2014 TCTS 6-8_OnlineVersion

2014 American Bankers Association, Washington, D.C. REPRINTING IS PERMITTED

Overviews and Objectives for Lessons

GRADES 6-8Lesson A: Energy Detectives Overview: In this lesson, students will learn how money can be saved while also protecting the environment. Students begin by fi nding classmates that practice certain energy-consuming or energy-conserving behaviorsand discuss why these practices are either good or bad. The cost to use common electronic devices willbe calculated. (Estimated Time: 45 minutes)

Objectives Students will be able to: Identify actions that save money and conserve energy. Calculate the cost of energy consumption.

Related Areas Science Environment Mathematics

Personal Finance

Lesson B: Double or Nothing Overview: In this lesson, students will see the difference between simple and compound interest and be able to recognize realistic rates of return. (Estimated Time: 35 minutes)

Objectives Students will be able to: Explain the differences between simple and compound interest. Distinguish between realistic and unrealistic rates of return on investment. Explain how the Rule of 72 is used to calculate the speed at which money grows.

Related Areas Mathematics

Personal Finance

Lesson C: Saving for a Sunny DayOverview: In this lesson, students will work in groups to read and discuss a series of teen choices. They will come to a group consensus and record the fi nancial outcome of each choice. In the end, they will evaluate if they have enough money remaining to participate in an unexpected outing. (Estimated Time: 40 minutes)

Objectives Students will be able to: Formulate a group choice when presented with a series of dilemmas with a fi nancial component. Critique the advantages and disadvantages of a particular choice in a given situation. Determine the benefi ts of saving money for unexpected problems and opportunities.

Related Areas Language Arts

Personal Finance

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1 2014 American Bankers Association, Washington, D.C. REPRINTING IS PERMITTED

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Energy Detectives

Time: 45 m

inutesGrades 6-8 Lesson A: Energy Detectives

LESSON INFORMATIONOverviewIn this lesson, students will learn how money can be saved while also protecting the environment. Students begin by fi nding classmates that practice certain energy-consuming or energy-conserving behaviors and discuss why these practices are either good or bad. The cost to use common electronic devices will be calculated.

ObjectivesStudents will be able to:

Identify actions that save money and conserve energy. Calculate the cost of energy consumption.

VocabularyConsumption, Cost

Related Areas

Personal Finance

Science Environment

Mathematics

Materials A standard incandescent light bulb and a compact fl uorescent light bulb Calculator (at the least one for you, preferably one per student) (Check with the teacher in advance as there may be a set available in the classroom or

students may have them.) Prize(s) for game winner(s) (Bank give-away items will work; bring 3 items, in case you

have several students complete the activity at almost the same time.) Conservation BiNgO Student Activity (A1) (one copy for each student preferably on

card stock) Conservation BiNgO ANSWER KEY (A1) (use during discussion; leave copy for teacher) Watt Can We Save Student Activity (A2) (one copy for each student) Watt Can We Save ANSWER KEY (A2) (use during discussion; leave copy for teacher) Energy Detectives teacher tool (A3) (one copy for teacher) Curriculum Standards Correlation Chart (provide copy to teacher)

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To abbreviate this activity, only require the winner to get 5 signatures in a row.

NOTE

PRESENTATION STEPSIntroduction

1. Say, Hello. My name is Mr./Ms./Mrs. _____. (Dont use your fi rst name. Students are used to addressing adults in school as Mr., Ms., or Mrs.)

2. Say, im here today from (Bank Name) and were going to talk about ways to save money and help the environment, too.

Activity1. Tell the students that you are going to play a version of Bingo, except that

instead of you calling out numbers, everyone will need to fi nd a classmate or adult in the room that can sign a square for them.

2. Distribute Conservation Bingo (A1). Read the directions to the class and then tell them to start fi nding people. Expect the room to get a bit noisier as people look for others to sign their card.

3. You may be asked if people can sign more than one square. Make this decision ahead of time based on the number of people in the room. There are 24 squares to be signed. In a standard classroom, you may want to limit the number of squares one person can sign to two.

