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
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
Question 1
1.
Brainstorm FIVE reasons why it is sometimes difficult to save money. UCS
1._______
2._______
3._______
4._______
5._______
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
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10
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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
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10
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
Question 8
8.
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.
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10
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10
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.
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20
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10
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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:
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5
Required
20
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
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?
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20
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10
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
Question 20
20.
Question 21
21.
Question 22
22.
Question 2
2.
Which 2 reasons that people impulse shop apply to you or you think might apply to you? UCS
1._______
2._______
Question 3
3.
Describe an example of a time when you experienced one of these shopping impulses. UCS
Question 4
4.
Name three strategies you could use to fight the urge to impulse buy. UCS
1._______
2._______
3._______
Question 5
5.
In what ways can social media motivate people to spend more money?
Question 6
6.
“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?
Question 7
7.
How does “FOMO” impact one’s ability to save money for short- or long-term goals?
After watching the video, what causes people to live paycheck to paycheck, without having money leftover to save?
Question 9
9.
Why do you think they recommend saving 3-6 months’ of expenses in your emergency fund?
Question 10
10.
Why shouldn’t you keep your emergency fund money in your checking account?
Question 11
11.
Without words, describe what you think retirement looks like?
Question 12
12.
Why does the speaker recommend prioritizing investing for retirement over paying off Federal student loans? UCS
Question 13
13.
Does it surprise you the speaker recommends putting 80-100% of your retirement savings in investments? Why or why not? UCS
Question 14
14.
Would YOU be eligible to open a Roth IRA this year? Why or why not? UCS
Question 15
15.
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. _______
Question 16
16.
Describe the tip in your own words.
Question 17
17.
What are two potential benefits of having an HSA?
1._______
2._______
Question 18
18.
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?
Question 19
19.
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…
3 to 6 days
3 to 6 years
3 to 6 months
3 to 6 weeks
Which of the following is a good reason to start saving for retirement in your early 20s?
You might have student loan debt to pay off as well
Banks typically offer young people lower interest rates, so you'll pay less in interest
Banks typically offer young people higher interest rates, so you'll earn more interest
You'll benefit substantially from compounding interest over all those years
Which of these is a specialized account used exclusively for saving money for future health expenses?