Paying Yourself First

Once young people start earning money, they may have difficulty determining how to allocate it. This unit will provide your students with the tools for saving money, setting saving goals, and growing savings through interest.

Educator Guide: Unit Five

Topic 1

Deciding to Save Money

Students will create timelines that represent their futures and consider how they will earn and spend money 5, 25, and 50 years from now. Using an online savings calculator, students will explore the impact of saving early and the importance of compound interest.

Classroom Activity

Spend Now or Spend Later?

1 to 2 Class Sessions

Students will create timelines that represent their futures and consider how they will earn and spend money 5, 25, and 50 years from now. Using an online savings calculator, students will explore the impact of saving early and the importance of compound interest.

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Topic 2

Setting Savings Goals

Your students will consider their family's savings goals and their own savings goals. They will explore ways to express their goals clearly and technology to help them reach their savings goals.

Family Connections

Individual and Family Savings Goals

10-minute read, plus discussion

This guide will help parents discuss their family’s saving goals and assist their teen in setting personal savings goals. Families will also find tips and links on saving strategies.

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Topic 3

Finding Money to Save

Your students will explore specific strategies to save money and work in groups to research technology services that claim to help people save money more easily.

Self-paced Module

Find Money to Save

10 to 15 minutes (plus optional discussion)

This module will introduce your students to the principles and purpose of saving money and provide them strategies for saving money.

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Classroom Activity

Saving Made Easy

After sharing how likely they would be to save money they receive, students work in groups to research technology services, including apps, that claim to help people save money more easily. Groups present their findings to the class and make comparisons between the services described.

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Topic 4

Growing Savings Through Interest

Examine the power of compound interest including comparisons of savers that start early with small contributions and later with larger ones.

Self-paced Module

Growing Savings Through Compound Interest

10 to 15 minutes (plus optional discussion)

This module will help your students answer why it is important to save money early. Students will explore the power of compound interest by seeing how people who save small amounts early on increase their money.

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Topic 5

Choosing a Savings Method

Compare common savings methods including savings accounts, certificates of deposit, and money market accounts and the benefits and tradeoffs of each.

Self-paced Module

Choosing a Savings Method

10 to 15 minutes (plus optional discussion)

During this module, your students will compare various savings methods, including certificates of deposit, savings accounts, and money market accounts, and consider the benefits and tradeoffs of each.

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