Unit 2 Savings

Overview

Saving Basics

Students will be able to

• Explain how saving is linked to overall wealth

• Describe how saving and investing are different

• Understand fundamentals of saving such as reasons for saving, how much to save, and strategies to enable saving

• Acknowledge the role of delayed gratification in saving

Why We Save

Students will be able to

• Identify everyday obstacles Americans experience when trying to save money

• Understand why it is important to maintain an emergency fund

• Describe their own savings goals as well as big picture reasons to save, such as for college or retirement

• Estimate the cost of medium- and long-term goals and devise smaller, periodic savings goals to reach them

How We Save

Students will be able to

• Identify various rules of thumb and strategies to save money

• Determine whether a direct deposit or manually saving is the best strategy for them

• Understand how compound interest works to increase savings

• Explain how to use the Rule of 72

• Recommend different mobile apps that can help them manage and increase their savings

Select a Savings Account

Students will be able to

• Compare different savings vehicles such as a savings account, CD, and money market account

• Identify important criteria to consider when selecting a savings account

• Make a systematic and informed decision by gathering, evaluating, and comparing information