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BANKING ON OUR FUTURE
HOPE Corps Volunteer Guide
kids
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The Mission of Operation HOPE is to expand economic opportunity in underserved
communities through economic education and empowerment. Operation HOPE improves the economic quality of life for individuals, families and communities through programs that create stakeholders: converting check cashing customers into banking customers, renters into home-owners, small business dreamers into small business
owners, and minimum wage workers into living wage workers.
Operation HOPE works to eradicate poverty as we know it, in our lifetime through the Silver Rights Movement. At the core of HOPE’s mission to eradicate poverty and empower the wealthless is a movement to establish “silver rights” or the right to financial literacy, access to capital, and equality of opportunity for the underserved. This new movement is focused on freeing and enriching people’s spirit, as much as it
is about growing net worth and advancing economic standing.




Table of contents:

Before you enter the classroom:
Welcome 2
Some Advice and Hints 3

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educational standards 4

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Module 1 : Basics of banking
Module Objectives and Concepts to Cover 6
Math and Social Studies Concepts Covered 6
Vocabulary Words 7
Lesson: Basics of Banking 8
Worksheet 10
Game: Learn it and Earn it! 12
Learn it and Earn it! Game Cards 14

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Module 2 : Checking & Savings
Module Objectives and Concepts to Cover 16
Math and Social Studies Concepts Covered 16
Vocabulary Words 17
Lesson: Checking and Savings 18
Group Activity 20
Lesson: ATM/Debit Card Review 22
Worksheets: Checking and Savings 24

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Module 3 : Power of credit
Module Objectives and Concepts to Cover 28
Math and Social Studies Concepts Covered 28
Vocabulary Words 29
Lesson: Credit 30
Worksheet: Give Me Some Credit 32
Worksheet: Taking an Interest 35
Game: You Deserve Some Credit 37
Earn It! Game Cards 38

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Module 4 : Basic investments
Module Objectives and Concepts to Cover 40
Math and Social Studies Concepts Covered 40
Vocabulary Words 41
Lesson: Budgeting and Shopping 42
Game: Budgeting and Shopping 43
Worksheets: Make Your Budget 44
Activity 48

Welcome to Banking on Our Future’s
HOPE Corps volunteer guide!
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Banking on Our Future (BOOF) is a financial education program within Operation HOPE. BOOF works with the public and private sector to educate youth in grades 4 through 12 and adults. Established in April 1996, the BOOF program has educated hundreds of thousands of youth using math and social studies standards-based programs which teach the fundamentals of financial literacy. The BOOF program consists of 5 modules: I. Basics of Banking, II. Checking & Savings Accounts, III. The Power of Credit, IV. Basic Investments and V. Dignity. Banking on our Future is in 16 US markets and 3 cities in South Africa.


Before you enter the classroom:Edit

Some advice and hints

  • Make sure that you’re familiar with the assignment before you meet your class. Understand the concept you’ll be teaching that day, all vocabulary terms, any activities, and specific skills that students will need to learn. Since many of the studentswill be unfamiliar with the financial concepts discussed, make sure that you can explain concepts in terms that the students will understand. Use familiar words and helpful examples to explain concepts such as “credit rating” and “FDIC.”
  • Focus on any vocabulary terms your students will be discussing that day. Write these terms on the board or discuss them with the class so they are familiar with the terms.
  • Make sure that your students understand the math involved in the lesson. It is a good idea to do a practice question or two on the board if your students seem to be having difficulties with the math.
  • Each student will receive a copy of the Student Guide that contains the worksheets in this package. They should have everything they need with the exception of a pen or a pencil. Note: usually the student will have their own pen or pencil.
  • Praise your students when they grasp the concepts. Allow them to work in groups to help their classmates learn the concepts, too.
  • Make this lesson fun! Don’t forget to bring your enthusiasm, sense of humor, and patience. Your students will be a joy to work with if you bring these essential tools.

Guide:
This course is divided into four modules. While there is a lot of information to cover in each session, this information is arranged in a way—and should be presented in a way—that allows students to easily grasp the mathematical and financial concepts that you will present. Each module’s lesson plan includes, at a minimum, a discussion of concepts, vocabulary words, suggestions for discussions, worksheets, and often a game. Activity pages that involve mathematical calculations include both a student and teacher version. The student’s version can be duplicated or made into an overhead transparency for a whole-class activity.

educational standards:Edit

The Banking on Our Future lessons and modules have been aligned with the Principles and Standards for School Mathematics compiled by the National Council of Teachers of Mathematics (2000).Edit

The number and operations standard for grades 3-5 include the following:

Understand numbers, ways of representing numbers, and number systems

  • Understand the place-value structure of the base-ten number system and be able to represent and compare whole numbers and decimals;
  • recognize equivalent representations for the same number and generate them by decomposing and
    composing numbers;
  • develop understanding of fractions as parts of module wholes, as parts of a collection, as locations on number lines, and as divisions of whole numbers;
  • use models, benchmarks, and equivalent forms to judge the size of fractions;
  • explore numbers less than 0 by extending the number line and through familiar applications;
  • describe classes of numbers according to characteristics such as the nature of their factors.

Understand meanings of operations and how they relate to one another

  • understand various meanings of multiplication and division;
  • understand the effects of multiplying and dividing whole numbers;
  • identify and use relationships between operations, such as division as the inverse of multiplication, to
    solve problems;
  • understand and use properties of operations, such as the distributivity of multiplication over addition.

Compute fluently and make reasonable estimates

  • develop fluency with basic number combinations for multiplication and division and use these combinations to mentally compute related problems, such as 30 X 50;
  • develop fluency in adding, subtracting, multiplying, and dividing whole numbers;
  • develop and use strategies to estimate the results of whole-number computations involving fractions and
    decimals in situations relevant to students’ experience;
  • use visual models, benchmarks, and equivalent forms to add and subtract commonly used fractions and decimals;
  • select appropriate methods and tools for computing with whole numbers from among mental computation,
    estimation, calculators, and paper and pencil according to the context and nature of the computation and use the selected method or tools.

