Calculating Money Saved Over Time
T.i.P.S.
Students should understand that saving, or setting aside money earned or received, over time can result in an increase of money either in a bank account or piggy bank.
Example
Read the problem situations below and explain your thinking for each problem. a) Dona earns $5 per week for doing her household chores. She wants to purchase a new paint set that cost $16.
1) If Dona saves $3 each week, how long will it take her to save enough money to purchase the paint set?
2) If Dona saves $4 each week, how long will it take her to save enough money to purchase the paint set?
b) In June, Chuck got $50 for his birthday and put it in a bank account for saving. He will earn $1 interest on his saving for each month after June. If Chuck does not add or remove any additional money from his savings, how much money will he have in December?
Digital Tools
Click on the following links for interactive games.Resources
Click on the following links for more information.
Federal Reserve System’s Resources for Educators I
Teacher Online Resource Center
TEKS
2.11 Personal financial literacy. The student applies mathematical process standards to manage one's financial resources effectively for lifetime financial security. The student is expected to: (A) calculate how money saved can accumulate into a larger amount over timeFeedback
