New Review Question Set!

You may now answer a new set of practice questions for the upcoming test on personal finance.  These questions do not focus on vocabulary, but instead focus on applying the concepts and vocabulary you have learned to different personal finance situations.

You can play be either logging on to your Zondle account and choosing "Personal Finance Review" or by playing the spaceship/asteroid game below right from our class site.




Happy Hunting.

Debt

May 18th, 2015

Warm Up

1. What should you look for in a good credit card agreement?

Learning Objective:  Students will understand how to be financially responsible.

Success Criteria: Students will be able to create a plan to stay out of debt.

One student's story.

YOU MAY TAKE YOUR PACKETS WITH YOU TODAY.  THEY ARE DUE ON TEST DAY.

Complete pages 12 of your packets using the booklet.

DO NOT WRITE ON THESE BOOKLETS!!!!!

Electronic copies of both can be found on the class blog under the packets section over there.

Credit Part 2

May 15th, 2015

Warm Up

1. What is the amount of credit you can borrow based on?  (the 3 c's)
2. How does not paying your bills affect these 3 c's?

Learning Objective:  Students will understand how to be financially responsible.

Success Criteria: Students will be able to explain how to use credit carefully and responsibly.

Today we are going to try to figure out which credit card is the best deal.  Each group will be given a disclosure summary from a real credit card and have to answer several questions about that card.

After each group has had time to read over their disclosure summaries we will compare our options and decide which card is the best deal.

      

Important take-aways.  Pick cards with:

1. low APR
2. no annual fee
3. lower penalty APR (just in case)
4. longer grace periods
5. lower penalty fees

Avoid interest and penalties by:

1. only charging what you can afford to pay back
2. pay off balances in full at the end of a billing cycle
3. avoid impulse buying!!!!!

Credit

May 14th, 2015

Warm Up

What is the difference between a fixed expense and a flexible expense?  Give 2 examples of each.








Learning Objective:  Students will understand how to be financially responsible.

Success Criteria: Students will be able to explain how to use credit carefully and responsibly.






Credit is money you borrow with a promise to pay it back with interest.

The amount you're allowed to borrow is based on three things:

1. Your capacity - ability to pay the money back
2. Your character - your reputation when it comes to paying things back
3. Your capital - what you can give them if you can't pay it back

People get into trouble when they borrow too much and don't pay it back.  Interest can pile up against you causing you to have to pay back far more than you borrowed in the first place.

However, there are some advantages to credit.

1. Helpful in times of emergency
2. It is more convenient and safer than carrying cash
3. Allows you to make major purchases like a house or car

Complete pages 10 & 11 of your packets using the booklet.

DO NOT WRITE ON THESE BOOKLETS!!!!!

DO NOT TAKE THESE BOOKLETS OR PACKETS WITH YOU!!!

Electronic copies of both can be found on the class blog under the packets section over there.

Budgets Part 2

May 13th, 2015

Warm Up

Why should your budgets be realistic?

Learning Objective:  Students will understand how to be financially responsible.

Success Criteria: Students will be able to create a working budget.







Today we're going to be creating a working budget.

For this lesson we will assume the following:

1. You work for minimum wage and can get 40 hours a week (which is not always possible)
• This makes your monthly net income $1,099
• You work at the McDonald's located at 
• Milwaukee, WI 
• 2520 W National Ave 
2. You are living alone and do not have any children.
3. You have no savings.
4. You do not own a car.
5. Utilities would run you about $50 a month if the apartment you find does not include heat
• $30 a month if it does include heat
6. Food will run you about $200 a month

Your assignment will be to fill out the budget sheet that will be passed out to you.

Click here to download the budget template.

You will need to find an apartment that you can afford using this website.

You should complete your budget handout by the end of this class period.

Electronic copies of your packets, the booklet we are using, and this handout can be found on the class blog under the packets section over there.

The Importance of Budgets

May 12th, 2015

Warm Up

Define the following words

1. Fixed Expenses
2. Savings Account
3. Credit

Learning Objective:  Students will understand how to be financially responsible.

Success Criteria: Students will be able to explain the importance of creating a budget.







Today we're going to look at the importance of creating a budget and why it is so useful.

A budget is simply a list of your income and your expenses.  It allows you to track and your spending to make sure you don't overspend.  It also helps you keep track of how much you are saving!

Let's look at this example.

You're budget does not have to be this detailed, but it does help.  A template of a budget I've used can be found here.

No matter what, it should be realistic.

If you have unreasonable goals or expectations of your saving/spending habits you are not going to stick to your budget making it worthless.  Plan realistically, pick reasonable goals, be responsible, but also be honest with yourself!

I find it helpful to add a "unexpected expense" category where I can use it to add to any of my other expenses just in case something comes up.  

Remember some of your expenses will be fixed expenses (meaning they are always the same so you can plan for them) others will vary from month to month.  This will help with your planning.  After you subtract your fixed expenses it is easier to plan the rest of your monthly spending because you know what money is leftover to play with or save.

We'll look more closely at creating a budget tomorrow.  For know complete page 9 of your packet to learn more about budgets.

Complete page 9 of your packets using the booklet.

DO NOT WRITE ON THESE BOOKLETS!!!!!

DO NOT TAKE THESE BOOKLETS OR PACKETS WITH YOU!!!

Electronic copies of both can be found on the class blog under the packets section over there.

Personal Finance Vocabulary Part 2

May 11th, 2015

Warm Up

1. What is the difference between net income and gross income AND what are some of the things the missing money is used for?

Learning Objective:  Students will understand how to be financially responsible.

Success Criteria: Students will be able to define new vocabulary to help them understand the concepts of personal finance.










Today we will be using the chromebooks to play Zondle to learn the vocabulary works on page 8 of your packets through trial and error.  As you learn the definitions write them down on page 8 of your packet!

Using the quick quiz option makes this go quicker and is highly recommended.

Use "Personal Finance Vocab 2" for today's lesson.

Complete Page 8 of your packet by the end of class today.

DO NOT TAKE THESE BOOKLETS OR PACKETS WITH YOU!!!