Embedded Files
5.1 Lesson Plan
DISCUSSION:
Discuss these questions with your classmates or with a partner.
Have you or your family ever saved money for something?
What were you saving for?
What strategy(ies) did you use to save?
1 5 min
In this activity, students will be able to:
Discuss the experiences we have checking accounts.
VIDEO:
What is Wealth?
Class Discussion:
Your friends and you notice a classmate who always has brand-new clothes, shoes, and electronics.
What would you need to know to tell if this classmate’s family is wealthy?
How are wealth and savings related?
[As you move forward with the rest of the lesson, keep in mind how improving your saving habits impacts your overall wealth]
2 8 min
In this activity, students will be able to:
Discuss the experiences we have checking accounts.
VIDEO:
The Difference Between Saving & Investing
Watch this video and use what you’ve learned to answer the questions that follow.
3 8 min
In this activity, students will be able to:
Consider the differences between the act of saving & investing
ARTICLE:
Learn the Most Important Reasons to Save Money
Read this article that gives 7 reasons why you should consider saving money. Then answer the questions.
Which of these types of savings are you already doing?
Which of these 7 reasons to save is NOT an example of saving, but rather of investing?
4 9 min
In this activity, students will be able to:
Understand the reasons to save.
VIDEO:
How Much Should I Save?
Watch this video on how much to save, which also gives some examples of what to save for. Then, answer:
How much does Kal Penn recommend you save?
Why does it make sense to start investing right now?
The previous article and this video have three points of overlap -- retirement, emergency funds, and education. Why do you think it’s SO important to save in these 3 categories?
5 10 min
In this activity, students will be able to:
Understand fundamentals of saving such as reasons for saving, how much to save, and strategies to enable saving
DATA CRUNCH:
How “Financially Prepared” Are Americans?
Follow the directions to complete this worksheet. Then, in your Student Activity Packet, answer:
What percent of respondents say they would have NO way to cover a $400 expense?
Why do the percentages from this graph NOT add up to 100%?
How does the percentage of people who would use borrowing methods from a financial institution compare to the percentage of people who would borrow from friends or family?
Using data from the graph, hypothesize which type of credit MORE Americans have access to -- credit cards or bank loans. Explain your thinking.
Agree or disagree: Most Americans are saving the recommended 6 months of salary to create an emergency fund. Use data from the graph to support your answer.
6 10 min
In this activity, students will be able to:
Understand the importance of financial planning.
ARTICLE:
5 Simple Saving Tips
Follow the directions to complete this worksheet. Then, in your Student Activity Packet, answer:
Which of the 5 tricks are you already doing?
Which of the 5 tricks would be MOST difficult for you to implement? Why?
7 10 min
In this activity, students will be able to:
Understand some saving tips.
INTERACTIVE:
Savings Calculator
Use the savings calculator provided to fill in the chart.
8 20min
In this activity, students will be able to:
Calculate future savings earnings.
VIDEO:
Don't Eat the Marshmellow
Watch this video about a famous psychology study often referred to as the "Marshmallows Study". When you were four, would you have eaten the marshmallow?
Reflect on a moment when you were very tempted to spend money on something. Did you end up spending the money? Why is it sometimes SO hard to resist?
9 12 min
In this activity, students will be able to:
Analyze why it's so hard to save money
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