Money runs out, so every choice to spend is also a choice not to spend on something else. On Savings Street, Year 3 explorers tell needs from wants, save towards a goal and check what they can afford.
What your child will learn
- Tell a need from a want
- Work out how much is saved over several weeks
- Work out how many weeks it takes to reach a savings goal
- Check whether there is enough money, and how much is left
Needs first, then wants
A need is something we must have to live and stay healthy — food, water, a home, clothes. A want is nice to have. Saving a little each week turns a want that is too expensive today into something you can afford later.
Example questions
Here are a few questions like the ones in the first quest. Can you solve them?
1. Kai saves RM6 every week. How many weeks will it take to save RM18 for a storybook?
- 5
- 3
- 12
- 6
Show answer
Answer: 3. Share the target into weekly savings: 18 ÷ 6 = 3 weeks.
2. Which of these is a need, not a want?
- Food
- A new toy
- A toy robot
- Stickers
Show answer
Answer: Food. A need is something we must have to live and stay healthy. A want is nice to have, but we can manage without it.
3. Ben saves RM3 every week for 8 weeks. How much is saved, in ringgit?
Show answer
Answer: 24. 8 weeks of RM3: 8 × 3 = 24.
Tips for grown-ups
- Give pocket money in small coins so some can be saved and some spent.
- Choose a savings goal together and draw a chart to colour in each week.
- In a shop, ask “Is that a need or a want?” before buying.