2.2 Why We Save (Due 9/14/22 SOC)

Instructions

In this lesson, you will learn to:
Identify everyday obstacles Americans experience when trying to save money
Understand why it is important to maintain an emergency fund
Describe their own savings goals as well as big picture reasons to save, such as for college or retirement
Estimate the cost of medium- and long-term goals and devise smaller, periodic savings goals to reach them

Required

25

Brainstorm FIVE reasons why it is sometimes difficult to save money. UCS

_______ 
_______ 
_______ 
_______ 
_______ 

Five Reasons We Impulse Buy
Even if you have the best intentions of saving money, it can often be hard to follow through. This article outlines why it’s so easy to impulse shop instead of saving to meet our goals. Answer the questions that follow.

Required

10

Which 2 reasons that people impulse shop apply to you or you think might apply to you? UCS

1._______ 

2._______ 

Required

10

Describe an example of a time when you experienced one of these shopping impulses. UCS

Required

10

Is Social Media Ruining Your Finances? &
Keeping Up with the Joneses
Read this article about the impact of social media on spending habits and then view the cartoon that follows. Use both resources to answer the questions.

Required

10

In what ways can social media motivate people to spend more money?

Required

10

“FOMO” and “Keeping up with the Joneses” are two phrases with a similar meaning. What do these phrases mean, and how does social media contribute to them?

Required

10

Living Paycheck to Paycheck
Watch this video and explain what causes people to live paycheck to paycheck, without having money leftover to save.

Required

20

After watching the video, what causes people to live paycheck to paycheck, without having money leftover to save?

3 Things You Need to Know About an Emergency Fund
One of your first saving goals should be establishing an emergency fund. As you watch this video, answer these questions.

Required

10

Why do you think they recommend saving 3-6 months’ of expenses in your emergency fund?

Required

10

Why shouldn’t you keep your emergency fund money in your checking account?

Day 2         9/13/22

Planning for Retirement in Your 20s
It is never too early to start saving (or, even better, investing) for your retirement. As you watch this video, answer these questions.

Required

20

Without words, describe what you think retirement looks like?

Required

10

Why does the speaker recommend prioritizing investing for retirement over paying off Federal student loans? UCS

Required

10

Why Your Kid Needs a Roth IRA
Investing for retirement once you start your first full-time job is one thing, but you can technically start with a Roth IRA even sooner. Read this article to answer the question on the right:

Required

5

Would YOU be eligible to open a Roth IRA this year? Why or why not? UCS

Required

20

Name two reasons that putting extra money from a part-time job into a Roth IRA might be MORE beneficial than putting it into a savings account. UCS

1. _______
2. _______ 

How To Reduce Student Loan Debt While You’re in School
Other than tip 1 (Take Time to Save Before Going to College), skim this article and find another tip that relates to SAVING MONEY as a way to reduce college costs. Describe the tip in your own words.

Required

10

Describe the tip in your own words.

Benefits of a Health Savings Account
Though you’re probably not eligible now, your future self may want to investigate whether a Health Savings Account is a good opportunity for you to save some money. Watch this video and record all the potential benefits of an HSA as they’re mentioned. What’s one potential downside of an HSA?

Required

20

What are two potential benefits of having an HSA?
1._______ 
2._______ 

Required

10

A common trade-off of having access to an HSA is having to enroll in a high deductible health insurance plan, meaning you’ll be responsible for a greater percentage of your healthcare expenses before insurance kicks in. What is a potential downside of this tradeoff?

Is Your Piggy Bank a Source of Happiness?
Read this brief article about the effects of saving on happiness, then answer the question on the right.

Required

10

Given what you’ve learned in this lesson overall, why do you think higher rates of saving equate to greater happiness?

Required

3

According to experts, your emergency fund should include enough money to cover your expenses for…

Required

3

Which of the following is a good reason to start saving for retirement in your early 20s?