The Banking on Our Future lessons and modules have been aligned with the Curriculum Standards for Social Studies complied by the National Council for the Social Studies (NCSS Bulletin 89).Edit

Standards covered in this curriculum include the following:

  1. explore and describe similarities and differences in the ways groups, societies, and cultures address similar human needs and concerns;
  2. use knowledge of facts and concepts drawn from history, along with methods of historical inquiry, to inform decision-making about and action-taking on public issues;
  3. use knowledge of facts and concepts drawn from history, along with methods of historical inquiry, to inform decision-making about and action-taking on public issues;
  4. describe how people create places that reflect ideas, personality, culture, and wants and needs as they design homes, playgrounds, classrooms, and the like;
  5. observe and speculate about social and economic effects of environmental changes and crises resulting from phenomena such as floods, storms, and drought;
  6. consider existing uses and propose and evaluate alternative policies for the use of resources and land in home, school, community, the region, and beyond;
  7. show how learning and physical development affect behavior;
  8. identify and describe ways family, groups, and community influence the individual’s daily life and personal choices;
  9. analyze a particular event to identify reasons individuals might respond to it in different ways;
  10. work independently and cooperatively to accomplish goals;
  11. identify examples of institutions and describe the interactions of people with institutions;
  12. give examples of the role of institutions in furthering both continuity and change;
  13. examine the rights and responsibilities of the individual in relation to his or her social group, such as family, peer group, and school class;
  14. give examples of how government does or does not provide for needs and wants of people, establish order and security, and manage conflict;
  15. explore the role of technology in communications, transportation, information-processing, weapons development, or other areas as it contributes to or helps resolve conflicts;
  16. distinguish between needs and wants;
  17. give examples of the various institutions that make up economic systems such as households, business firms, banks, government agencies, labor unions, and corporations;
  18. describe the influence of incentives, values, traditions, and habits on economic decisions;
  19. explain and demonstrate the role of money in everyday life;
  20. identify and practice selected forms of civic discussion and participation consistent with the ideals of citizens in a democratic republic..


Module objectives:

In this module, students are introduced to the concept that money is earned and used to buy things. Students are also introduced to the basic concept of banks and banking.

At the end of this module, your students will be able to:

  • Explain the basics of banking and money
  • Explain the differences between credit unions and banks
  • Distinguish between earned and gifted money
  • Distinguish between needs and wants
  • Demonstrate that they can compute the sum or

difference of whole numbers and positive decimals to two places. concepts to cover:
This module will teach basic concepts about money, including where it comes from and how it’s used; the module will also cover how banks help people keep their money safe.

module 1:
basics of banking
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math standards covered in this module include:
understand the place-value structure of the base-ten number system and be able to represent and compare whole numbers and decimals • develop fluency in adding, subtracting, multiplying, and dividing whole numbers • select appropriate methods and tools for computing with whole numbers from among mental computation, estimation, calculators, and paper and pencil according to the context and nature of the computation and use the selected method or tools
social studies standards covered in this module include:
Ia. explore and describe similarities and differences in the ways groups, societies, and cultures address similar human needs and concerns; IIIj. observe and speculate about social and economic effects of environmental changes and crises resulting from phenomena such as floods, storms, and drought; IVd. show how learning and physical development affect behavior; IVe. identify and describe ways family, groups, and community influence the individual’s daily life and personal choices; IVg. analyze a particular event to identify reasons individuals might respond to it in different ways; IVh. work independently and cooperatively to accomplish goals; Vci. identify examples of institutions and describe the interactions of people with institutions; Vf. give examples of the role of institutions in furthering both continuity and change; VIa. examine the rights and responsibilities of the individual in relation to his or her social group, such as family, peer group, and school class; VIc. give examples of how government does or does not provide for needs and wants of people, establish order and security, and manage conflict; VIIb. distinguish between needs and wants; VIId. give examples of the various institutions that make up economic systems such as households, business firms, banks, government agencies, labor unions, and corporations; VIIf. describe the influence of incentives, values, traditions, and habits on economic decisions; VIIg. explain and demonstrate the role of money in everyday life; X. identify and practice selected forms of civic discussion and participation consistent with the ideals of citizens in a democratic republic.


vocabulary words:

bank
A place where you can deposit money to keep it safe, borrow money, and invest money.
credit union
Similar to a bank, a credit union is a non-profit organization that serves a specific group of people.
money
A specific currency issued by each country that people exchange for goods or services.
barter
A way to trade a good for another good without using money (such as trading corn for a cow).
want
Something that you want to buy or own, but you don’t need for your survival.
need
Something that you need to buy or have in order to survive, such as food, housing, and transportation.

lesson: basics of bankingEdit

Begin by asking students what they think about money. This should be a discussion that you lead.

Draw a brain map on the board to illustrate how the conversation progresses. Start with a central bubble in the middle (what is money?) with lines and bubbles leading out from it including other concepts and ideas we will cover in the discussion.

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you can ask prompts such as:

  • What is money?
  • What did people use before money? Explain bartering
  • Where does money come from?Explain that the government prints money through the treasury
  • Why do we need it?
  • How do you feel about it?
  • What was the last thing you bought?
  • What was the last thing your mom or dad bought?
  • Why did you buy it?
  • How did you get the money to buy it?
  • Was the item you purchased a want or a need?

HOPE Corps volunteer tip: If students offer an answer that isn’t quite right, try to lead them in the
right direction through prompts.


From here, distinguish between a want and a need. Give them examples of each—for instance, a bus pass is a need because people need it to go to school or work, while a new video game is a want because students don’t need it to survive. Have students brainstorm about the two words, and write their concepts on the board.


you can approach this in a number of ways,including

  • Write down each student’s purchase on the board and,after you’ve discussed it, decide whether it is a want or a need. Label W or N next to each item.
  • Have students break up into groups of 3 or 4 to decide whether each item is a want or need. Visit each groupto discuss and make sure that they’re on the right track.
  • Have students add up whether the majority of things that they’ve bought have been wants or needs. Talk about how their needs are provided for. Make a list of all the items that are needs in their lives (these should include things like house or apartment/somewhere to live; food; water; transportation; safety (such as through having insurance or having an emergency preparedness kit). When talking about the emergency preparedness kit, mention BOOF’s Emergency Financial First Aid Kit (EFFAK), which helps to organize and file key financial

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  • You can also talk about how some needs—such as beingloved or having friends and family—cannot be bought, and other needs—such as food and shelter—can.records, legal documents, and household files in case there’s an emergency.
  • Have students break up into small groups. Provide them with old magazines or newspapers. Have them cut out different pictures or words and glue/tape these words or images onto separate pieces of papers. One paper should be labeled want and one should be labeled need.



