. Since the cost will
be repeated weekly, each chart
will have these three items
already. The chart will
have columns for: the item, day
it was purchased, cost, and
balance remaining for the total
account.
The students will have their choice of items but must not loose all their money throughout the ten week project. Depending on the teacher, some offer items which will increase income which incorporate how to save on energy costs. This long term project will teach life skills, financial skills, problem solving, and incorporate all the computation concepts.
By having students choose their expenses and visually see the cost of every item, the teacher hopes to help students realize the value of money. The internet, cell phones, video games, and all the luxuries many students
would like to purchase may not be possible during their 10 week long project.
Back to
Money
Math Worksheets and Lessons
To teach and learn money skills, personal finance, money management, business,
careers, and life skills please go to the Money
Instructor home page.