Required

3

In this lesson, you will learn to:

In this lesson, you will learn to:

2.2 Why We Save (Due 9/14/22 SOC)

In this lesson, you will learn to:

In this lesson, you will learn to:

Five Reasons We Impulse Buy

Describe an example of a time when you experienced one of these shopping impulses. UCS

Is Social Media Ruining Your Finances? &

Keeping Up with the Joneses

In what ways can social media motivate people to spend more money?

“FOMO” and “Keeping up with the Joneses” are two phrases with a similar meaning. What do these phrases mean, and how does social media contribute to them?

Living Paycheck to Paycheck

After watching the video, what causes people to live paycheck to paycheck, without having money leftover to save?

3 Things You Need to Know About an Emergency Fund

Why do you think they recommend saving 3-6 months’ of expenses in your emergency fund?

Why shouldn’t you keep your emergency fund money in your checking account?

Day 2 9/13/22

Planning for Retirement in Your 20s

Without words, describe what you think retirement looks like?

Why does the speaker recommend prioritizing investing for retirement over paying off Federal student loans? UCS

Why Your Kid Needs a Roth IRA

Would YOU be eligible to open a Roth IRA this year? Why or why not? UCS

How To Reduce Student Loan Debt While You’re in School

Describe the tip in your own words.

Benefits of a Health Savings Account

A common trade-off of having access to an HSA is having to enroll in a high deductible health insurance plan, meaning you’ll be responsible for a greater percentage of your healthcare expenses before insurance kicks in. What is a potential downside of this tradeoff?

Is Your Piggy Bank a Source of Happiness?

Given what you’ve learned in this lesson overall, why do you think higher rates of saving equate to greater happiness?

According to experts, your emergency fund should include enough money to cover your expenses for…

Which of the following is a good reason to start saving for retirement in your early 20s?

Which of these is a specialized account used exclusively for saving money for future health expenses?

Five Reasons We Impulse Buy

Describe an example of a time when you experienced one of these shopping impulses. UCS

Is Social Media Ruining Your Finances? &

Keeping Up with the Joneses

In what ways can social media motivate people to spend more money?

“FOMO” and “Keeping up with the Joneses” are two phrases with a similar meaning. What do these phrases mean, and how does social media contribute to them?

How does “FOMO” impact one’s ability to save money for short- or long-term goals?

Living Paycheck to Paycheck

After watching the video, what causes people to live paycheck to paycheck, without having money leftover to save?

3 Things You Need to Know About an Emergency Fund

Why do you think they recommend saving 3-6 months’ of expenses in your emergency fund?

Why shouldn’t you keep your emergency fund money in your checking account?

Day 2 9/13/22

Planning for Retirement in Your 20s

Without words, describe what you think retirement looks like?

Why does the speaker recommend prioritizing investing for retirement over paying off Federal student loans? UCS

Does it surprise you the speaker recommends putting 80-100% of your retirement savings in investments? Why or why not? UCS

Why Your Kid Needs a Roth IRA

Would YOU be eligible to open a Roth IRA this year? Why or why not? UCS

How To Reduce Student Loan Debt While You’re in School

Describe the tip in your own words.

Benefits of a Health Savings Account

A common trade-off of having access to an HSA is having to enroll in a high deductible health insurance plan, meaning you’ll be responsible for a greater percentage of your healthcare expenses before insurance kicks in. What is a potential downside of this tradeoff?

Is Your Piggy Bank a Source of Happiness?

Given what you’ve learned in this lesson overall, why do you think higher rates of saving equate to greater happiness?

According to experts, your emergency fund should include enough money to cover your expenses for…

Which of the following is a good reason to start saving for retirement in your early 20s?

Which of these is a specialized account used exclusively for saving money for future health expenses?

How does “FOMO” impact one’s ability to save money for short- or long-term goals?

Does it surprise you the speaker recommends putting 80-100% of your retirement savings in investments? Why or why not? UCS