4. After they have been doing the activity for a few minutes, ask, is anyone close to fi lling up their card? Remember to come see me as soon as you do. Some students will ask if you can sign their card. Go ahead!

5. Once someone has their card fi lled, call out to the room, We have a winner. Find out the students name and give them a prize. As noted in the materials, bring several prizes along in case you have more than one student fi nish at about the same time.

6. Tell the students they can return to their seats but to hang onto their cards.

7. Discuss the activity using some of the questions below: Who had signatures in more than 10 of their boxes? More than 20? Who was only one signature away from fi lling theirs? Which square did you still need to fi ll in? Was it easier or harder than you thought it would be to get signatures? Which were the harder ones to fi nd signatures for?

8. Tell students to take out a pencil or pen and circle the items that save energy or are good for the environment. Discuss their answers.

9. Say things such as: Name one of the things you think saves electricity. Which behaviors help reduce what gets thrown away? Which things save water? Which do you think are the most important to do? Put a star by them. Which do you think people never do?

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10. Use Conservation BiNgO Student Activity ANSWER KEY (A1) as a guide, if needed, during the discussion.

11. Distribute Watt Can We Save Student Activity (S2) to each student.

12. Explain that reducing energy consumption is not only good for the environment (less fossil fuel emissions, less oil drilling and spills, etc.) but it also saves families money.

13. Tell them that in this activity you will be talking only about electricity but the same principles apply to water and many other things.

14. Discuss the worksheet. Read aloud the fi rst two items and how much electricity each uses. Show the students what a standard incandescent light bulb and a compact fl uorescent light bulb look like.

15. Ask the students how many bulbs are usually on in their house each day and for how many hours. Complete the chart appropriately. Help with the math (use an average of 30 days in a month times the number of hours used per day).

16. Work through the math to determine how much more money would be spent using incandescent bulbs versus compact fl uorescent ones.

17. Assign smaller groups of students to do the math for each of the other rows.

18. Discuss their answers as time allows. Sample answers are provided in Watt Can We Save Student Activity ANSWER KEY (A2); however, your answers should vary depending on the responses given by students.

19. Discuss how changing the number of items being used or the hours an item is used per day affects the cost. For example, the refrigerator is likely the largest expense. Discuss how having an extra refrigerator or freezer in ones home increases electricity costs.

20. If time allows:- Calculate the savings by using items for fewer hours each month.- Discuss the difference in cost between using the stove versus the microwave.- Brainstorm other ways to reduce costs (dont use a hairdryer as often, dry some

loads of laundry on a clothesline, etc.)

Closure1. Tell the students you hope they learned that if you conserve, in addition to being

good for the environment, it also saves families money.

2. Encourage the students to go home and talk with their parents about ways they can save energy. Suggest they ask their parents to set aside the money that is saved and set a goal for how to spend that money after a period of time. For example, they might put the money toward a family vacation or a more energy-effi cient household appliance.

3. Thank the students and teacher for allowing you to be there.

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B i n goLeaves lights on when not in a

room

Recycles cans at home

Uses scrap paper

Throws plastic bottles in the

trash

Leaves computer on

overnight

Drinks more than one

single-use bottle of water a day

Takes long showers

Turns off lights when leaves a

room

Stands in front of the open

fridge deciding what to eat or

drink

Has TV on at home for more than 2 hours

per day

Uses rechargeable

batteries

Turns off video game system

when not using it

FREESPACE

Uses disposable batteries

Leaves faucet on while

brushing teeth

Brings lunch to school

Carpools to practice or

events

Recycles paper at home

Takes short showers

Downloads music instead of buying CDs

Turns off the faucet while

brushing teeth

Checks books out of the library

Throws away plastic shopping bags after one

use

Rides the bus to school

Unplugs cell phone

charger when done charging

A1Name

C o n s e r v a t i o n

Grades 6-8


B i n go

A1

C o n s e r v a t i o n

Grades 6-8

Leaves lights on when not in a room(wastes electricity)