HOPE Corps volunteer tip: You can’t be everywhere at once — encourage your students to discuss a problem as a group to see if they can determine the answer themselves.

After this, discuss how we get money. Distinguish between money that you earn and money that you are given, such as an allowance or a gift. You can also discuss money that students’ parents get through credit cards or a loan to purchase big-ticket items, such as cars and homes.Edit

HOPE corps volunteer worksheet:Edit

answer key:
1.
Circle all of the money that Gabe was given as a gift. What is the total amount of money that was a gift?
Circle: Birthday check from Grandma Kay $20.00; Birthday check from Auntie Ella $15.00. Total gifted money: $35.00
2. Underline all of the money that Gabe earned. What was the total amount of money that Gabe earned from working?
Underline: Money for cleaning the garage $10.00; Money for walking my little sister to soccer practice for 1 week $5.00; Money for washing my dad’s car $5.00; Money for planting my grandma’s flower garden $7.00. Total earned money: $27.00
3. What is the total amount of money when you add the money that Gabe received
as a gift and the money that Gabe earned?
$62.00
4. What does it mean to earn money?
Earned money is money that you make by completing a job or a task for someone.
5. Have you ever earned money? What did you do to get this money?
Answers will vary...
6. Gabe wants to buy a new video game with the money he earned and was given for his birthday. It costs $30.00, including tax. Gabe wants to put the rest of the money in the bank. After he buys the video game, how much money will he have left?
$32.00
7. Can you think of other ways that you can earn money? Write these ways down.
Answers will vary. May include: babysitting; doing chores for mom or dad, weeding garden, running errands, cleaning house, walking dog, washing car, helping parents, mowing lawn, etc.


Birthday check from Grandma Kay

$20.00
Money for cleaning the garage

$10.00
Money for walking my little sister to

soccer practice for 1 week
$5.00
Money for washing my dad’s car

$5.00
Birthday check from Auntie Ella

$15.00
Money for planting my grandma’s

flower garden
$7.00

HOPE Corps volunteer tip: Even though students have calculators, encourage them to do the calculations with pen and paper to practice their math skills.

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1. Circle all of the money that Gabe was given as a gift. What is the total amount of money that was a gift?
2. Underline all of the money that Gabe earned. What was the total amount of money that Gabe earned from working?
3. How much is the total of gifted and earned money?
4. What does it mean to earn money?
5. Have you ever earned money? What did you do to get this money?
6. Gabe wants to buy a new video game. It costs $30.00, including tax. Gabe wants to put the rest of the money in the bank. After he buys the video game, how much money will he have left?
7. Can you think of other ways that you can earn money? Write these ways down.

Birthday check from Grandma Kay
$20.00
Money for cleaning the garage
$10.00
Money for walking my little sister to soccer practice for 1 week
$5.00
Money for washing my dad’s car
$5.00
Birthday check from Auntie Ella
$15.00
Money for planting my grandma’s flower garden
$7.00

Game: learn it and earn it!Edit


Have students split up into groups of 4 to 5. Explain that by answering a question correctly, each team will get to draw an Earn it! card from the pile that you’re holding. The questions are drawn from material that they’ve learned in the lesson that day.
Questions:
1. What is a bank?
A place where you can deposit money to keep it safe, borrow money, and invest money.
2. What type of institution is similar to a bank but is a non-profit that serves a specific group of people?
Credit union
3. What does bartering mean?
Exchanging one good for another.
4. Where does money come from?
The government prints and regulates it.
5. You got a check from your dad for your birthday. Is this money a gift or money that you earned?
Gift
6. Say that you mowed four lawns in yyour neighborhood. Each person paid you $5 for each lawn. How much did you earn?

$20.00

7. Uh-oh! Your dog dug a hole in your neighbor’s yard. You have to pay him ten dollars from the money that you earned for mowing those lawns. If you earned $20, how much money do you have left after paying him?
$10.00
8. Say that you really want to see a new summer superhero movie. Is this a want or a need?
Want
9. Your sister has to get eyeglasses. Is this a want or a need?
Need
10. Your father said that if you earned fifty dollars, he would contribute an equal amount of money towards buying a bike. How much money is your dad going to contribute?

$50.00
11. The bike costs $300.00. How much more money do you need to earn, after the $50 you earned and the money that your dad contributed?
$200.00

12. You agree to help your little sister with her homework to earn the rest of the money for the bike. You need $200.00 more. Your mom will give you $5.00 for every hour that you help your sister. How many hours will you need to work to make the $200.00?
40 hours
13. Your friend has to go to the doctor because he has an ear infection. Is this a want or a need?
Need
14. You will use your bicycle to get back and forth to school. Is the bike a want or a need? Explain.
Need. You need your bike for transportation to school, just like people need a bus pass or a car to get to work.
15. Your big sister doesn’t want to open a bank account.She says she’ll save her money in a bag under her bed instead. Explain why this isn’t a good idea ?
Her money could be lost or stolen, or the dog might eat it. You can also explain that it is also harder to save your money when it’s under your bed, because you’ll be tempted to spend it

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Learn it and earn it! game cards
The cards should be cut out so there are 15 separate cards to match the 15 questions. You can stack them on a chair beside you or hand one to a student when he or she comes up to get one after answering a question correctly)
After all of the cards have been picked, have students tally the amount of money that they’ve earned. End the session by thanking the students for being such good listeners and for learning so much about money in such little time. If you have time you can review some of the vocabulary words, concepts, or important points you covered verbally.

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Module objectives:
In this module, students will learn about checking and savings accounts. They will learn how these accounts function, how to access them, and how to keep track of the money that comes in and out of the accounts
At the end of this module, your students will be able to:

  • Explain the difference between a checking account and a savings account
  • Explain what a check register is, and how to balance it
  • Explain how to read a bank statement
  • Demonstrate how to use deposit and withdrawal slips
  • Demonstrate that they can compute the sum or differenceof whole numbers and positive decimals to two places.

