Begin teaching primary students the difference between wants and needs by listing needs (food, clothing and shelter) compared to wants. This is a good way to assess students' prior knowledge. Also distinguish wants and needs through the story "If You Give a Mouse a Cookie." Another resource that is accompanied by a website is a movie titled "Wants and Needs." The movie is available through a link on Brain Pop Jr.
Ask students questions such as "Tom has six baby carrots and Jim has four celery sticks. How can they have the same number of each vegetable?" Once the problem is visualized through a blackboard drawing or manipulative, students should agree the answer is share three baby carrots and two celery sticks. This type of trade is bartering; money is not used in the trade. Other activities using bartering include reading the story "Saturday Sancocho," about bartering, which is geared for grades three through five.
Begin counting coins first when introducing money. If there are not enough real coins, use play money. According to Moneyinstructor.com, the basics can be taught in first grade, but the adding and subtracting is done in second grade. Second and third grade students will be more prepared to work with the decimals that separate dollars from cents. After having a solid understanding of money, students can establish their own school store, establish a price for items and allow students a chance to shop.
Read "Bunny Money" by Rosemary Wells and use a lesson plan such as the "Bunny Money Lesson Plan" to illustrate the difference between the short-term saving goals of Max and his older sister Ruby's long-term goal. The lesson also includes the benefits of saving money in a bank and not having the money to spend for an expensive gift.