Set a Savings Goal
Objective
Students will be able to:
- Set short-term savings goals.
Standard
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.
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.
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 activity, students will identify the steps needed to meet a savings goal.
Procedure
This individual activity requires students to set a savings goal and identify the steps to achieve it. Short-term savings goals can often be accomplished by finding ways to reduce your overall spending. When setting goals, be sure you are realistic about your ability to achieve them and are prepared to take the steps necessary. To complete this activity, students should follow the instructions below:
- Think about one savings goal that you would like to achieve in the next 12 months.
- Go to the Quizizz activity, answer the questions with the Savings Goal Worksheet, or complete the ReadyAssessments Activity
- Determine the steps needed to reach your goal.
Resources
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