In this lesson, students learn several basic steps to help them understand the importance of saving to meet future personal financial goals.
DISCLAIMER: IT IS RECOMMENDED THAT TEACHERS PREVIEW THE VIDEO FOR THIS LESSON BEFORE SHOWING TO STUDENTS. ABOUT ONE MINUTE INTO THE VIDEO, THE NARRATOR SUGGESTS SAVING FOR A WEEKEND AT A BED AND BREAKFAST WITH “YOUR SWEETHEART.” BE SURE STUDENTS UNDERSTAND THE VIDEO IS WRITTEN FOR ADULTS BUT HAS GOOD TIPS FOR SAVING FOR OTHER PURCHASES. TEACHERS CAN REFRAME THIS EXAMPLE BY DISCUSSING A COUPLE OR FAMILY GOING ON A WEEKEND VACATION. IT MIGHT ALSO BE A GOOD INTRODUCTION TO AN AGE-APPROPRIATE DISCUSSION ABOUT THE EXPENSES OF DATING.
In this lesson, students learn several basic steps to help them understand the importance of saving to meet future personal financial goals. The lesson is based on the Better Money Habits video Saving for a Large Purchase and is designed to be used as closure to the Lesson 2: Making Decisions in Financial Fitness for Life, Grades 6-8. The video is about 3 minutes and this activity takes one 45 minute class period to complete.
Financial Fitness for Life is a comprehensive personal finance curriculum for K-12 students that teaches students how to make thoughtful, well-informed decisions about important aspects of personal finance, such as earning income, spending, saving, borrowing, investing, and managing money. Visit CEE’s Financial Fitness for Life website for more information on the publication and how to purchase it.
- Apply PACED decision making model to own personal financial goals and decisions.
- Identify obstacles to achieving financial goals.
- After completing Lesson 2: Making Decisions in Financial Fitness for Life, Grades 6-8 , tell students they will watch a video that provides additional information about saving to meet their financial goals. Show the video.
- After watching the video, distribute copies of Handout 1.1 for students to complete. Remind them that having financial goals is important, but they need to be written down with a plan to achieve them; otherwise, their goal is only a dream. Have students complete the worksheet, which requires them to set a goal and develop a savings plan for it using the PACED decision making model in Lesson 2. Allow student sufficient time to complete the handout.
- Discuss the handout with students.
To summarize this lesson, review the information included on handouts and the importance of making good choices.