Planning your Spending: Collecting Data

I’ve already made a post about budgeting, Click here if you would like to read it: BUDGETING.  Today, I will give you an example of planning what you will spend your money on.  Here is an example which (some) kids and most parents can relate to.  Back to school shopping.  Read more to learn about a girl with $15 named Aleks, looking to buy everything she needs on her first day of 5th grade. Aleks is a typical kid wanting to make her own purchases wanting to be a “Big Girl,” so she took her allowance of $15 and went to two stores,  Pen-sells and Pens. “Who will have the better deals,” she wondered.  Here is the chart she made to organize the data she collected at both stores.

 KEY VOCABULARY- 

Data: Information based on facts and statistics 

  • Crayons (24 pack)-    Pen-sells: $3.50        Pens: $2.99
  • Markers (6 pack)-    Pen-sells: $2.34          Pens: $3.57
  • Pencils (12 pack)-    Pen-sells: $1.78           Pens: $1.87
  • Notebook (100 pages)-    Pen-sells: $2.45 Pens: $1.00
  • Drawing Pad (50 sheets)-    Pen-sells: $0.99 Pens: $1.39
  • Eraser (1)-    Pen-sells: $0.33                         Pens: $0.20

 

Total-   Pen-sells: $11.39 Pens: $11.02

Or if she bought the cheapest items from each store her total would be: $9.30

  • Crayons-   Pens $2.99
  • Markers-   Pen-Sells $2.34
  • Pencils-     Pen-Sells $1.78
  • Notebook- Pens $1.00
  • Drawing Pad- Pen-Sells $0.99
  • Eraser- Pens $0.20

Now that Aleks organized her data, she knows where she needs to go to get the best bang for her buck. She will even have money left over to save in her bank account!

For more posts like this please leave a comment or email me at Kidsmoneyblog@gmail.com

For more posts like this click the links below:

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Money Saving Tips

Do you Really Need Math and Money?

 

 

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