Concepts to cover:

This module will teach basic concepts about checking accounts, savings accounts, and how each of these accounts operate.


module 2:
checking & savings
Edit

Math standards covered in this module include:
understand various meanings of multiplication and division • understand the effects of multiplying and dividing whole numbers • compute fluently and make reasonable estimates • select appropriate methods and tools for computing with whole numbers from among mental computation, estimation, calculators, and paper and pencil according to the context and nature of the computation and use the selected method or tools

Social studies standards covered in this module include:
Ia. explore and describe similarities and differences in the ways groups, societies, and cultures address similar human needs and concerns; IIIc. use appropriate resources, data sources, and geographic tools such as atlases, data bases, grid systems, charts, graphs, and maps to generate, manipulate, and interpret information; IIIk. consider existing uses and propose and evaluate alternative policies for the use of resources and land in home, school, community, the region, and beyond; IVe. identify and describe ways family, groups, and community influence the individual’s daily life and personal choices; IVh. work independently and cooperatively to accomplish goals; Vc identify examples of institutions and describe the interactions of people with institutions; Vf. give examples of the role of institutions in furthering both continuity and change; VIa. examine the rights and responsibilities of the individual in relation to his or her social group, such as family, peer group, and school class; VIg. explore the role of technology in communications, transportation, information-processing, weapons development, or other areas as it contributes to or helps resolve conflicts; VIId. give examples of the various institutions that make up economic systems such as households, business firms, banks, government agencies, labor unions, and corporations; VIIf. describe the influence of incentives, values, traditions, and habits on economic decisions; VIIg. explain and demonstrate the role of money in everyday life; X. identifies and practice selected forms of civic discussion and participation consistent with the ideals of citizens in a democratic republic.

HOPE Corps volunteer tip: When vocabulary comes up in the lesson, reinforce new words by repeating
their definitions.

Vocabulary words:

Automated teller machine (ATM)
A computerized electronic machine that performs basic banking functions (as handling check deposits or issuing cash withdrawals).

Balance
The amount of money remaining in one’s account at the end of the month, which should be equal to the value on the statement received from the financial institution. If there is discrepancy, one must try to identify the issue.

Check
An order written on a specified and approved paper to a banker to release funds to pay for a debt or purchase.

Check register
Generally attached to the checkbook, a ledger where the person can keep track of expenses as they write their
checks or use the ATM card or debit card.

Checking account
A bank account against which the depositor can draw checks.

Debit
An entry that is generally found on the left-hand side of an account indicating either an expense or a deduction from the total amount.

Debit card
It looks like a credit card, but it acts like a check. That is, the money is automatically deducted from your account and thus there is no monthly interest to pay. personal identification number (PIN) A code that is needed in order to get access to one’s account from the ATM (Automated Teller Machine).

Deposit
To place money in a financial institution for safekeeping.

Deposit slip
Piece of paper filled out especially for the purpose of depositing cash or checks in a financial institution.


F.D.I.C.
FDIC stands for the Federal Deposit Insurance Corporation; if a bank is robbed, suffers a natural disaster, or goes through some other change that makes it impossible to pay the customer his or her money, the government, through the FDIC, will replace all the money that was damaged or stolen up to $100,000 per customer.

Interest
The amount of money that one pays for the money that was borrowed, or the amount of money that the
financial institution pays the shareholder or customer for maintaining their money with said institution.

Monthly statement
Financial ledger showing the income and expenses that a person or organization incurred during set time.

Overdraft/bouncing a check
To write a check for more than the balance that is presently in the account.

Return check
A written check that a vendor can not cash because of insufficient funds in the checking account of the individual that wrote it.

Savings
The amount of money that one has left after all the necessary expenses have been taken care of and one has
chosen to safeguard or keep.

Savings account
An account (as in a bank) on which interest is usually paid and from which withdrawals can be made usually only by presentation of a passbook or by written authorization on a prescribed form.

Props/supplies:
• Checkbook with check register
• Savings book
• ATM/debit card
• Worksheets

lesson: checking & savingsEdit

Begin by holding up the checkbook. Ask students if they’ve ever seen one of these. Lead a discussion about checkbooks

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Draw a brain map on the board to illustrate how the conversation progresses. Start with a central bubble in
the middle (what is a checking account?) with lines and bubbles leading out from it including other concepts
and ideas we will cover in the discussion.


Lead a discussion about checkbooks that includes the following questions::

  • What is this called?
  • Where does the money for the checks come from?
    This should include both of the following ideas:
    1. Checks are not free money;
    2. Checks are linked to a checking account
  • Is there another way to pay for items through your checking account besides using a check?
  • Why is it smart to have a checking account?
    Explain the concept of FDIC
  • What can you buy with checks?
  • What happens if you don’t have enough money in your account to cover a check?
    “bounced check”/overdraft
  • How do people keep track of the money in their checkbook?
    Monthly statement/check register/balancing check book

Notes:......................................................................................
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HOPE Corps volunteer tip: By using students’ everyday experiences, such as shopping with their family, teaching financial concepts will be easier.

These discussions can happen all at once, or you can choose to use worksheets to break up the discussion.
You will use the following worksheets:

You will use the following worksheets:

  • Worksheet with two blank checks. Students will use the worksheets to make out their own checks. It would probably be most helpful for the module instructor to use an overhead transparency of the check worksheet.

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  • A worksheet with check register that needs to be completed

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  • A worksheet with check deposit and check withdrawal slips.

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Help guide the students through the worksheets, offering as much help as necessary. Make sure to have extra copies of the worksheets in case students want to “write” more than one check or withdraw or deposit more money.
Depending on how quickly the students are grasping the idea of check writing or using deposit/withdrawal slips, you can choose to do either or both of these worksheets as a teacher-led group activity, or students may do them individually. When completing each of these three worksheets (filling out check; filling out deposit slip; filling out withdrawal slip; emphasize what needs to be filled out, and what happens when you fill out each one of these slips/checks in real life.

HOPE Corps volunteer tip: Gauge your students’ skill levels, and adapt your lesson plan for the day
to accommodate their skills

Group activity
Edit

After the first three worksheets have been successfully completed, have students break up into five groups. Tell students that each group will pretend to be a family, and each “family” must balance their checkbook register.
Give students a blank check register worksheet and one of the following family financial cards. Instruct students that they must use the financial facts reported on each card to balance their checkbook.


Answer key (family financial cards on opposite page):
Brown family: $2000.00
Garrett family: $2200.00
Diaz family: $1800.00
Anderson family: $2220.00
Lee family: $1800.00

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==Edit

lesson: ATM/debit card reviewEdit


As the last portion of the checking section, you should briefly cover the ATM/debit card.
Begin the section by asking something similar to “Does anyone know of a way to pay for things through your checking account without using a check or cash?”
If no one has an answer, hold up a check card. Students may think that this is a credit card; explain to them that even though this looks like a credit card, this is called an ATM/debit card, and it’s used exactly how you would use a check.
cover the following questions:
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How is an ATM/debit card used?

