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Mastering Savings

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  • Price per Classroom
    $5 00
  • Duration 2 Hours
  • Activities 37
  • Grade [8,9,10, 11, 12]

Lab Description

"Mastering Savings" is an innovative and captivating learning experience designed to teach the importance of developing good saving habits to young minds. With interactive activities, simulations, and engaging lesson plans, this lab makes learning about personal finance exciting and relatable.

The lab covers the following concepts

  1. A quick start activity that includes an interactive sub-activity asking students to find a savings plan to save for their dream laptop.
  2. The idea of short and long-term goals, introduction to savings
  3. Simple and compound interest
  4. Interactive activity to show how compound interest multiplies the money over time
  5. What are financial institutions and the different savings schemes offered by them?
  6. Compare and contrast the interest rate offered by different banks and credit unions.
  7. Analyze the historical change in savings interest rate over time using an interactive worksheet
  8. How are banks paying you interest - interactive worksheet to show that the money you deposit is given as loans to other customers.
  9. Taking inflation into account

Finally the lab ends by asking students to create a savings plan for their dream house using an interactive worksheet.

Who this course is for

The course content is tailored to suit the age group and educational level of middle and high school students, ensuring that the concepts are presented in a clear, accessible, and engaging manner.

The course is designed to provide them with a solid foundation in understanding savings and personal finance.

Award Ceremony & Certificates

NA

Activities (159 Minutes)

Completion (0 Minutes)

National Standards in Financial Education

Saving 8-1 -
Saving

Students will know that People save money for many different purposes, including large purchases such as cars and homes, education costs, retirement, and emergencies .. Students will use this knowledge to 8-1a . Identify the most common reasons that people save money for the future . 8-1b . Create a savings plan that will allow someone to make a large purchase in one year, 5 years, and 10 years .

Saving 8-2 -
Saving

Students will know that Savings decisions depend on individual preferences and circumstances, and can impact personal satisfaction and financial well-being .. Students will use this knowledge to 8-2a . Compare personal attitudes toward saving to those of a friend or relative . 8-2b . Explain how a person’s personality type might affect their willingness to save or to stick to a savings plan . 8-2c . Identify life situations that can make it difficult for a person to save or to stick to a savings plan . 8-2d . Discuss how savings decisions can affect financial well- being .

Saving 8-3 -
Saving

Students will know that Financial institutions pay interest to depositors and loan out the money to borrowers who pay interest on their loans .. Students will use this knowledge to 8-3a . Compare and contrast different types of financial institutions and their products and services . 8-3b . Compare the interest rate paid by a financial institution on savings accounts to the interest charged by the same institution on loans . 8-3c . Explain how financial institutions get the money to pay interest to their customers who deposit money in savings accounts .

Saving 8-4 -
Saving

Students will know that Interest earned on savings is the interest rate multiplied by the balance in the account, which includes the original amount saved (principal) and previously earned interest .. Students will use this knowledge to 8-4a . Differentiate between principal and interest . 8-4b . Demonstrate how earning a higher interest rate on money in a savings account will help a person to reach their savings goal sooner . 8-4c . Use the Rule of 72 to approximate how many years it will take for savings to double in value at different rates of interest .

Saving 8-5 -
Saving

Students will know that Compound interest is interest on both the original principal and previously earned interest, as compared to simple interest which is only interest on the original principal .. Students will use this knowledge to 8-5a . Explain the benefit of compound interest as compared with simple interest . 8-5b . Demonstrate how annual interest earned increases over time when both the original principal and earned interest are left in a savings account .

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  • Price per Classroom
    $5 00
  • Duration 2 Hours
  • Activities 37
  • Grade [8,9,10, 11, 12]