The Lincoln Savings Plan

Penny Savings Plan – Lesson Plan

Lesson Description:

A student-centered lesson focusing on intrinsic motivation to save for a purchase.

Essential Question:

Am I willing to save and possibly even sacrifice in order to obtain something I desire?


  • Saving money
  • Budgeting
  • Goal Setting
  • Prioritizing spending

Content Standard:

Oklahoma Standards: PFL.5 – The student will analyze the costs and benefits of saving and investing.

PFL.5.1 – Explain reasons for saving and investing to meet goals and build wealth (e.g., opportunity cost, return on investment, emergencies, major purchases, down payments, and education).

Jump$tart National Standards in K-12 Personal Finance Education: Spending & Saving – Apply Strategies to Monitor Income and expenses, plan for spending and save for future goals.

Standard 1. Develop a plan for spending and saving.

Standard 2. Develop a system for keeping and using financial records.

Standard 4. Apply consumer skills to spending and saving decisions.

Council on Economic Education National Standards for Financial Literacy: Savings – Saving is the part of income that people choose to set aside for future uses. People save for different reasons during the course of their lives. People make different choices about how they save and how much they save. Time, interest rates, and inflation affect the value of savings.

1 – Knowledge. People choose between immediate spending and saving for future consumption. Some people have a tendency to be impatient, choosing immediate spending over saving for the future.

1 – Application. Identify instances in their lives where they decided to buy something immediately and then wished they had instead saved the money for future purchases.

Federal Financial Literacy Education Commission – My Money 5: Save & Invest – Saving is a key principle. People who make a habit of saving regularly, even saving small amounts, are well on their way to success.  It’s important to open a bank or credit union account so it will be simple and easy for you to save regularly.   Then, use your savings to plan for life events and to be ready for unplanned or emergency needs.

1 – Start saving, form a savings habit, and pay yourself first!

3 – Track your savings and investments, and monitor what you own

4 – Plan for short-term and long-term goals

7 – Save for retirement, children’s education and other major items


Students will be able to:

  • Explain why saving is important.
  • Distinguish between wants and needs.
  • Identify wanted items whose purchase could be deemed as a goal to save towards.
  • Analyze the impact of delayed gratification.
  • Construct a plan of savings for a real or fictional purchase.
  • Evaluate the feasibility of savings plan.

Time Required:

One 50 Minute period

Procedures 1-10



  1. Pass out Bell Work as students enter the room, but do not take up.
  2. Go through the Objectives and Concepts on Slide 2
  3. Go to slide 4 and Ask – “What is something you would really to buy but cannot afford right now?”
    1. To Create a word cloud specific to your class you can use
    2. Go to and sign up for a free account
    3. Create a word cloud presentation.
    4. Set “What is something you would really to buy but cannot afford right now?” as the question.
    5. Let students use a connected device to answer.
  4. Explain goal setting using slides 5-14
  5. Pass out:
    1. Penny Savings Plan
    2. Penny Savings Plan Double
    3. Penny Savings Plan Tracking Sheet
  6. Go through Slides 15-18 to explain the process.
    1. Customize the slides to reflect something you might want to save for.
    2. Or use what is in the slides as an example.
  7. Pass out:
    1. Worksheet
    2. Goal Evaluation Form
  8. Instruct students to complete the worksheet, creating a plan for themselves.
    1. Allow them to use a connected device to search costs.
    2. Remind them to factor in associated costs such taxes, fees, shipping.


  1. Pass out Exit Tickets
    1. Have students re-answer the questions from the Bell Work.
    2. Collect both as they leave the room.


  1. Worksheet & Goal Planning Evaluation.