1. HSFPP Lesson 5-2: Financial Tools
©2012 National Endowment for Financial Education

2. HSFPP Lesson 5-2: Financial Tools
Financial Tools
Select financial tools and technology to handle your personal business
©2012 National Endowment for Financial Education | Lesson 5-2: Financial Tools and Technology
©2012 National Endowment for Financial Education

3. HSFPP Lesson 5-2: Financial Tools
No Cash This Time
How can you pay for these purchases without using cash?
babysitting
soda from a vending machine
a used book from Amazon.com
lunch at school
new shoes from a retail store
movie tickets
used car
cell phone bill
an overdrawn bank account
Break the class up into two to four teams. Give teams two or three minutes to brainstorm different ways to pay for items without using cash. See if any teams were able to meet the challenge of using different viable payment methods for every scenario presented. If not, see which team had the most viable payment methods. (optional: Present prizes to the winning team members.) Answers will vary as students can justify multiple options to pay for the various goods and services. Sample answers:
babysitting: check
soda from a vending machine: debit card
a used book from Amazon.com: PayPal
lunch at school: school ID/account (some schools allow parents to create an account for students so they can make purchases in the cafeteria using a debit-like school ID card)
new shoes from a retail store: credit card
movie tickets: gift card
used car: dealership loan
cell phone bill: auto bill pay
an overdrawn bank account: mobile banking
If time allows, ask students to volunteer the different ways they paid for each scenario. Then, ask students the following questions:
Of these payment options, which ones can you track?
How can you track them?
NOTES: You can opt to provide students with a clue bank of options or challenge them to come up with the different payment options on their own. Choosing the latter would be a great way to pre-assess their experience and knowledge of different financial tools they have used.
©2012 National Endowment for Financial Education | Lesson 5-2: Financial Tools and Technology
©2012 National Endowment for Financial Education

4. HSFPP Lesson 5-2: Financial Tools
Preview
Today we will answer these questions:
How can I make payments if I don’t have a checking account?
How do the online tools and mobile gadgets work for banking and shopping?
With so many options, which tools and gadgets should I use?
Use what you learn today to select banking and shopping tools that fit your personal style.
Student Guide, page 3
Transition into the lesson by previewing the Learning Outcomes in the Student Learning Plan. By the end of this lesson, the students should be able to pick out the financial tools that match their current life styles and their near future life situations.
EXTENSION: (Use during this lesson for in Lesson 5-4) Have students listen to the two-part FDIC podcast on Bank Services and Personnel. It describes in detail, not just the types of services banks provide, but also the roles of the key personnel one would find at a bank:
©2012 National Endowment for Financial Education | Lesson 5-2: Financial Tools and Technology
©2012 National Endowment for Financial Education

5. HSFPP Lesson 5-2: Financial Tools
Other Ways to Pay
Need to confirm that a payment will be received by the payee?
Money Order
Cashier Check
Certified Check
Wire Transfer
Student Guide, pages 12, 23-24
Make a set of cards for student teams to sort as they match the descriptive cards with the type of payment. Guide them to review Student Guide and other trustworthy sources to complete the activity. Examples of locations where individuals can learn more about and arrange wire transfers include a bank, credit union, or Western Union website.
Ask students to brainstorm situations when they would want to use any of these types of payments to guarantee that the payment actually reached the payee.
©2012 National Endowment for Financial Education | Lesson 5-2: Financial Tools and Technology
©2012 National Endowment for Financial Education

6. HSFPP Lesson 5-2: Financial Tools
Find the Right Match
Online banking
Direct deposit
Automatic transfers
Online bill pay
Person-to-person payment
Payroll card
Payment portal
Student Guide, pages 30-31
Point out to students that the tools they choose to use to manage their banking and spending tasks will not be the same as what is used by other young people or even the same in their own future lives. As they select services, they should be aware of how the tools and services fit their personal style, seek out tools that help to overcome barriers in managing their money, and provide a workable way to keep track of payment and deposit transactions to/from their account(s).
ALTERNATIVE: Arrange for a presentation by a bank or credit union representative to explain how banking tools and services can be useful for various situations.
Arrange for students to use what they have learned about financial tools and technology to work with a partner to complete the Find the Right Match task. Inform them that they should be prepared to defend their responses. Note: This task will not have one correct response for each situation, but the students should be able to provide reasonable justification for recommending specific tools for specific situations.
EXTENSION: Assign students to create one or two additional scenarios to add to the task chart.
Arrange for students to work independently or with a partner to complete Activity 5.7: Get Jason Organized! They may need to review his messy situation by reading pages This activity can also be completed later in this lesson after discussing mobile banking.
©2012 National Endowment for Financial Education | Lesson 5-2: Financial Tools and Technology
©2012 National Endowment for Financial Education

7. HSFPP Lesson 5-2: Financial Tools
There’s an App for that
Mint
GasBuddy
Mvelopes
Money Pass
Personal Assistant
If you use a personal finance or shopping app, explain how and why you use the app. Survey the students to create a list of apps they use for shopping or any personal management tasks.
Arrange for students to work independently or in teams to each research and evaluate a different financial or consumer app. Schedule time for students to report their findings to the whole class. As they report out, guide the students to designate app categories to classify each app based on budgeting/spending weaknesses that would attract teens and young adults. (For example, categories such as “motivate me,” “remind me,” “comparison shop,” “coupons,” “locate financial services,” etc.) This activity might extend beyond this class session if you assign students to try out the apps and report out to the whole group.
Extension: Assign students to create informational materials targeting consumers for specific app categories.
RESOURCE: (Recommendation: New apps are introduced daily. The list provided here is intended to prompt ideas for research. Students and teachers are advised to conduct an online search to identify additional apps that may have been made available more recently.)
“12 Fantastic Finance Tracking & Management Apps,” Justin Stravarius, App Storm, December 26, 2010 web.appstorm.net/roundups/finances-roundups/12-fantastic-finance-tracking- management-apps/
“Best Android apps for personal finance management,” Brigitte Novabus, Android Authority, May 14, /
Search online for current listings. Keyword search: financial apps, shopping apps
©2012 National Endowment for Financial Education | Lesson 5-2: Financial Tools and Technology
©2012 National Endowment for Financial Education

8. HSFPP Lesson 5-2: Financial Tools
Challenge 5-C
Selecting My Services
Use the DECIDE steps to pick financial tools and technology that seem most useful as you handle your banking and shopping transactions.
Describe the skills and behaviors you need to apply as you use the tools to manage your money effectively.
Student Guide, page 35, 40
Assign the students to independently complete Challenge 5-C: Selecting My Services. Review the DECIDE Steps learned in Lesson 1-3 and/or listed in the Appendix on page 40. Guide the students to pick financial tools and technology to handle banking and shopping transactions. Assign the students to describe the skills and behaviors they need to effectively use the tools.
©2012 National Endowment for Financial Education | Lesson 5-2: Financial Tools and Technology
©2012 National Endowment for Financial Education

9. HSFPP Lesson 5-2: Financial Tools
Reflection
How can financial tool or apps help you better track and save my money?
Ask the students to reflect on how they think financial tools or apps can help them better manage their money.
©2012 National Endowment for Financial Education | Lesson 5-2: Financial Tools and Technology
©2012 National Endowment for Financial Education

10. HSFPP Lesson 5-2: Financial Tools
©2012 National Endowment for Financial Education