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