- Lab
- Lab Details
Mastering Savings
- Price per Classroom$5 00
- Type Individual Activities
- Duration 2 Hours
- Activities 31
- Grade 7-12
- Ideal For Middle School, High School,
Lab Description
"Mastering Savings" is an innovative and captivating learning experience designed to teach the importance of developing good saving habits to young minds. With interactive activities, simulations, and engaging lesson plans, this lab makes learning about personal finance exciting and relatable.
The lab covers the following concepts
- A quick start activity that includes an interactive sub-activity asking students to find a savings plan to save for their dream laptop.
- The idea of short and long-term goals, introduction to savings
- Simple and compound interest
- Interactive activity to show how compound interest multiplies the money over time
- What are financial institutions and the different savings schemes offered by them?
- Compare and contrast the interest rate offered by different banks and credit unions.
- Analyze the historical change in savings interest rate over time using an interactive worksheet
- How are banks paying you interest - interactive worksheet to show that the money you deposit is given as loans to other customers.
- Taking inflation into account
Finally the lab ends by asking students to create a savings plan for their dream house using an interactive worksheet.
Who this course is for
The course content is tailored to suit the age group and educational level of middle and high school students, ensuring that the concepts are presented in a clear, accessible, and engaging manner.
The course is designed to provide them with a solid foundation in understanding savings and personal finance.
Award Ceremony & Certificates
NA
Activities (159 Minutes)
Sub Activities
- Planning For Your Laptop
Sub Activities
- Review Questions
Sub Activities
- Review Questions
- Simple vs Compound Interest
- Your Observation
Sub Activities
- Review Questions
Sub Activities
- Review Questions
- Interest Rates
Sub Activities
- Review Questions
- Savings and Loans
Sub Activities
- Role of Time in Compounding
- When To Start Saving?
- Opportunity Cost
Sub Activities
- Categorizing goals
- Your Goals
Sub Activities
- Review Questions
- Risk-Reward Activity
Sub Activities
- Review Questions
- Effective Rate Calculation
Sub Activities
- Review Questions
Completion (0 Minutes)
- Price per Classroom$5 00
- Type Individual Activities
- Duration 2 Hours
- Activities 31
- Grade 7-12
- Ideal For Middle School, High School,
National Standards in Financial Education
Students will know that People save money for many different purposes, including large purchases such as cars and homes, education costs, retirement, and emergencies .. Students will use this knowledge to 8-1a . Identify the most common reasons that people save money for the future . 8-1b . Create a savings plan that will allow someone to make a large purchase in one year, 5 years, and 10 years .
Students will know that Savings decisions depend on individual preferences and circumstances, and can impact personal satisfaction and financial well-being .. Students will use this knowledge to 8-2a . Compare personal attitudes toward saving to those of a friend or relative . 8-2b . Explain how a personâs personality type might affect their willingness to save or to stick to a savings plan . 8-2c . Identify life situations that can make it difficult for a person to save or to stick to a savings plan . 8-2d . Discuss how savings decisions can affect financial well- being .
Students will know that Financial institutions pay interest to depositors and loan out the money to borrowers who pay interest on their loans .. Students will use this knowledge to 8-3a . Compare and contrast different types of financial institutions and their products and services . 8-3b . Compare the interest rate paid by a financial institution on savings accounts to the interest charged by the same institution on loans . 8-3c . Explain how financial institutions get the money to pay interest to their customers who deposit money in savings accounts .
Students will know that Interest earned on savings is the interest rate multiplied by the balance in the account, which includes the original amount saved (principal) and previously earned interest .. Students will use this knowledge to 8-4a . Differentiate between principal and interest . 8-4b . Demonstrate how earning a higher interest rate on money in a savings account will help a person to reach their savings goal sooner . 8-4c . Use the Rule of 72 to approximate how many years it will take for savings to double in value at different rates of interest .
Students will know that Compound interest is interest on both the original principal and previously earned interest, as compared to simple interest which is only interest on the original principal .. Students will use this knowledge to 8-5a . Explain the benefit of compound interest as compared with simple interest . 8-5b . Demonstrate how annual interest earned increases over time when both the original principal and earned interest are left in a savings account .