What is a PIN number?Why is it important?

How can you access your account?

How do I use an ATM?

You can also direct students to the online curriculum to do a cool ATM demo.

HOPE Corps volunteer tip: Refer to the online curriculum whenever it’s appropriate. The online lessons can reinforce your teaching sessions.

After you’ve thoroughly covered the checking section (which
will take up the majority of the class session), ask students if any of them have another kind of account—a savings account. Some of the students may have this type of account.
If any of the students in your class do, please ask them to tell you why, when, and how they opened their accounts. You certainly shouldn’t ask them to volunteer information about how much money they have in their accounts.

you can ask questions such as:

  • Were the bank people nice?
  • Who went with you to open the account?
  • Was it hard to open the account?
  • Do you like having a savings account?
  • Etc

From here, talk to students about the benefits of having a savings account.
Explain to them that they can open a savings account with just a little bit of money, and the bank will actually
pay them money called interest to keep their money in the bank. This means that their money will grow just by
keeping it in the bank.
Have students fill out a savings deposit slip as their last activity.

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Finally, before you leave class, ask students to raise their hands and tell you one thing that they’ve learned today. This will help students to get involved in a review discussion and will also be a quick, easy way to cover much of the material covered that day.
If students don’t mention any important points by the end of the volunteered information session, please include that information as well (“And who can remember what we call it when we don’t have enough money in our checking account to cover a check we write?” “That’s right! An overdraft!”).

Notes:

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Name

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Once you receive instructions, fill out these sample checks.

ChecksEdit

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Dignity 15

Name

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Once you receive instructions, fill out these sample check registers.

Check registersEdit

Dignity 8

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Name

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Once you receive instructions, fill out this sample withdrawal/deposit ticket.

Check withdrawal/deposit ticketEdit

Dignity 10

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Name
Once you receive instructions, fill out these sample deposit tickets.

Savings deposit ticketsEdit

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Module objectives:
In this module, students will learn about credit. They will learn about what credit cards are, how they work,
and how they can be responsibly managed. They will also learn about credit ratings and loans.

At the end of this module, your students will be able to:
Explain what a credit card is and how it works
Explain what a loan is
Explain how interest works
Explain what a loan is.

Module objectives:
This module will teach basic concepts about credit
and loans.

Module 3:

Power of creditEdit

Math standards covered in this module include:
understand various meanings of multiplication and division • understand the effects of multiplying and dividing whole numbers • compute fluently and make reasonable estimates • select appropriate methods and tools for computing with whole numbers from among mental computation, estimation, calculators, and paper and pencil according to the context and nature of the computation and use the selected method or tools


Social studies standards covered in this module include:
Ia. explore and describe similarities and differences in the ways groups, societies, and cultures address similar human needs and concerns; IIIc. use appropriate resources, data sources, and geographic tools such as atlases, data bases, grid systems, charts, graphs, and maps to generate, manipulate, and interpret information; IIIk. consider existing uses and propose and evaluate alternative policies for the use of resources and land in home, school, community, the region, and beyond. IVe. identify and describe ways family, groups, and community influence the individual’s daily life and personal choices; IVh. work independently and cooperatively to accomplish goals; Vc. identify examples of institutions and describe the interactions of people with institutions; Vf. give examples of the role of institutions in furthering both continuity and change; VIa. examine the rights and responsibilities of the individual in relation to his or her social group, such as family, peer group, and school class; VIg. explore the role of technology in communications, transportation, information-processing, weapons development, or other areas as it contributes to or helps resolve conflicts; VIId. give examples of the various institutions that make up economic systems such as households, business firms, banks, government agencies, labor unions, and corporations; VIIf. describe the influence of incentives, values, traditions, and habits on economic decisions; VIIg. explain and demonstrate the role of money in everyday life; X. identify and practice selected forms of civic discussion and participation consistent with the ideals of citizens in a democratic republic.

Vocabulary words:
Borrow
When a person receives something but is expected to
pay it back. When the person borrows from the bank, she
will be returning the same amount plus interest. This term
generally refers to money.
Credit
Amount of money at a person’s disposal for purchasing of
goods or services. The person must pay it back within a
specified or pre-arranged time line.
Credit card
A tool issued that allows you to make purchases within
your credit limit.
Credit rating
A trust developed in you that you will pay back loans and
credit card debts faithfully that is based on your credit history.
Identity theft
A crime that occurs when someone uses your personal
information without your permission to commit fraud or
other crimes.
Interest
The amount of money that one pays for the money
that was borrowed, or the amount of money that the
financial institution pays the shareholder or customer for
maintaining their money with said institution.
Interest rate
The percentage that is charged for the money that is
borrowed; usually it is set at a yearly rate.
Lend
Money that is given to someone for their use, with the
knowledge that they will return that money with interest
and within a specified period of time
Loan
Taken by a person or individual with the purpose of obtaining
goods or services. The money borrowed will be repaid with
an additional fee and within a specified period of time.
Props/supplies:
• Worksheets
• Credit Card

lesson: creditEdit

Begin lesson by holding up a credit card and a debit card. Tell students that even though these cards look very similar, they are actually very different.
Dignity 5 check 32
Edit

Draw a brain map on the board to illustrate how the conversation progresses. Start with a central bubble in the middle (what is credit?) with lines and bubbles leading out from it including other concepts and ideas we will cover in the discussion.
Ask students if they can tell you how credit cards and debit cards are different. After getting answers from your students, fill in any gaps that remain.
explain that

  • When you use a debit card, the money comes directly out of your checking account. You can use your debit card for the amount of money that you have in your account. When you use a credit card, you are given a credit limit. This is the amount of money you can charge to your credit card.
  • To decide what your credit limit is, the bank looks at your credit rating. A credit rating is determined by

looking at whether someone paid all of his or her bills on time as well as by looking at the amount of money
someone makes every month. From this, the credit card company decides how much money will be used for
your credit card limit.

  • Credit cards are NOT free money! If you charge $300.00 on your card, then you have to pay that money back.
  • Credit card companies make money by charging an Annual Percentage Rate of interest. This means that

if you don’t pay all of the money back at the end of the month, then the credit card company will add interest
onto the amount you owe, which will mean that you owe even more money.

