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Volunteers -Young Adults-Module 1

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Basics of banking Edit

Math standards covered in this module include:
develop a deeper understanding of very large and very small numbers and of various representations of them • judge the effects
of such operations as multiplication, division, and computing powers and roots on the magnitudes of quantities • develop fluencyin operations with real numbers, vectors, and matrices, using mental computation or paper-and-pencil calculations for simplecases and technology for more-complicated cases • judge the reasonableness of numerical computations and their results


Social studies standards covered in this module include:
Ig. construct reasoned judgments about specific responses to persistent human issues; Ih. explain and apply ideas, theories,
and modes of inquiry drawn from anthropology and sociology in the examination of persistent issues and social problems;
IIb. apply key concepts such as time, chronology, causality, change, conflict, and complexity to explain, analyze, and show
connections among patterns of historical change and continuity; IIIj. analyze and evaluate social and economic effects of
environmental changes and crises resulting from phenomena such as floods, storms, and drought; IIIk. propose, compare,
and evaluate alternative policies for the use of land and other resources in communities, regions, nations, and the world; IVe.
examine the interactions of ethnic, national, or cultural influences in specific situations or events; IVh. work independently and
cooperatively within groups and institutions to accomplish goals; Vc. describe the various forms institutions take, and explain
how they develop and change over time; Vg. analyze the extent to which groups and institutions meet individual needs and
promote the common good in contemporary and historical settings; VIa. examine persistent issues involving the rights, roles,
and status of the individual in relation to the general welfare; VIIe. analyze the role of specialization and exchange in economic
processes; VIIg. compare basic economic systems according to how rules and procedures deal with demand, supply, prices,
the role of government, banks, labor and labor unions, savings and investments, and capital; VIIh. apply economic concepts
and reasoning when evaluating historical and contemporary social developments and issues; X. identifies and practice selectedforms of civic discussion and participation consistent with the ideals of citizens in a democratic republic.


vocabulary words: Edit


bankA place where you can deposit money to keep it safe,borrow money, and invest money.


budget
The person takes his gains like his salary and subtractshis expenses coming up with a plan that allows them todetermine his ability to purchase things.


credit unionSimilar to a bank, a credit union is a non-profitorganization that serves a specific group of people.


fixed expenseAn item on your budget that remains the same everymonth, such as the cost of rent or a house payment.


moneyA specific currency issued by each country that peopleexchange for goods or services.


barterA way to trade a good for another good without usingmoney (such as trading corn for a cow).


incomeSalary or money that is received by an individual aspayment for the completion of job.


needSomething that you need to buy or have in order tosurvive, such as food, housing, and transportation.


variable expenseAn item on your budget that changes every month, suchas expenses for movies or entertainment.


want
Something that you want to buy or own, but you don’tneed for your survival.


  Edit

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 inthe discussion.

[1]



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 throughthe treasury

->Why do we need it?

->How do you feel about it?

->What was the last thing you bought?

->Why did you buy it?

->Was the item you purchased a want or a need?


notes:

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HOPE Corps volunteer tip: If students offer an answer that isn’t quite on track with the lesson plan, try to leadthem in the right direction through prompts.


From here, distinguish between a want and a need. Give your students examples of each—for
instance, a bus pass is a need because people need it to go to school or work, while going to a concert
is a want because, even though it might seem really important to go to see a concert, you don’t need itto 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 the Emergency Financial First Aid
Kit (EFFAK), which helps to organize and file key
financial records, legal documents, and household filesin case there’s an emergency.

->You can also talk about how some need—such as beingloved or having friends and family—cannot be bought,and other needs—such as food and shelter—can.


->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
images onto separate pieces of papers. One paper shouldbe labeled want and one should be labeled need.

[2]



After this, discuss how we get money. Distinguish between money that you earn and money that
you are given, such as from a gift. You can also discuss money that comes from credit cards or aloan to purchase big-ticket items, such as cars and homes.

Edit

  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 drawnfrom 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.

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2. What type of institution is similar to a bank but is a nonprofit
that serves a specific group of people?Credit union

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3. What does bartering mean?Exchanging one good for another.

