Module 10: Money and Time

Theme: Using Time Wisely to Build Wealth

Target Group: Children (Ages 9–14)

Duration: 60 minutes

Objective: To help children understand the relationship between time and money, and how managing time effectively can lead to financial success. It will also introduce them to the concept of time-based financial decisions, such as opportunities to earn money, how saving early can yield greater returns, and why time matters in financial planning.

Learning Objectives

By the end of this module, learners should be able to:

Understand how money and time are connected.
Learn the importance of time management in building wealth.
Identify ways to make money by using time wisely.
Understand the concept of time value of money and how starting to save early can increase savings.
Learn how to balance short-term needs with long-term goals using time as a tool for financial growth.

Opening Discussion (10 minutes)

Begin by asking the students:

“What do you think about when you hear the word ‘time’? How is time connected to money?”

Encourage them to talk about how they use their time and what they think they could do with it to earn or save money. After their responses, introduce the concept that time is just as important as money when it comes to building wealth.

Key Concept to Introduce:

"Time is like a resource you can use, just like money. The more you manage your time wisely, the better your chances of making money in the future."

Part 1: Understanding the Link Between Money and Time (15 minutes)

What is the "Time Value of Money"?

Time value of money is a basic financial concept that suggests money you receive today is worth more than the same amount in the future, because money can earn interest or generate returns over time.

Use an example that is relatable to children:

If you receive ₦1,000 today, you can either save it or invest it. By next month, that money could have grown (for example, through interest in a savings account).
If you wait 6 months to save that money, it won’t have grown as much.

Real-life Example Across Africa:

Kenya: If Lindiwe saves 1000 KES today in a savings account, by the time she's ready to buy a bicycle in 6 months, she might have earned extra 50 KES in interest.
Ghana: Kofi saves 10 Cedis every month in his savings account. After a year, he has accumulated 120 Cedis plus extra interest, which makes his savings grow.
Nigeria: A student saves ₦500 every week for 6 months, totaling ₦12,000. If he had saved it in a high-interest savings account, he might have earned additional interest.

Activity Idea:

Create a simple savings chart and explain how saving today is better than saving later. Discuss how saving early can give more opportunities for growth, just like planting a seed and waiting for it to grow into a tree.

Part 2: Time and Money Management (15 minutes)

Time Management for Earning Money

Discuss how children can use their time wisely to make money. Explain the idea that time spent now can lead to earning opportunities in the future.

Ways to Make Money as a Young Person:

Helping at Home or in the Community: Helping family members with chores or other tasks can earn small amounts of money or rewards.
Starting a Small Business: A child can sell items like snacks, handmade crafts, or second-hand clothes. These businesses require time management to balance between working and other responsibilities.
Tutoring Others: If a child is good at a particular subject, they can offer to help classmates or younger children with their studies for a fee.
Learning New Skills: Time spent learning new skills, such as computer skills, arts, or crafts, can lead to money-making opportunities later.

Example:

South Africa: Sipho spends his free time learning how to fix mobile phones. After a few months, he can start offering his services to neighbors and make money.

Encourage students to think of how they can use their spare time to develop skills that might allow them to earn money in the future.

Part 3: Balancing Time and Money – Smart Choices (10 minutes)

Prioritizing Goals

Help the children understand that while they may have immediate needs (like spending money on snacks), it is important to also think long-term. Balancing immediate desires with long-term financial goals is essential for financial growth.

Ask them:

“What is something you want to buy now? And what is something you would like to have in the future? How can you balance saving for both?”

Teaching Prioritization

Teach children how to make decisions that prioritize their future financial goals:

If they are saving for school fees, they can manage their time by ensuring they don’t spend unnecessary time or money on things that will not help them in the future.
Show how prioritizing learning, saving, and investing can lead to long-term rewards, such as starting a business or paying for future education.

Part 4: Planning for the Future Using Time and Money (10 minutes)

Creating a Time-based Financial Plan

Introduce the concept of planning for big goals by breaking them down into smaller steps over time. Saving and investing time can make large goals achievable.

Example:

If a student wants to buy a bicycle in 12 months for ₦18,000, they need to save ₦1,500 each month.
A student can also invest some of their money in a savings account or in skills development to earn more money over time.

Visual Aid:

Create a timeline showing how time can be used to achieve financial goals. Start from today (Month 0) and end in the future (Month 12). Each month, show how saving or investing a little bit will add up over time.

Part 5: KAFI Changemaker Tips (5 minutes)

Make every minute count. Time is a limited resource, just like money. Learn how to use your time wisely to create opportunities for financial growth.
Start saving early. Whether you’re saving to buy something or investing in your skills, starting now will pay off later.
Manage your time and money. Learning to balance fun and responsibilities is key. When you spend wisely, you can enjoy things now and still plan for the future.

Activity – Plan Your Future (10 minutes)

Ask students to:

Set a Goal: Choose a short-term or long-term goal they want to achieve (e.g., buying a book, a phone, saving for school fees).
Break It Down: Create a plan to achieve the goal by saving a certain amount each month or week.
Time and Money: Include how they will manage their time to save and invest. Will they spend time learning new skills? Will they work in their free time?

Assignment

Students should:

Create a time-money map for a goal they wish to achieve in the next year. This could be for a personal goal, like buying something or for a family-related need, like saving for school.
Track how they will use time over the next month to make progress toward that goal.

Conclusion

Time is one of the most valuable resources we have. By managing your time well and making smart choices with your money, you can set yourself up for a better future. Whether you are saving for a big goal or learning a new skill, the way you use your time today will affect the money you have tomorrow.

Through this module, children will learn that time is money, and using both wisely is the key to financial success.

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