This lesson uses a Better Money Habits video to reinforce student understanding of setting short-term, medium-term, and long-term goals.
This lesson uses the Better Money Habits video Create a Safety Net for Life’s Unexpected Events to reinforce student understanding of setting short-term, medium-term, and long-term goals. It is designed to be used as a companion to Lesson 10: Why Save? in Financial Fitness for Life, Grades 6-8 . The video is about 6 minutes in length, and the estimated time for this activity plus the lesson is two 45 minute class periods. This supplement to Lesson 10 provides the opportunity for students to classify their own personal goals.
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.
- Classify goals as short-term, mid-term, or long-term.
Recognize the importance of saving for large purchases.
- Complete Procedures 1, 2, 3, and 4a in Lesson 10: Why Save? in Financial Fitness for Life, Grades 6-8.
- Replace Procedure 4b with the Better Money Habits video and the worksheet in this supplement.
- Distribute copies of Handout 4.1 to all students. Give directions and allow time to complete the worksheet.
Discuss the worksheet.
Which financial goals are short-term, mid-term, and long-term?
(Short-term: creating a budget, saving $5/day. Mid-term: saving $100, saving 1 month of income, creating an emergency fund. Long-term, saving 9 months of income, saving $10,000).
Which personal financial goals are short-term, mid-term, and long-term?
(Short-term: paying for a field trip next week. Mid-term: saving $100. Long-term: saving $1,000, paying for prom, buying a car, buying a house, paying for college.)
What are examples of short-term, mid-term, and long-term financial goals that you have in your life?
(Answers will vary.)
- Which financial goals are short-term, mid-term, and long-term?
- Conclude Lesson 10: Why Save?