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4. Where does money come from?The government prints and regulates it.

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5. A neighbor asks you to feed her cats while she’s on
vacation. She’ll pay you $12.75 for every two days she’s gone.She’s gone for 8 days. How much money do you earn?$51

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6. Uh-oh! You forgot to pay your cell phone bill on time. The
bill was $75. The cell phone company will add a 20% latefee to the bill. How much money was added to the bill?$15

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7. How much money do you end up paying for the cell bill,after the late charge?$90

............................................................................................8. Health insurance—want or need?Need

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9. Your sister said that she’d contribute $10 towards every
$50 you earn for a car—provided she can use it part of the
time. So far you’ve earned $4,000. How much money hasshe contributed towards the car?$800

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10. The car costs $6,000. How much more money is left
towards the car’s purchase?$1,200

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11. Your uncle will lend you the use of his motorcycle once a
week if you pay 40% of the insurance. The insurance costs$42. How much do you have to pay?$16.80

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12. Your friend needs to go to the doctor because he has anear infection. Is this a want or a need?Need

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13. You will use your bicycle to get back and forth to work.
Is the bike a want or a need? Explain.Need. Reliable transportation is a need, especially since youneed the bicycle to get to work.

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14. Your brother doesn’t want to open a bank account. He
says he’ll put his money in a box under his bed instead.
Explain why this isn’t a good idea.
His money could be lost or stolen, or if something happens
to the house, such as a fire, it could be destroyed. You canalso explain that it is also harder to save your money whenit’s under your bed, because you’ll be tempted to spend it.

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15. The electric bill averages $30 a month. How much is it,
on average for a year?$360

[3]

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learn it and earn it! game cards


Cards should be cut out so there are 15 separate cards to match the 15 questions. You can stackthem on a chair beside you or hand one to a student when he or she comes up to get one afteranswering a question correctly.

After all of the cards have been picked, have students tally the amount of money that they’ve earned.


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lesson: budgeting & shopping Edit

From here, transition into budget portion of the lesson by asking students what they know about
the word “budget.”

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. Write words or phrases on the board thathelp to clarify their ideas about what a budget is.

[4]


Make sure to include the following points:

->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 immediatelyinto playing the game.


Game: budgeting & shopping Edit

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 (provide).

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 knowwhat it costs and how important it is to keep a budget.

'

Write down each of these pieces of information tocompile a budget:

1. Income (either take home income or before taxes, be sureto specify)?


2. Expenses?
a. Rent/mortgage g. Telephone
b. Car h. Clothing
c. Heat i. Cable
d. Lights j. Insurance if not providede. Food within paycheckf. Cell phone k. Miscellaneous

->Approximate cost per month of each of the expensesthat they have brainstormed?

->How much money they have left

->How they can save money (get rid of car and take publictransportation, 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 how they can improve upontheir findings; Make sure that the students understandthe 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 (ie: 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 theclass 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 areal life example.


  Edit

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 theexpenses below, you have to give an alternative for it.


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


Figure out how much money you make per month.

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Figure out what your expenses total is per month.

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[5]

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

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%

[6]


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 teamgets 50 points for each correct answer.


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 buywhat you need; use coupons

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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 buywhat you need; use coupons

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3. Is buying the cheapest item always the best idea?
No. Sometimes cheap items will fall apart more quickly ornot be of good quality—which would make you lose moneyin the long run.

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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

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5. You decide to buy a new CD. It costs $17.00. The salestax is 7.25%. How much will the CD cost with tax?$18.23

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6. Your momuses a coupon that gives her $25.00 off of
her groceries. If her groceries rang up to be $147.20, howmuch will they be after she uses her coupon?$122.20

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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

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8. How much will the purchase be after he subtracts the10% savings from the $145.00 bill?$130.50

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9. You often buy a certain magazine. If you buy the
magazine in the store it costs $3.99. How much will it costif you buy it in the store 11 times a year?$43.89

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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 yousubscribed to the magazine?$28.90

..........................................................................................After the game is finished and the scores are tallied, ask students to tell you what the mostimportant lessons they learned about money were.


Ask them to describe anything that they learned that surprised them, or that they wereconfused by at first.

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