Students researching costs

How to Spend $1 Million

Students in Ms. Dahm’s fourth grade class at Elementary South engaged in a project that got them thinking about budgets and making tough financial decisions. Ms. Dahm asked them to imagine inheriting $1 million from a distant relative. She gave them a few days to decide how they would spend their fortunes, but they had to follow a few rules. Each had to spend exactly $1 million, no more or less. They had to purchase a new home, a new car, deposit four years of tuition money in a college fund, donate up to $100,000, plan a dream vacation, deposit up to $100,000 in a savings account, and purchase any other “wants” with left over money.

Students had fun deciding how much money they would use to purchase different items and how much they would save for the future. They recorded all of their expenses, checked their balances and wrote checks. They compared their homes, cars and other purchases with their classmates.

“I know what house I’m buying,” said one student looking at an ad for a $450,000 home.

“Now, everyone in my family will have a different colored Subaru,” said another.