Preservation of Resources (Savings)

Subject : Social Studies

Topic : Preservation of Resources (Savings)

Class : Primary 5

Term :  Second Term

Week : Week 3

Previous Knowledge : Pupils have previous knowledge of topics that have been taught in their former lessons and classes

Behavioural Objectives : At the end of the lesson , pupils should be able to

• explain resources
• say the meaning of resources preservation
• explain savings
• mention the needs for savings
• say the olden days of saving money
• list out modern ways of saving money
• list examples of banks in the community

Methods Of Teaching 

• Discussion
• Explanation
• Questions and Answers
• Role Modelling

Instructional Materials 

• Wall Charts
• Pictures
• Online materials
• Textbooks

Content 

What are resources  ?

Resources are what we have at our disposal to make our lives easier , better and more fun . Resources are those things that we set aside to make things done . Examples of resources are time , money , good education , good behaviors . Nations or countries may also have their own natural resources which are free gifts of nature . Examples of natural resources of countries are gold , coal , petroleum , diamond etc.

  What is savings  ? 

Savings is that aspect of your income that is set aside for future use . It is a part of someone disposable income that  is set aside for future expenses . expenditure or investments . It i setting money aside for future use .

What is Resources Preservation ?

Resources Preservation deals with the measures that are put in place to maximumly utilize man , money , and materials that are put in our disposal in order to get the best out of them . It deals with our ability to manage what we have at our disposal in order to get the best .

Why Do We Need To Save ?

• Savings saves us in time of financial emergency . We may suddenly need more for health care , school admission , accident victims or a woman that is in labour pain
• Savings leads to investments . When we have saved enough money , we may invest  it in shares, bonds or in the capital or money market .
• Savings gives us sense of purpose and directions for our money .
• Targeted savings makes us to achieve our goals ( Ileya , sallah , Esther , Christmas )
• Savings makes us to avoid reckless spending .
• Savings makes money available for large business transactions

How Do People Saved In The Olden Days 

• People saved in the olden days by digging holes and put   the money in a pot or calabash on a farmland and covered it with sand
• Some People in the olden days saved money by doing regular contributions or daily , weekly or monthly basis
• Others keep their money with friends and relatives
• Some people keep their money by sleeping on them . They keep their money under their mats , pillows or beds

Modern ways Of Keeping Money or Savings  

• By joining cooperative societies
• Have a contributory retirement pension savings or fund
• Investment in bonds , securities , financial markets ,etc.
• By having an insurance policy
• Saving in the banks .
• Cryptocurrency .
•  Real  estate
• Buy only what you need and do not buy what you do not need
• Seek discount on cash payment for goods and services

Banks In Nigeria 

A bank is a finical institution that keeps money and other valuables for customers . Banks in Nigeria are mostly commercial banks , although we have other banks that are mortgage banks , or non  interest religious  banks

Examples of Commercial banks in Nigeria are

• Guaranteed Trust Bank ( GT Bank )
• United Bank For Africa ( UBA )
• Access Bank Plc.
• Citibank Nigeria Ltd.
• Ecobank Nigeria Plc.
• Fidelity Bank.
• First Bank Of Nigeria.
• First City Monument Bank (FCMB)
• Globus Bank. etc.

Process of opening an account in the bank

Nowadays it is very easy to open a bank account in Nigeria . I can even be done online but there will be a need to visit the bank of interest for proper documentation and data capture . These are the information that is required to open a bank account in Nigeria

• Official name or the legal name of the prospective customer
• Date of Birth
• Home Address
• Passport size photograph
• Phone Number
• Utility bill of home address etc.

Presentation 

The topic is presented step by step

Step 1 : He revises the previous topics

Step 2 : The class teacher introduces the new topic

Step 3 : The class teacher allows the pupils to give their own contributions and he or she corrects them when the needs arise

Class Activities 

The class teacher can stimulate the pupils activities by engaging them in one form  of class activities or the other which may be in form of

Discussion : 

What is a bank

Write out four banks in Nigeria

Role Modeling 

Class teacher may assist the pupils to act or model  as a banker

Another pupil may act as a bank customer that wants to open a bank account

Asking Questions and providing suitable answers 

Evaluation 

• What is resource preservation
• What is savings
• Mention four ways that money was saved in the olden days
• Mention four ways of modern days of saving money .
• What is dividend
• Mention four reasons for saving money

Conclusion 

The class teacher gives out a short note , does the necessary corrections  and he or she goes round to mark

Assignment 

Please kindly prepare for the next lesson by reading about

Causes of poor savings