  • Ask students if they know about the crime of identity theft.
    • Explain or field answers from students concerning this issue.
    • Explain that identity theft can occur when someone goes through records from their employer, hacks into the organization’s computers, goes through your trash, or steals your mail or wallet.
    • Explain to students that they can avoid identity theft by not giving out personal information such as your SSN, mother’s maiden name, or account numbers over the phone or the internet unless you know the information is secure, and keeping license numbers, social security card numbers, and credit card numbers safe and private.

•If someone does become a victim of identity theft, they should contact a nationwide consumer reporting agencies place “fraud alerts” in your file to let potential creditors and others know that you may be a victim of identity theft

This is a lot of information for your students to absorb. After you’ve gone through the basics of credit cards, ask them if they can think of anything they wish they could buy.

Take one student’s example of what they’d like to buy and figure out how much it would actually cost them to buy if they used a credit card.

For instance, you might write on the board the following:

New bike: $400.00
New bike: $400.00
APR interest: 20%

Say you paid back the bike in one year. That means that you would have to pay back the $400.00 you charged on the credit card, plus 21% interest: $400.00 x 20%
400 x 0.20= 80
$80.00 is your interest.
That means that you actually owe $480.00 for your bike. However, if it takes you more than a year to pay back your bike, it will actually be more than that, because the APR will add up if it takes longer for you to pay back the card!

HOPE Corps volunteer worksheet: give me some credit!Edit

Answer key:
1. Mark each of the following statements True (T) or False (F). Gabe and Joy answered the first statement, but they need your help!
F You don’t ever have to pay back a credit card.
T Your credit rating will be better if you pay your bills on time.
T If it takes you longer to pay your credit card bill, you will have to pay more money back.
F It’s smart to always charge items on your credit bill.
T An emergency is a good time to use a credit card.
F Once you get a credit card, you should buy anything you want.
T The credit company looks at how much money you make when deciding what your credit limit will be
T Your credit limit is the amount of money you are allowed to charge every month on your credit card bill.
F If you don’t pay your credit card bill, you can still charge however much money you want on your credit card.

2. Joy’s mom is thinking about charging a sofa to her credit card. She will take one year to pay back her sofa. If the sofa costs $800.00, and her APR interest is 20%, how much will the interest on the couch cost? HINT: 800 x .20= the amount of interest.)
$160.00
3. How much will the couch cost when you add in the cost of interest, too?
$960.00
4. Would you charge items to a credit card if it means you will pay back more money than the item you bought is worth? Why or why not?
Answers will vary.

HOPE Corps volunteer tip: Go over answers as a group.


Name

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give me some credit!
Edit

Dignity 5 check6
1. Mark each of the following statements True (T) or False (F). Gabe and Joy answered the first statement, but they need your help! You don’t ever have to pay back a credit card.

Your credit rating will be better if you pay your bills on time.

If it takes you longer to pay your credit card bill, you will have to pay more money back.

It’s smart to always charge items on your credit bill..

An emergency is a good time to use a credit card.

Once you get a credit card, you should buy anything you want.

The credit company looks at how much money you make when deciding what your credit limit will be.

Your credit limit is the amount of money you are allowed to charge every month on your credit card bill.

If you don’t pay your credit card bill, you can still charge however much money you want on your credit card.


2. Joy’s mom is thinking about charging a sofa to her credit card. She will take one year to pay back her sofa. If the sofa costs $800.00, and her APR interest is 20%, how much will the couch cost after she pays back the credit card, including interest?
(HINT: 80 X .20 = interest rate)

3. How much will the couch cost when you add in the cost of interest, too?
4. Would you charge items to a credit card if it means you will pay back more money than the item you bought is worth? Why or why not?


After you’ve gone through the credit card section proceed to the loan section of this session.Edit

Use the following questions and prompts to direct the conversation:

Have they ever lent a friend money, or has a friend, sibling, or parent ever loaned someone money?

What is a loan?

Why do people take out loans?
(Students should say something to the effect that people take out loans when they have to pay for something
that’s really expensive but don’t have the money in their pocket or in their bank account to pay for that item).

What kinds of expensive items do people take loans out for?

Ask students if they know why banks charge interest for loans.

Finish this discussion by helping the students go through an example of how much more a house will cost with interest. Tell the class that you know that a friend recently bought a house for $500,000.00. He took out a loan for the house, and he is now paying back a 5% interest rate on the loan. It will take the friend 20 years to pay back the loan. Help the students figure out how much the interest will cost over 20 years.
First have students figure out how much interest will be paid for one year:
$500,000 x .05 = $25000
Then figure out how much interest will be paid over 25 year:
$25,000 x 25 = $625,000
This means that over 25 years, the friend will pay as much in interest as he will for the house. Talk to students about why someone would take out a loan when they would have to pay back so much interest (help students to understand that this is the only way that most people can afford to buy large ticket items, such as homes).

Dignity 5 check 33




HOPE Corps volunteer worksheet: taking an interestEdit


Answer key (actual worksheet on the following page):
1. Joy’s family is going to buy a new car. The car costs $20,000.00. Joy’s family is going to take out a car loan from the bank. The interest rate is 5%, and it will take her family 5 years to pay off the car. How much will the
interest cost on the car?
$5000.00
2. How much will the car cost in all (interest + cost of car)?
$25,000.00
3. Gabriel’s family has a home loan for their house. The house costs $500,000. Their interest rate is 5%. It will take Gabriel’s family 30 years to pay off the loan. How much interest will they pay over 30 years?
$750,000.00
4. How much will the house cost in all (interest + cost of house)?
$1, 250,000.00

Notes:

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Name

Taking an interestEdit

Dignity 5 check7

1. Joy’s family is going to buy a new car. The car costs $20,000.00. Joy’s family is going to take out a car loan from the bank. The interest rate is 5%, and it will take her family 5 years to pay off the car. How much will the interest cost on the car?
2. How much will the car cost in all (interest + cost of car)?
3. Gabriel’s family has a home loan for their house. The house costs $500,000. Their interest rate is 5%. It will take Gabriel’s family 30 years to pay off the loan. How much interest will they pay over 30 years?
4. How much will the house cost in all (interest + cost of house)?

