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Volunteer Guide -Teens - Checking &savings

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Module 2:
Checking &savings
Edit

Math standards covered in this module include:
Work flexibly with fractions, decimals, and percents to solve problems • Understand the meaning and effects of arithmetic operations with fractions, decimals and integers • Select appropriate methods and tools for computing with fractions and decimals from among mental calculation, estimation, calculators or computers, and paper and pencil, depending on the situation, and apply the selected methods
Social studies standards covered in this module include:
IVh. work independently and cooperatively to accomplish goals; Vc. describe the various forms institutions take, and explain how
they develop and change over time; Vf. describe the role of institutions in furthering both continuity and change; Vg. apply knowledge
of how groups and institutions work to meet individual needs and promote the common good; VIg. describe and analyze the role of technology in communications, transportation, information-processing, weapons development, or other areas as it contributes to or helps resolve conflicts; VIId. describe a range of examples of the various institutions that make up economic systems such as households, business firms, banks, government agencies, labor unions, and corporations; VIIf. explain and illustrate how values and beliefs influence different economic decisions; VIIg. differentiate among various forms of exchange and money; X. identifies and practice selected forms of civic discussion and participation consistent with the ideals of citizens in a democratic republic.

Vocabulary words: Edit

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 slipPiece 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 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 off 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.

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

Lesson: checking & savings Edit

Begin by holding up the checkbook. Ask students if they’ve ever seen one of these.
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 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

Aaaaaa

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

Aaaaaa


->Worksheet with check register that needs to be completed.

Bbbbbbbb


->Worksheet with check deposit and check withdrawal slips.

Cccccccccc


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 work- sheets (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.

Also note that you can make a little extra money with an interest bearing checking account.

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: $1942.06
Garrett family: $2053.51
Diaz family: $1902.23
Anderson family: $2108.96
Lee family: $1742.44

Ddddddddd Eeeee

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