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Shmoop Study Guides
(Sunnyvale - United States)

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Personal Finance

Personal Finance 101

Introduction:
 

This lesson plan will help students better understand the importance of personal finance, credit, savings, investing, and overall safe money practices.
 

Group Size: Whole class
 

Learning Objectives:
 

By the end of the class, students will:

  1. Understand what a savings account is and how they can set one up.
2. Realize the effect that investing and saving now will have on their future. 3. Learn to practice different ways to efficiently manage their personal finances. 4. Distinguish the right and wrong uses of credit.
 

Guiding Question:
 

How can learning about personal finance management in high school benefit students' lives in the future?
 

Materials:
 

-computer -projector -calculators
 

Procedures:
 

Show this video: http://www.youtube.com/watch?v=w_mU8VX1Arc Pause and reflect: Ask students to discuss their thoughts and prior knowledge of personal finance

Have students work in pairs at computer. Go to www.mint.com to create personal budgets for spending money. Explain to student's the importance of setting realistic goals and accomplishing these by the target date.

As a whole class, ask a few students to share how much money they plan on using each month. Have them calculate how much they save and spend. How can they potentially increase their savings.

Discuss benefits of savings accounts and the process of setting one up. Take an online poll to visualize how many students already have a savings account.

Brief presentation on basic finance terms.  Address any questions students have.


 

Assessment:
 

Go to: http://www.practicalmoneyskills.com/games/ and play the "Smart Money Quiz Show" to review what we have learned in today's lesson.

For extra credit: Have students complete interview form with parents to learn more about their family's money practices and spending/saving habits.
 

Answer Key or Rubric:
 

Quiz show grades itself. (Graded of completion of game and class participation)

Teacher will collect extra credit interview forms and assign points.
 

Benchmark or Standards:
 

SS.912.E.1.14 Compare credit, savings, and investment services available to the consumer from financial institutions.

Understand the fundamental concepts relevant to the development of a market economy.

Finance & Budgeting

Students learn how to record debits and credits in an electronic ledger, calculate percentages of debt to income, and create a budget.

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Family Budget Worksheet

This is the most important worksheet of the project. It becomes a working reference for a number of activities in both units. It should be affixed permanently to a prominent place in the student's folder.

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Personal Budgeting

The goal of this assignment is for students to learn the importance of budgeting

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Money Smart Children: Financial Literacy & Philanthropy

 

In this teaching unit, which contains five individual lessons, the students learn the meaning of the words spend, save, invest, and donate. They collect money to donate and use an economic decision-making model to choose the recipient. Students begin to understand the importance of budgeting and create a personal budget. Younger students practice their skills in identifying and counting coins, while older students gain experience with data tables and bar graphs.

Budgeting Project

This was a semester-long project in which students tracked all of their interactions with money for one month using a checkbook register and then used that data to create a personal budget. After they created the budget, they "tested it" for 2 weeks to see if it was realistic for their lifestyle. They presented their budgets, findings and reflections at our school's roundtable presentations to other students, teachers, parents, and members of their community.

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Finding a Food Budget

This worksheet walks students through the process of finding a balanced monthly food budget for their families.

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PERSONAL FINANCE RESOURCE BOOK

 

This is a personal finance resource book developed by Business Education teacher, Ms. Kathy Deasy, and Mathematics teacher, Mrs. Diane Jakobsen, for teaching personal finance to high school students. All activities are project based and developed by these two teachers. Solutions are provided. Students taking this half-year personal finance course receive either a math credit or a business education credit.