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Grade 8 Mathematics FLBP Lesson 10 Grocery Saving Strategies Financial Literacy Budget Project.

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Presentation on theme: "Grade 8 Mathematics FLBP Lesson 10 Grocery Saving Strategies Financial Literacy Budget Project."— Presentation transcript:

1 Grade 8 Mathematics FLBP Lesson 10 Grocery Saving Strategies Financial Literacy Budget Project

2 Eating….  When you live on your own you will need to get food!  You could eat out but if you are a bargain shopper, you can often save yourself money it you buy groceries instead.  You probably won't eat out EVERY meal, so it is a good idea to know some tips about grocery shopping! Financial Literacy

3 Shopping  Shopping for food is something that can either save you money or break your budget.  Food is necessary, but what you spend on it is a choice you will make.  The tips below may help you be a wise shopper and save money at the grocery store. Financial Literacy

4 Shopping Tips Financial Literacy  The following slides offer shopping tips.  After the lesson you’ll do some research and find out what your family (or another family) spends on groceries each month.

5 Tip 1: On Sale Items to Avoid  The grocery store is professionally organized to get you to spend as much money as possible.  Often "on sale" items are displayed at the front of the store or at the end of aisles.  Don't assume that these items are actually a bargain, since the manufacturers or distributors of these products are sometimes paying to display their products. Financial Literacy

6 Tip 2: Buy Only What You Need and What You Can Afford  Before grocery shopping, write a list of the items you need.  ONLY buy those items.  Supermarkets want to take advantage of people buying things they did not intend to purchase, so don't fall into this trap! Financial Literacy

7 Tip 2: Continued  Also, don't buy more than what you can afford.  You are probably better off using cash than a credit card.  If you only bring the money you intend to spend, then you can't spend any more. Financial Literacy

8 Tip 3: Avoid Convenience Items  Don't purchase items that are convenience items, such as prepared vegetables or pre- made sandwiches.  These items are intended to make things quicker and easier for you in preparing meals but OFTEN are more costly. Financial Literacy

9 Tip 4: Buy Items in Bulk  Buying items in bulk used to be cheaper.  However, these days, stores figured out that they could actually charge more without consumers realizing it.  The bigger box of cereal may actually be more expensive than the smaller box.  It is best to comparison shop and see if you are actually getting a better bargain. Financial Literacy

10 Tip 4: Continued  Buying in bulk can be cheaper, but here's an extra tidbit: cook in bulk, too!  You can save both time and money by cooking large meals and then storing leftovers in containers in the freezer. Financial Literacy

11 Tip 5: Check the Entire Shelf  Grocery stores will often place the higher priced items at eye-level because that is where consumers choose more items to buy!  So look at the top and bottom of the shelf for potential better bargains. Financial Literacy

12 Tip 5: Check the Entire Shelf Cont.  Also, often the healthier (and less expensive) items are more difficult to find.  Packaged, prepared foods are more costly and generate bigger profits, so try to find the healthier items. Financial Literacy

13 Tip 6: Keep Your Receipts  If after shopping you discover that the store or another store that has products you purchased advertised at a lower price, keep your receipt and go back to the store to ask for a discount. Financial Literacy

14 Tip 7: Track Prices  Keep track of the prices you are paying for items you often purchase.  Keep that list with you when you shop. That way, if something is "on sale" you will know if it is really a sale or not.  If you find a good discount, then buy extras, if the item does not spoil, and you pay cash. Financial Literacy

15 Tip 8: Happiness and Shopping  Many people shop just to feel good.  Shopping helps make you happy.  However, to save money, you need to keep your emotions in check -- always remember to stick to your budget and your shopping list. Financial Literacy

16 Tip 9: Don’t Shop on an Empty Stomach  Don't shop when you are hungry.  People tend to buy more and a larger amount of the things they don't need when they are hungry. So always shop with a full stomach. Financial Literacy

17 Tip 9: Continued  Also, prepare to dress more warmly, since supermarkets are often cold, because the cold temperatures actually make you hungry so you buy more! Financial Literacy

18 Tip 10: Buy the Deals – Avoid the Rest  One shopping technique is to shop more often and focus your shopping on the special deals given by the store.  Visit other stores to buy their special promotions. Financial Literacy

19 Tip 10: Continued  Many stores rely on the fact that you will buy more than the specials, to make them money and maximize profits.  However, you must remain disciplined and don't be tricked into spending more than you plan when entering the store. Financial Literacy

20 Tip 11: Brown Bag It  Sometimes, when you go to work each day, it seems easier to go out to lunch.  But, it only takes a few extra minutes in the evening to pack your lunch for the next day, and it’s really worth it in the spare change department! Financial Literacy

21 Tip 11: Continued  Try this: for one week write down how much you spend each day eating out for lunch; five to ten dollars? - that's $25 - $50 a week. You’ll probably change your mind about packing!  Also, packing your lunch can allow you to make better nutritional choices.  Many fast food options are unhealthy. So, why not save money and eat healthier too? Financial Literacy

