Seventh and eighth grade students now have the skills of addition, subtraction, multiplication, and division and know how to compute all these operations with money and decimals.  The next part of learning about money and financing is geared more toward the business aspect.

During these two grades, students will begin to learn about change from a purchase, discounts, commission, price markup, sales tax, shipping and handling, and interest rates.  Some of these topics will be fully taught and others will be introduced (see Consumer Math).

Up to this point, the learned skills of money have been discussed so students can be able to use in real life situations.  Teachers in the prior grades have taught and tested all the students skills regarding computing money and the students will learn now how this topic will relate to them in their own life.

When students begin in the middle school levels, the classes can be larger and the teachers do not follow every student to see if they handed their work in on time.  Teachers have close to 150 students a day where at the elementary level, they could have 20 – 50 students.  The new teenage students need to be responsible for themselves concerning their school work and if a concept is not understood, the teacher expects them to ask questions or get extra help.  With all the physically changes occurring, many students will not feel comfortable asking a teacher for help and this could be their downfall of not learning the next concepts regarding finances.

Students know how to purchase an item, give the correct amount of money to the cashier, and receive the correct amount of change.  What if the roles were reversed and the student is working as a cashier, could they make change and add the correct sales tax onto the purchaser’s item?  In seventh and eighth grade, teachers will spend time with real life concepts concerning finances.  During these grades, Algebra is being taught as well and where the majority of time is being spent.

The teacher will explain financial terms with real life problems by role playing using the students in the classroom.  For example, let’s say Toby is working at a clothing store in the mall and Jon walked in.  Toby greets Jon and asks him if he needs any help finding a certain item.  Jon says yes and Toby spends a half hour helping Jon buy a pair of jeans and two shirts.  The total bill came to $140.00 and since Toby was the sales person helping Jon, Toby will make a 10% commission from this sale.

After the teacher has the student’s role play this word problem, then she or he has the entire class at their individual seats try and solve the problem.  The class gets five minutes to work it out and then the teacher will go through the problem as a class.  Some teachers use visual aides to help students understand the concept.  The formula for the problem should be written clearly on the board and all the students should have it written down in their notebooks.  Next, the numbers from the word problem should be plugged into the formula, and then solved.

When the concept of commission, sales tax, discounts are being taught to be solved; the easiest way for students to learn these concepts are by practicing with the teacher.  All formulas should be taught, written in the students math notebook, with an explanation of when and how to use them.

Go to Consumer 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 (see Checking Lessons).  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 lose 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.

Go to Money Math Worksheets and Lessons

Go to Banking Lessons

By fourth grade, students should be able to recognize all the coin amounts and write their correct values, as well as the dollar amounts.  Forming different values by combining the dollars and coins should also be achieved, as well as addition and subtraction of monetary values.  Learning to line up the decimal points and carrying them throughout a problem can be a challenging concept but must be learned before approaching multiplication and division of money, which usually begins in fifth grade.

Considered consumer math (see Consumer Math Lessons), converting money values will be taught, as well as learning to give the correct change and receive the correct change after making a purchase (see counting money lessons).

When students enter fourth grade, the teacher will review the basic monetary values starting with the coins and dollars.  This may take the teacher almost two weeks between review, exercises, and testing.  Once the teacher feels the class is satisfactory in their knowledge of money values, symbols, and recognition, then they will begin the review of addition of different money values (see Money Math).  The teacher will start with the coin values; for example $.25 + $.10 = $.35.  Next will still use the coin values but will mix the coins together to make new values like $.93 + $.57 = $1.50.  The reviewing of addition with money will last for one week; starting with the basic coin values and leading up through the dollar amounts.  It may seem very basic but after the summer vacation, children need to review concepts that were just taught in the prior grade level.

Continuing with the review, the teacher will follow the same process as addition for the subtraction of money values.  This review also will last a week starting with the basic coin values to the dollar amounts.  Due to the monotony of these concepts, many teachers will create a game for their students.  Some games can be played in a group of three to five students, partnered, individualized, or full class participation.  Ideas for interactive learning games can range from a puzzle worksheet to a wheel of fortune type of game where all the phrases are money terms and the values on the wheel are math problems which must be solved before choosing a letter.  The more creative a concept, the easier it will be for students to remember addition and subtraction of money.

What will be new in grade four is converting coin and dollar values.  With addition and subtraction already learned, this standard should be fairly easy for students to learn.  The reality is in kindergarten, the teacher had the students interactively converting the coins to different values when they played the shopping game. In fourth grade, the difference is the students will have to mentally solve the problems as if they were in the real world.  This begins the teachings of finances and help students understand the value of money.

For example, the teacher may write certain money values on the front board and ask the students to copy them into their notebooks.  Then they will ask them to write, in words, the different ways the one value can be achieved.  The value $4.28 is written on the board.  The teacher gives the students five minutes, individually at their seats to answer this problem.  The teacher asks the class for participation and will write all the answers on the board to discuss each answer with the class.  An example of one of the answers could be: three one dollar bills, five quarters, and three pennies.  If the teacher finds this value too hard to begin with, they can lessen it to just coin values.  Each class works at a different pace and it is up to the teacher’s discretion.

By requiring students to write in words the monetary values, this incorporates the new thinking of combining the subjects to allow more understanding of why English and Math must be learned in school or crossing the curriculums.  The basics of multiplication and division of money are introduced and reviewed but the main focus in fourth grade is to teach students how money relates to the real world.  They begin to understand the value and how the finance world works.

Go to Counting Money Worksheets and Lessons

Go to Spending Money and Consumer Math Lessons

Go to Money Math Worksheets and Lessons