Game: you deserve some creditEdit

Have students split up into groups of 4 to 5. Explain that by answering a question correctly, each team will get to draw an Earn it! card from the pile that you’re holding. The questions are drawn from material that they’ve learned in the lesson that day.
Questions:
1. What is a credit rating?
A trust developed in you that you will pay back loans and credit card debts faithfully that is based on your credit history.
2. What is a credit card?
A tool issued that allows you to make purchases within your credit limit.
3. What is a loan?
Money taken out by a person or individual with the purpose of obtaining goods or services. The money borrowed will be repaid with an additional fee and within a specified period of time.
4. Your dad bought a bike for $400.00. He put it on his credit card. The APR is 20%. How much will the bike cost if your dad pays off the card in a year?
$480.00
5. Your brother loans you $20.00. He says he’s going to charge you $5.00 in interest. How much money do you have to pay back?
$25.00

6. Why do people take out loans?
People take out loans because they don’t have enough money in their pocket or in their checking accounts to pay for that item in full on their own.
7. How do you get a good credit rating?
A good credit rating comes from having a dependable income and paying your bills on time.
8. What is a credit limit?
A credit limit is the amount of money you are allowed to charge on your credit card, as determined by your credit rating.
9. Your parents bought a house for $100,000. The interest rate on their loan is 5%. It will take them 20 years to pay back the loan. How much is the interest on this house?
$100,000
10. How much will the house cost in all, including interest?
$200,000

Earn it! game cardsEdit

When a student group answers a question correctly, they can come up and take one of the
following cards. Have them read the card aloud.
Edit

Dignity 5 check 34

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You’ve paid all of your bills on time. Your credit rating is awesome! This means you have a higher credit limit on your new credit card!

Your brother needs money to buy your mom some flowers for her birthday. You lend him the money, and since you’re such a nice person, you don’t charge him any interest. Way to go, nice person!

You’ve been working hard and saving your money. This means that you don’t have to take out a big loan to buy a new car! Good job!

A while back you lent your brother some money. He’s so grateful that he pays you back interest, even though you didn’t ask for any. It pays to be a nice person!

You pay all of your bills on time, and you get a good credit rating. That will help when you have to take out a loan in the future!

You use your money smarts to help your dad pick out the credit card with the best APR interest. Your dad is so proud of you, he raises your allowance! Great job!

Your little sister lost the money she was going to use to pay back her friend for some candy. You pay her friend back for her. In exchange your sister cleans your room for you.

Everyone thinks you’re a money whiz! In exchange for telling your friends about how to be smart with money, they treat you to lunch. Yum!

Your mom asks you to help figure out the interest rate on a loan she might take out. In exchange for your help, she buys you a new music CD. Sounds good to us!

While listening to the radio, you call in and answer a trivia question about credit cards correctly. You win tickets to a cool new movie. It pays to be smart!

Module objectives:
In this module, students will learn about budgeting and shopping. They will learn about how to use a budget and how to be a smart shopper

At the end of this module, your students will be able to:

  • Explain what a budget is
  • Explain how to use a budget
  • Explain the difference between a fixed expense and a variable expense
  • Explain how to be a smart shopper.

Module objectives:
This module will teach basic concepts about budgets and shopping.

Module 4:

Basic
Investments
Edit

Math standards covered in this module include:
Understand various meanings of multiplication and division • Understand the effects of multiply in and dividing whole numbers • Compute fluently and make reasonable estimates • Select appropriate methods and tools for computing with whole numbers from among mental computation, estimation, calculators, and paper and pencil according to the context and nature of the computation and use the selected method or tools
Social studies standards covered in this module include:
Ia. explore and describe similarities and differences in the ways groups, societies, and cultures address similar human needs and concerns; IIIc. use appropriate resources, data sources, and geographic tools such as atlases, data bases, grid systems, charts, graphs, and maps to generate, manipulate, and interpret information; IIIk. consider existing uses and propose and evaluate alternative policies for the use of resources and land in home, school, community, the region, and beyond; IVe. identify and describe ways family, groups, and community influence the individual’s daily life and personal choices; IVh. work independently and cooperatively to accomplish goals; Vc. identify examples of institutions and describe the interactions of people with institutions; Vf. give examples of the role of institutions in furthering both continuity and change; VIa. examine the rights and responsibilities of the individual in relation to his or her social group, such as
family, peer group, and school class; VIg. explore the role of technology in communications, transportation, information-processing, weapons development, or other areas as it contributes to or helps resolve conflicts; VIIb. distinguish between needs and wants; VIId. give examples of the various institutions that make up economic systems such as households, business firms, banks, government agencies, labor unions, and corporations; VIIf. describe the influence of incentives, values, traditions, and habits on economic decisions;
VIIg. explain and demonstrate the role of money in everyday life; X. identify and practice selected forms of civic discussion and participation consistent with the ideals of citizens in a democratic republic.

Vocabulary words:
Budget
When one takes the money they’ve earned or received and subtracts their expenses and comes up with a plan
that allows them to determine their ability to pay bill and purchase things they need and want.
Fixed expense
An item on your budget that remains the same every month, such as the cost of rent or a house payment.
Income
Salary or money that is received by an individual as payment for the completion of a job or money that is
received as a gift.
Variable expense
An item on your budget that changes every month, such as something you want like a movie or candy or a last minute emergency, like a repair to your vehicle.
Props/supplies:
• Worksheets

Lesson: budgeting & shoppingEdit

Begin lesson by asking students what they know about the word “budget.” Write words or phrases on the board that helps to clarify their ideas about what a budget is.Edit

Draw a brain map on the board to illustrate how the conversation progresses. Start with a central bubble in
the middle (what is a budget?) with lines and bubbles leading out from it including other concepts and ideas
we will cover in the discussion.
Make sure to include the following points:
Dignity 5 check 22



  • Why is it smart to keep a budget?
  • What kind of things do you put on a budget?
  • What is a fixed expense?
  • What is a variable expense?
  • How can you tighten up your budget?

After this short introductory discussion, go immediately into playing the game.

HOPE Corps volunteer tip: If students offer an answer that isn’t quite right, try to lead them in the right
direction through prompts.

Game: budgeting & shoppingEdit

Objective:
To have the students identify cost of living, expenses, income and other necessary items to compile a budget. Once they have done this exercise as a class, have them figure out budgets for different age groups. Split them into teams of a few individuals to identify costs of living at age 15, 25, 40, 65, and 80. Add children into the picture, apartment rentals, mortgage payments, car, heat, lights, water, etc…
Materials:
Chalk board or white board, paper, pens/pencils, worksheets (provided).
Steps to game:
As a class, have the students brainstorm what it takes to run their households. Although their parent/guardian takes care of these bills and expenses, the students should know what it costs and how important it is to keep a budget.

