Grade 9-12
,
Activity
Reviewing Money Management Apps
Objective
Students will be able to:
- Compare explore mobile applications that aid in money management and financial decision-making.
Standard
National Standards in Economics
Decision Making
Standard: 2
- Students will understand that: Effective decision making requires comparing the additional costs of alternatives with the additional benefits. Many choices involve doing a little more or a little less of something: few choices "are all or nothing" decisions.
- Students will be able to use this knowledge to: Make effective decisions as consumers, producers, savers, investors, and citizens.
National Standards in Financial Literacy
Saving
Standard: 3
- Students will understand that: People who have sufficient income can choose to save some of it for future uses such as emergencies or later purchases. Savings decisions depend on individual preferences and circumstances. Funds needed for transactions, bill-paying, or purchases, are commonly held in federally insured checking or savings accounts at financial institutions because these accounts offer easy access to their money and low risk. Interest rates, fees, and other account features vary by type of account and between financial institutions, with higher rates resulting in greater compound interest earned by savers.
Spending
Standard: 2
- Students will understand that: A budget is a plan for allocating a person’s spendable income to necessary and desired goods and services. When there is sufficient money in their budget, people may decide to give money to others, save, or invest to achieve future goals. People can often improve their financial wellbeing by making well-informed spending decisions, which includes critical evaluation of price, quality, product information, and method of payment. Individual spending decisions may be influenced by financial constraints, personal preferences, unique needs, peers, and advertising.
Concepts
![](https://preview2.econedlink.org/wp-content/uploads/2021/07/iStock-654378978-1024x683.jpg 1024w, https://preview2.econedlink.org/wp-content/uploads/2021/07/iStock-654378978-300x200.jpg 300w, https://preview2.econedlink.org/wp-content/uploads/2021/07/iStock-654378978-768x512.jpg 768w, https://preview2.econedlink.org/wp-content/uploads/2021/07/iStock-654378978-1536x1024.jpg 1536w, https://preview2.econedlink.org/wp-content/uploads/2021/07/iStock-654378978-2048x1365.jpg 2048w, https://preview2.econedlink.org/wp-content/uploads/2021/07/iStock-654378978-100x67.jpg 100w)
In this personal finance activity, students will research and compare money management apps.
Resources
Procedure
This is an individual activity where students research personal finance apps and write a report on their findings. Mobile money management apps are relatively new but offer users a variety of options. To complete this activity, students need to follow the instructions below:
- Read the article The 8 Best Personal Finance Apps of 2021.
- Then, visit the website for each of the apps and determine which one would best suit your needs. You may even want to do an additional search to find other highly rated apps and choose one of them.
- After making your selection, write a four-paragraph persuasive essay explaining the benefits of using mobile apps for personal financial management and why you think one of the apps is best for your individual needs. Be sure to include any research, safety recommendations, and examples of “best practices” in your essay. You may use sources other than the recommended article, but all sources should be listed at the end of your essay.