Nearpod version available
Grade 9-12
,
Lesson
Saving
Objective
Students will be able to:
- Define saving, savings, income, expenses, taxes, disposable income and budget.
- Interpret a graph.
- Explain how saving is advantageous.
- Calculate a line of best fit when graphing points.
- Calculate rate of change.
Standard
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.
In this personal finance lesson, students determine their monthly earned income and estimate how much they could be saving.
Resources
Procedure
Click NEARPOD VERSION: SAVING PART 1 and NEARPOD VERSION: SAVING PART 2 to access an interactive version of the lesson powered by Nearpod: students interact and respond to questions on their device, and teachers will see their responses in real time!