22 Tip 12: Other Suggestions  Try to buy generic, no name brands, when possible.  This is an especially good idea for staples, such as bread, milk, butter, and eggs. Financial Literacy

23 Tip 12: Continued  Use coupons! You will be amazed at how 40 cents here and 20 cents there can add to your savings. Financial Literacy

24 Tip 12: Continued  Also, when comparing one brand to another, look at the price per ounce and not the price of the entire package because the package size may be different. Financial Literacy

25 Try Some Unit Pricing  When bargain shopping, you need to compare the unit price for items rather than the price of the entire item. What does this mean? Financial Literacy

26 Unit Pricing  It means we are going to divide the price of the item by the units (how many ounces, grams, items) to see which item is the best buy. Financial Literacy

27 STEP 1: Identify the Unit  The price per unit is what you will need in order to compare prices.  Before you can do this though, you have to IDENTIFY the UNIT.  This means looking at the item to see how it is measured. Financial Literacy

28 Examples  Cans are often measured in ounces. Ounce would be the unit.  Drinks are often labeled in gallons. Gallon would be the unit.  Ears of corn are purchased in bags. The unit might be each individual ear of corn or it might be a dozen ears. Financial Literacy

29 Step 2: Calculate Unit Price  To find the unit price: Divide: price of Item number of units Financial Literacy

30 Example  Let’s say you are buying hot dogs.  You can buy 8 hot dogs for $2.00 or 12 hot dogs for $3.75.  Which is the better deal? Financial Literacy

31 Use your calculator!  Let's work with the 8 hot dogs first.  Type in 2.00, hit the divide button, type in 8, and hit the equal button.  You will get 0.25.  This means each hot dog in this package costs $0.25.  Now for the 12 hot dogs.  Enter 3.75, hit the divide button, type in 12, and hit the equal sign.  You will get 0.3125.  This means each hot dog in this package costs about $0.31 cents. The Best Deal: 8 hot dogs for $2.00! Bigger is not better In this example! Financial Literacy

32 Another Example  A 20 ounce bottle of soda pop costs $0.95 and a 12 ounce bottle of soda pop costs $0.75. What is the best deal? The cheaper one isn't always the better deal. To determine the better deal, you want to compare the price per unit. Financial Literacy

33 Compare the units Divide: 0.95 ÷ 20. You will get 0.475, which is $.0475 cents per ounce of soda pop. In this lesson, we will round to the nearest penny (hundredth), so this would be rounded to $0.05 per ounce of soda pop. That is the unit price. Divide: 0.75 ÷ 12. You will get 0.0625, which we will round to $0.06 per ounce of soda pop. This is the unit price. Which one is the better deal? Based on price only, the 20 ounces of soda pop is the better deal! Financial Literacy

34 Find the unit price of each: 1. Box macaroni and cheese $1.20 for 5.5 ounces = $____ per ounce A..22 B..24 C. 1.20 2. Prepared macaroni and cheese $6.35 for 20 ounces = $_____ per ounce A.35 B.32 C.20 Which will save you money? Financial Literacy

35 Find the unit price of each: 1. Box macaroni and cheese $1.20 for 5.5 ounces = $____ per ounce A..22 B..24 C. 1.20 (1.20 / 5.5) 2. Prepared macaroni and cheese (6.35 / 20) $6.35 for 20 ounces = $_____ per ounce A.35 B.32 C.20 Which will save you money? The boxed that you make yourself Financial Literacy

36 Find the unit price of each: 3. Cheese cubes $2.00 for 8 ounces = $_____ per ounce A.80 B. 1.60 C..25 4. Block cheese $3.99 per pound = $______ per ounce A.50 B. 25 C. 2.00 Which one saves you money? They are both the same Remember 16 ounces in 1 pound (3.99 / 16) (2.00 / 8) Financial Literacy

37 Today’s Assignment  How much does your family spend on groceries each month?  Fill out the Grocery Assignment powerpoint  Save it and turn it in  We will share the responses later in the week Financial Literacy

38 Food Costs for a Month  Remember you need to budget food for the whole month. We will use 4 weeks for a month.  Have a discussion with the grocery shopper in your family, or another adult grocery shopper.  Answer the questions in the assignment.  Save the assignment and turn it into the FLBP-L10 Grocery drop box.  We will share some answers in class later in the week. Your name will not be identified. Financial Literacy

39 Assignment Questions  Ask an adult grocery shopper the following questions (use your own family if possible.) 1) How many persons do they shop for? 2) How much (on average) do they spend per week or month on grocery shopping? 3) How much do they spend on eating out in an average week or month? Financial Literacy

40 Assignment Questions- cont. 4) How much do they (person you are asking) think a single person (you) would need per month for groceries and eating out? 5) How much do you think you would need for groceries per month? Explain your reasoning in sentences. Make sure you save your answers and send them into the FLBP10_Grocery Assignment Dropbox Financial Literacy

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