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Students should complete the account comparison handout Students will utilize the handout to shop for a bank or credit union that meets their needs. Resources:

https://docs.google.com/document/d/1HHVAxYAM9tzfJbyRMNOns6dQ

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Students will watch the video and answer questions.

Credit Union vs banks

https://youtu.be/04pTL_yf6Lo

Students will watch the video and Complete the venn diagram. See attached document:

https://www.econedlink.org/wp-content/uploads/legacy/691_venndiagram1.pdf

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NEW Online Banking Simulation for Classroom Use - Blog

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Updated October 2022, the NGPF Online Bank Simulator is now available with companion student activities. Students practice modern banking skills in an online and mobile-friendly environment. No student information or logins collected. 100% free.

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After today, what are some of your financial goals? Set at least one financial goal (SMART GOAL!) and then create a plan to meet your goals on mint.com

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Interactive Activity: Bank on This Case Study

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Interactive Activity: Bank on This Case Study

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In your groups complete the case study and be able to present your findings.

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Podcast Homework-Cross Referenced with MCM.3

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Podcast Homework-Cross Referenced with MCM.3

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Students will listen to the podcast - Building a Credit Score (stop at 6 minutes)

After listening to the podcast, the students will answer the following as homework:

1) What is a credit score? What does it tell?
2) What does it mean to be creditworthy?
3) Why does Eric Smith recommend no one carry more than two credit cards at a time?
4) What is the minimum amount of time someone should take a loan out?

5) Why should someone only charge what they can afford to pay off?

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https://playcatinsanity.com/

The previous video illustrated some of the math behind credit card interest and payments and warned about going into debt. But what does it FEEL like to be swimming in overwhelming debt? Play this game to experience a lighthearted version of compounding debt, and then answer these questions.

1. Use these sentence starters to explain how Cat Insanity is an analogy for debt repayment.

1. The multiply rate is…

2. The # of cats is…

3. Your food scoops are…

4. An underfed cat is…

5. A dead cat is...

2. If you had to make a real-life decision involving debt, what would you do differently as a result of playing the game?

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How many cats can you handle before you lose control? Presented by NGPF and McKinney.

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Students will answer to the following questions in order to affirm their understanding.

1. Why is it important to have an emergency savings fund, and how much should you aim to save in the fund initially?

2. If you’re saving for both an emergency fund and a long-term goal like retirement, how would you decide how much money to allocate toward each?

3. If you are paying off a credit card with a balance of $500 and an interest rate of 18%, how could making additional payments beyond the minimum help you save money in the long run?

4. You want to create a budget that includes both short-term and long-term financial goals. How would you categorize these goals, and what steps would you take to ensure both are met?

5. Explain three different services banks offer their customers.

6. Explain compare and contrast APY and APR.

7. What are some major differences between a bank and a credit union?

8. What is a consequence to carrying a balance on a credit card?

9. What are some benefits and disadvantages to using cash as opposed to card (both credit and debit)?

10. How does understanding amortization help you become a better educated consumer?

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Students will watch this video and discuss where this lady went wrong regarding her credit card and debt situation.

Discussion should be focused on, how did this lady mess up?

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Teacher must communicate to students about how paying back interest is a part of owning a home, a car, and using a credit card.

Teacher must communicate that students who currently have savings accounts that they are accruing interest even if it is small.

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Real World Reference/ Formative Assessment

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Real World Reference/ Formative Assessment

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Students evaluate different financial institutions and the services they offer to see if they would be helpful in achieving their goal. Students then design a plan showing which financial institutions and which services would best help them in achieving their goals

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Real World Reference/ Formative Assessment

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Real World Reference/ Formative Assessment

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Students create a chart comparing the use of cash, credit card, Cash App, Venmo, Zelle, and a debit card. Teacher relates the use of these to students.

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Avoiding paying by plastic can do wonders for your stress level and your pocketbook. Here’s how to get out of the plastic money trap.