# Saving

Students will learn about saving by analyzing compound interest and financial institutions and services.

Play Video
Essential Lesson
20 MIN(S)

## Growing Money with Compound Interest

Watch the No-Frills Money Skills Episode 1 YouTube video with your team and review the discussion questions in the document.

## Resources

Growing Money with Compound Interest Discussion Questions
Growing Money with Compound Interest Answer Key
Essential Lesson
60 MIN(S)

## Calculating Simple and Compound Interest

Show the students the slides. Review the terms for interest, simple interest, and compound interest and explain that interest can be compounded over different lengths of time. Then, explain the simple and compound interest equations and walk through the steps to calculate. Have students use the formulas to solve the problems. Use the answer key to guide their work.

Play Video

## Resources

Calculating Simple and Compound Interest Slides
Calculating Simple and Compound Interest Answer Key
Compound Interest Calculator
Essential Lesson
40 MIN(S)

## Financial Institutions

This essential lesson introduces students to 4 types of financial institutions: check-cashing store, payday loan store, bank, and credit union. Explain each type of financial institution and review discussion questions.

Play Video

## Resources

Financial Institutions
Essential Lesson
60 MIN(S)

## Financial Services

This essential lesson introduces students to financial services including deposit, credit, and investment. Students will read about each financial service and answer a set of discussion questions.

Play Video

## Resources

Financial Services
Essential Activity
45 MIN(S)

## Financial Service Scenarios

This essential activity helps students understand how to evaluate the pros and cons of different financial services based on various scenarios. Students will choose a financial service or be assigned one and write the advantages and disadvantages, and the reasoning why they made their decision.

## Resources

Financial Service Scenarios
Supplemental Activity
40 MIN(S)

## The Garnet Family’s Financial Dilemma

This supplemental activity will give the students a taste of how to prepare for a case study. Have the students research a local financial institution on their own and complete Part I. As a team, read the instructions for scenario, The Garnet Family’s Financial Dilemma under Part II. The students should make recommendations to solve the family’s dilemma.

## Resources

The Garnet Family’s Financial Dilemma

## Additional Resources

Quizlet
Financial Services Flash Cards
Kahoot!
Saving Quiz