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