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