© Thomson/South-Western ECONOMIC EDUCATION FOR CONSUMERS Slide 1 Chapter 8 LESSON 8.1 Why Save? Objectives: By the end of class, students will be able.

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© Thomson/South-Western ECONOMIC EDUCATION FOR CONSUMERS Slide 1 Chapter 8 LESSON 8.1 Why Save? Objectives: By the end of class, students will be able to:  Explain how you can benefit from saving regularly  Describe strategies you can use to meet your saving goals

© Thomson/South-Western ECONOMIC EDUCATION FOR CONSUMERS Slide 2 Chapter 8 Benefits of Saving  Saving- Trading current spending for the ability to spend in the future.  Save for the unexpected  Unemployment  Death  Accidents

© Thomson/South-Western ECONOMIC EDUCATION FOR CONSUMERS Benefits of Saving  Save for opportunities  Vacations  New Jobs  New Vehicle  Save for major purchases  Home  Automobile  College Chapter 8

© Thomson/South-Western ECONOMIC EDUCATION FOR CONSUMERS Benefits of Saving  Save for flexibility  Paycheck to Paycheck  Opportunity Costs  Save to achieve your goals  College  Financial Independence  Retirement  Comfortable life Slide 4 Chapter 8

© Thomson/South-Western ECONOMIC EDUCATION FOR CONSUMERS Slide 5 Chapter 8 Saving Strategies  Pay yourself first- Select an amount weekly that you set aside for savings  Reward yourself  Saving and values  Automatic saving  Payroll deductions  Checking account transfers

© Thomson/South-Western ECONOMIC EDUCATION FOR CONSUMERS Student Practice/Application  1. Read Chapter 8 Section 1, pages in your Economics textbook.  2. Complete all Try These Questions in your Economics textbook at the end of Chapter 8, Section 1 on page 260.  3. Complete Think Critically questions 6 &8 on page 260.  Complete Exit Ticket Question Slide 6 Chapter 8