Lessons on savings and banking basics, loans, and paying for college.
Students learn the importance of saving money as a means to achieve their goals and as a way to create security in the event of unexpected circumstances or emergencies. Students will determine what ‘stage of change’ they are in terms of savings. They will also explore the benefits of starting their savings plan early in order to save money for long-term goals, like financial well-being in retirement. We explore various banking products and services, such as savings accounts, checking accounts, CD’s, and money market accounts. They will identify ‘Signature Strengths’ (as outlined in the Financial Decision Making Using Your Strengths course) and strategies to transcend money scripts that may have a negative impact on their ability to save. They will also identify the best places to save money to achieve their goals and objectives.
We delve further into different types of loans. Students examine how loans can help (or hinder) their financial goals, and learn how to shop around for the best loans. In some of the exercises associated with the lesson, students shop around for the best auto and home loans. We also examine predatory lending practices, such as pay-day lenders and check cashing operations.
Students will learn how to make the best choices when it comes to paying for college. Students will learn how college is relevant to their economic future. They will learn how college funding works, improving their chance of successfully navigating the financial aspect of this part of their education. They will also learn key terms regarding financial aid, how to critically read a financial aid offer, and how to look for scholarships.