As part of their social studies and economics studies, 3rd grade students at Arbor View Elementary are learning valuable financial lessons about the importance of earning, budgeting, and saving income.
Mrs. Lori Murphy, an Arbor View 3rd grade teacher, explained that during this unit, students first earn “income” in the form of fake money by following classroom and building expectations and giving their best effort on assignments and daily work throughout the week. Then, students participate in lessons that include conversations about saving, budgeting, and wants and needs. Finally, students have a weekly opportunity to shop at the Murphy Mart which is set up with numerous want and need items as a display of supply and demand, another concept discussed throughout their lessons.
A new addition to the lessons this year included a field trip to Create, a local pottery painting business, where students were able to choose a piggy bank that they then went on to decorate and paint to their liking. Once completed, students took them home to begin earning, budgeting, and saving real money!
Overall, students really look forward to this time of year and the chance to earn income and purchase items for themselves. And, for Mrs. Murphy, she knows that the added bonus of a field trip that ties directly back into their lessons makes for happy students!