1.9.a 1.9.b 1.9.c 1.9.d

Income and Saving 1st Grade

Texas Essential Knowledge and Skills (TEKS): 1.9.a
define money earned as income;
Texas Essential Knowledge and Skills (TEKS): 1.9.b
identify income as a means of obtaining goods and services, oftentimes making choices between wants and needs;
Texas Essential Knowledge and Skills (TEKS): 1.9.c
distinguish between spending and saving; and
Texas Essential Knowledge and Skills (TEKS): 1.9.d
consider charitable giving.

Income, Goods, and Services

Income: Income is money that people earn. People earn income when they work at a job. They can also sell things they make or grow.

People use income to get goods and services.
Goods are things we can touch, like food, shoes, and toys.
Services are jobs that people do for us. A haircut is a service. So is a visit to the doctor.

There is only so much income. So people make choices between wants and needs.
A need is something we must have to live. Food, water, a home, and warm clothes are needs.
A want is something we would like but can live without. Toys and candy are wants.

Example:

Winter boots are a good. A kite is a good too. We can touch both of them.

His son must have boots to stay warm. The boots are a need. The kite is a want.

Mr. Diaz uses his income for the need first. Income is a way to get the goods people need.

Example:

A doctor visit is a service. Face painting is a service too. In both, a person does a job for us.

The doctor helps her daughter get well. The doctor visit is a need. Face painting is a want.

Ms. Park uses her income to pay for the doctor visit. Her daughter needs it.

Spend, Save, and Give

Spending and saving are not the same.
To spend is to use money to buy things now.
To save is to keep money for later. We can save in a piggy bank or a bank.

Example:

Ben buys a snack now. That is spending.

He keeps the rest for later. That is saving.

$2 + $3 = $5. Ben spent part of his income. He saved the rest.

We can also think about giving.
Charitable giving is when we give to help others. We can give money, goods, or time. We get nothing back.
A charity is a group that helps. A food bank is a charity. So is an animal shelter.

Example:

She buys a book now. That is spending. She keeps $4 for later. That is saving.

Her gift to the shelter is charitable giving. It helps the dogs and cats there. She gets nothing back.

$4 + $4 + $2 = $10. Kim chose to spend, save, and give.

Income and Saving

Texas Essential Knowledge and Skills (TEKS): 1.9.a

define money earned as income;

Texas Essential Knowledge and Skills (TEKS): 1.9.b

identify income as a means of obtaining goods and services, oftentimes making choices between wants and needs;

Texas Essential Knowledge and Skills (TEKS): 1.9.c

distinguish between spending and saving; and

Texas Essential Knowledge and Skills (TEKS): 1.9.d

consider charitable giving.

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