Write down each of these pieces of information to compile a budget:
1. Income
2. Expenses?
a. Rent/mortgage g. Telephone
b. Car h. Clothing
c. Heat i. Cable
d. Lights j. Insurance if not provided
e. Food within paycheck k. Miscellaneous
f. Cell phone

  • Approximate cost per month of each of the expenses that they have brainstormed
  • How much money they have left
  • How they can save money (get rid of car and take public transportation, lower minutes on cell phone, etc…) Differentiate between a want and a need. Have the students put an N next to needs and a W next to wants. For those that they are unsure of, put both letters.
  • Discuss the budget and ways they could improve it. Make sure that the students understand the importance of keeping a budget.

Once this exercise is finished, have the students make budgets for an individual at different stages in life. Split the classroom into teams, and give each team an age specific individual and a small background of the individual (i.e.: 25 year old college graduate working as a car salesman, 85 year old retired man). This will allow them to get creative in determining income and expenses. Each team would need to determine the budget for the individual that they are assigned. The most accurate budget will win the competition. Have each team present their budget to the class and vote on accuracy.
Lesson learned:
The students should have learned the importance of keeping a budget and the amount of money that
it costs to run a simple household. They should also know how to determine the difference between
things that they want and things that they need. This lesson is extremely important as a real life example.


Name

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Make your budget #1Edit

You are an 18-year-old high school graduate who makes about $15,000.00 dollars per year working as a cashier at Stop &Shop. Make your money work for you below. Figure out which bills you need to pay and which bills can be eliminated. You must find ways to save money in order to make your budget work for you. If you eliminate any of the expenses below, you have to give an alternative for it.

Figure out how much money you make per month.
....................................................................................................................
Figure out what your expenses total is per month.


.....................................................................................................................


expenses:


Rent $1000.00 per month
Food bill $200.00 per month
Bills (heat, electricity, water) $200.00 per month
Cell phone $50.00 per month
Car payment $150.00 per month
Car insurance $75.00 per month
Entertainment $150.00 per month (out to dinner, movies)
Clothes $200.00 per month
Gym membership $50.00 per month
Miscellaneous $50.00 per month

Dignity 5


name .................................................................................................


Make your budget #2

You are a 70-year-old retired person who makes about $10,000.00 dollars per year on social security benefits and the money that you have saved in a bank account. Make your money work for you below. Figure out which bills you need to pay and which bills can be eliminated. You must find ways to save money in order to make your budget work for you. If you eliminate any of the expenses below, you have to give an alternative for it.

Figure out how much money you make per month.
......................................................................................
Figure out what your expenses total is per month. ........................................................................................

expenses:

Food bill $200.00 per month

Bills (heat, electricity, water) $200.00 per month

Home telephone $40.00 per month

Cable $40.00 per month

Car payment $150.00 per month
Car insurance $75.00 per month

Entertainment $150.00 per month (out to dinner, movies)
Clothes $200.00 per month

Gym membership $50.00 per month

Miscellaneous $50.00 per month

Dignity 5 check9


Name

...........................................................................................

Make your budget #3Edit

You are a 35-year-old college graduate who makes about 50,000 dollars per year working for a bank as a loan officer. You have a husband and 2 young children. Make your money work for you below. Figure out which bills you need to pay and which bills can be eliminated. You must find ways to save money in order to make your budget work for you. If you eliminate any of the expenses below, you have to give an alternative for it.


Figure out how much money you make per month.

..................................................................................................

Figure out what your expenses total is per month.

....................................................................................................

expenses:

Mortgage payment $2,500.00 per month
Food bill $500.00 per month
Bills (heat, electricity, water) $300.00 per month
Insurance $250.00 per month
Cell phone $50.00 per month
Car payment $150.00 per month
Car insurance $75.00 per month
Entertainment $150.00 per month
(out to dinner, movies)
Clothes $200.00 per month
Gym membership $50.00 per month
Miscellaneous $50.00 per month

Dignity 5 check9


After finishing this game, ask students if they like to go shopping. Let students take turns for a minute or so, talking about what they like to go shopping for.Edit

then ask them the following questions:

  • Do you buy the first thing you see? If not, why not?
  • Do you ever compare prices?
  • Do you ever buy things on sale? Do your parents buy things on sale?
  • Why do you buy things on sale?
  • What are other ways to be a smart shopper?
  • What hidden cost is added onto most items?

Sales tax—in California the sales tax is 7.25%


Dignity 5 check 37Edit

==Edit

As the last activity with your students, tell them that you’re going to divide the class into two teams. Have each team raise their hands when they know the answer to a question. Each team gets 50 points for each correct answer.Edit

Questions:
1. What’s one way to save money when you’re shopping?
Answers could be any of the following: compare prices; buy items when they’re on sale; buy things in bulk; only buy what you need; use coupons
2. What’s another way to save money when you’re shopping?
Answers could be any of the following: compare prices; buy items when they’re on sale; buy things in bulk; only buy what you need; use coupons
3. Is buying the cheapest item always the best idea?
No. Sometimes cheap items will fall apart more quickly or not be of good quality—which would make you lose money in the long run.
4. A CD player is on sale for 20% off its regular price. If the regular price is $100.00, how much will it be when
it’s on sale?
$80.00
5.You decide to buy a new CD. It costs $17.00. The sales tax is 7.25%. How much will the CD cost with tax?
$18.23
6. Your mom uses a coupon that gives her $25.00 off of her groceries. If her groceries rang up to be $147.20, how much will they be after she uses her coupon?
$122.20
7. Your dad gets a coupon for the hardware store that gives him 10% off his purchase. If his purchase added up
to $145.00, how much money will he get off of his bill?
$14.50
8. How much will the purchase be after he subtracts the 10% savings from the $145.00 bill?
$130.50
9. You often buy a certain magazine. If you buy the magazine in the store it costs $3.00. How much will it cost if you buy it in the store 11 times a year?
$33.00
10. If you buy the magazine in the store it costs $33.00 to get it. If you subscribe to the magazine for 1 year it costs only $14.99. How much money would you save if you subscribed to the magazine?
$18.01

After the game is finished and the scores are tallied, ask students to tell you what the most important lessons were that they learned about money.
Ask them to describe anything that they learned that surprised them, or that they were confused by at first. This is a great time to wrap up the 4 sessions, review any information, and thank students for being great learners.

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