xt, ask students to fill out the column titled "Scenario 2: Break-Even." The goal here is to spend exactly $500. This means that students will have to lower their expenses in certain areas from the "Debt" column.
- Students will add up their expenses to confirm that their expense and income totals are equal. They will then have no savings or debt, so a "0" should go in the "Debt" and "Savings" rows.
- Then, ask students to complete the column titled "Scenario 3: Savings." The goal with this column is to lower their costs below those of the "Break-even Scenario" in order to have savings.
- Students will add up their expenses and subtract the total from the income figure of $500. This figure should go in the "Savings" row.
- Discuss with students how they were able to achieve savings. Ask students how they set their spending priorities in order to lower some expenses, and ultimately save money.
- Explain that the students will play the online interactivity "Bank It or Bust" to utilize the financial management concepts and strategies they have learned. In "Bank it or Bust," the students will create and modify a budget, and then stick to it for ten weeks with the goal of saving up to buy a car. Provide students with a FOCUS FOR MEDIA INTERACTION, asking them to play the interactivity and to be able to list some strategies for saving money.
- After the students have finished playing "Bank it or Bust," review some of the savings strategies they used in the interactivity. Ask the students if they can name things that happened to them during the game that provided them with extra cash (answers will vary). Ask them to name some "emergencies" that occurred that required to students to use some of their savings (answers will vary).
- Ask students to take out their" Dreams for the Future" Student Organizer and to think back to the initial discussion regarding their dreams. Have the students review the monthly cost of the current activities they brainstormed - the "personal investments" that would help them in the future.
- Next, ask students to take out their "Debt/Savings" Student Organizer, and look at their figures for "Scenario 3: Savings."
- Students should look at the monthly savings figure, and determine if they have saved enough for their "personal investment."
- If students have not saved enough for their "personal investment," they should re-work their Savings Scenario on the Student Organizer one more time to come up with the necessary monthly savings to cover these investments in their personal development.
Lesson plan written by Melissa Donohue
ORGANIZERS FOR STUDENTS