WHY SHOULD I SAVE? Adapted in partnership with ©2015 Educurious Partners--All rights reserved UNIT 3 LESSON 5 1.

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Presentation transcript:

WHY SHOULD I SAVE? Adapted in partnership with ©2015 Educurious Partners--All rights reserved UNIT 3 LESSON 5 1

Learning Outcomes Students will reflect on the importance of savings. Students will research the different options regarding making savings choices. Students will discover their savings priorities. 2 Adapted in partnership with ©2015 Educurious Partners--All rights reserved UNIT 3 LESSON 5

Lesson Activities Discuss the importance of savings Complete Savings Scenarios Read the “A Penny Saved” article and complete the activity sheet Analyze Where to Stash Your Cash and complete the activity sheet Reflect on the lesson and complete the Why Should I Save Reflection 3 Adapted in partnership with ©2015 Educurious Partners--All rights reserved UNIT 3 LESSON 5

Share with Your Neighbor Have you ever decided to buy something immediately and then wished you had saved money for something else that came along instead? Describe this experience and how you felt. If you haven’t had this experience, explain why you might want to save money. 4 Adapted in partnership with ©2015 Educurious Partners--All rights reserved UNIT 3 LESSON 5

Think Back… Remember how we previously explored how to create a budget, for this lesson we will be looking deeper at one part of you budget Savings Savings Most budget gurus suggest saving10% of what you earn. Let’s see how far we can stretch that 10%! What might you want to save money for now? Later in life? 5 Adapted in partnership with ©2015 Educurious Partners--All rights reserved UNIT 3 LESSON 5

Savings Scenarios Pick from the scenarios below, and then sit with others who are interested in the same scenario so you can discuss and respond to the questions together. Scenario 1: Saving for a Car Scenario 2: Saving for College Scenario 3: Saving for a Trip or Large Purchase Scenario 4: Saving for Retirement Scenario 5: Saving for a Down Payment on a House 6 Adapted in partnership with ©2015 Educurious Partners--All rights reserved UNIT 3 LESSON 5

“A Penny Saved” Read “A Penny Saved” focusing on pages 1-10 and and respond to the reading questions. Here’s the link to the reading: lessons/docs_lessons/ 1029_a_penny_saved.pdf 7 Adapted in partnership with ©2015 Educurious Partners--All rights reserved UNIT 3 LESSON 5

Where to Stash Your Cash Read the information and respond to each savings situations on Where to Stash Your Cash. Then sit with a partner and discuss the questions together. 8 Adapted in partnership with ©2015 Educurious Partners--All rights reserved UNIT 3 LESSON 5

Review Budget gurus suggest you should save how much of what you earn? What is compound interest? What does liquidity mean? 9 Adapted in partnership with ©2015 Educurious Partners--All rights reserved UNIT 3 LESSON 5

Review Budget gurus suggest you should save how much of what you earn? 10% What is compound interest? It is interest that is paid, not just on what you deposit in the bank but also on interest that has been added to your account. What does liquidity mean? Refers to the readiness with which an item can be converted into cash without losing at least some of its value. 10 Adapted in partnership with ©2015 Educurious Partners--All rights reserved UNIT 3 LESSON 5

Complete the Lesson… Complete the Why Should I Save Reflection 11 Adapted in partnership with ©2015 Educurious Partners--All rights reserved UNIT 3 LESSON 5