Lesson Note On Saving – Meaning, Reasons And Methods Of Saving (Basic 3)

• Class: Primary 3
• Term: 2nd Term
• Week: 8
• Age: 8 years
• Period:
• Duration: 40 minutes
• Date:
• Subject: National Values Education
• Curriculum Theme: Social Studies
• Topic: Saving
• Content: Meaning, reasons, and methods of saving

Specific Objectives:
By the end of the lesson, pupils should be able to:

• Cognitive Domain: Define saving, list 2 reasons for saving, list 2 methods of saving.
• Affective Domain: Recognize the importance of saving for future goals.
• Psychomotor Domain: Demonstrate simple methods of saving.
• Social Domain: Discuss the concept of saving in group activities.

Reference Materials:

• 9 – Years Basic Education Curriculum
• Abuja Educational Resource Centre Scheme of work
• NAPPS National Unified Scheme of Work
• Online Information
• Textbooks

Instructional Materials:

• Pictures or illustrations of savings
• Chart paper and markers
• Piggy banks or small containers
• Real or play money
• Storybooks on saving

Rationale for the Lesson:
Understanding the concept of saving is crucial for instilling financial responsibility, planning, and achieving future goals. It cultivates values that contribute to personal and societal well-being.

Prerequisite/Previous Knowledge:
Students should have a basic understanding of money and simple arithmetic.

INSTRUCTIONAL PROCEDURES:

Content Development: Saving

Classroom Note:

Saving:

Saving is the act of setting aside a portion of income or resources for future use rather than spending it immediately.

Reasons for Saving:

1. Emergency Fund: Save for unexpected expenses or emergencies.
2. Future Education: Save for educational expenses, ensuring funds are available for school fees or further studies.
3. Big Purchases: Save for significant purchases, such as a home, a car, or other major investments.
4. Travel and Leisure: Save for vacations or leisure activities, allowing for enjoyable experiences without financial stress.
5. Retirement: Save for retirement to maintain financial stability and meet living expenses during the post-working years.

Methods of Saving:

1. Piggy Bank or Jar: Use a piggy bank or jar to collect loose change or small amounts of money regularly.
2. Bank Savings Account: Open a savings account in a bank to deposit and accumulate money over time, earning interest.
3. Automatic Transfers: Set up automatic transfers from the main account to a savings account, ensuring regular savings.
4. Investments: Invest in low-risk options like mutual funds or government bonds to grow savings over the long term.
5. Budgeting: Plan and stick to a budget, allocating a specific portion of income to savings each month.

Evaluation:

1. What is the meaning of saving?
2. List two reasons for saving.
3. Mention two methods of saving.

Note to Teachers:
Customize the lesson content, teaching methods, and pupil activities to suit your teaching style, curriculum, and available resources.