Recycles cans at home

(less waste in landfills)

Uses scrap paper

(less waste)

Throws plastic bottles in the trash(increases waste in landfills - average

bottle takes over 500 years to degrade)

Leaves computer

on overnight(wastes electricity)

Drinks more than one single-use bottle of

water a day(wastes plastic, use

a refillable bottle instead)

Takes long showers

(wastes water, take shorter showers)

Turns off lights when leaves a room

(conserves electricity)

Stands in front of the open fridge deciding what to eat or drink(wastes electricity)

Has TV on at home for more than 2 hours per day

(wastes electricity)

Uses rechargeable batteries(less waste in landfills)

Turns off video game system when not

using it(conserves electricity)

FREESPACE

Uses disposable batteries

(increases waste in landfills)

Leaves faucet on while

brushing teeth(wastes water)

Brings lunch to school

(less waste in landfills from food packaging)

Carpools to practice or events

(less gas used and fewer emissions)

Recycles paper at home


Takes short showers(conserves water)

Downloads music instead of buying CDs(less waste in

landfills; also costs less to get only songs you want

instead of whole disk)

Turns off the faucet while brushing teeth

(conserves water)

Checks books out of the library


Throws away plastic shopping bags after

one use(increases waste in

landfills)

Rides bus to school(less gas used and

fewer emissions than multiple cars,

unless you usually walk)

Unplugs cell phone charger when done

charging(conserves electricity)

Conservation Bingo ANSWER KEY


A2Name

Watt Can We Save

Directions: Calculate the cost of each appliance below. How much does it cost each month to run each appliance?

Cost per month = Power used (kW) x Number of Appliances in House x Hours Used per Month x Cost per kWh

Teach Children to Save (6-8): Lesson C Page 2

Watt Can We Save Student Activity (C2) Directions: Calculate the cost of each appliance below. How much does it cost each month to run each appliance?

Cost per month = Power used (kW) x Number of Appliances in House x Hours Used per month x Cost per kWh

Item Average

Wattage* Average

kW (Wattage per 1000)

x # in House

x Average Hours

Used per Month

x Cost per

kWh ($0.10)

= Cost per Month

Cost per Year

Incandescent bulb - 60 W* 60 0.06 x x x .10 =

Compact fluorescent bulb - 60 W equivalent*

18 0.018 x x x .10 =

Coffee maker 900 0.9 x x x .10 =

Microwave 1000 1.0 x x x .10 =

Hair dryer 1800 1.8 x x x .10 =

Dishwasher 1300 1.3 x x x .10 =

Stove/Range (electric) 12500 12.5 x x x .10 =

Refrigerator/ Freezer 500 0.5 x x x .10 =

Clothes dryer (electric)

5000 5.0 x x x .10 =

Clothes washer 500 0.5 x x x .10 =

Computer, monitor, and printer

200 0.2 x x x .10 =

Television 80 0.08 x x x .10 =

*Note: Assume the same number of incandescent bulbs and compact fluorescent bulbs in the house to compare the cost of each

*Note: Assume the same number of incandescent bulbs and compact fluorescent bulbs in the house to compare the cost of each.

Grades 6-8


Watt Can We Save ANSWER KEY

The answers provided assume the following daily usage: Bulbs 6 hoursCoffee maker 1 hourMicrowave 2 minutesHair dryer 10 minutesDishwasher 90 minutes or 1.5 hours

Stove/range 45 minutesRefrigerator 24 hours

In cases where minutes were used, the number of minutes per day was multiplied by 30 (for the average number of days in a month). That total was then divided by 60 to convert minutes to hours.

Teach Children to Save (6-8): Lesson C Page 4

Watt Can We Save Student Activity (C2) (Sample Answers) Directions: Calculate the cost of each appliance below. How much does it cost each month to run each appliance?

Cost per month = Power used (kW) x Number of Appliances in House x Hours Used per month x Cost per kWh

Item Average

Wattage* Average kW (Wattage per

1000)

x # in House

x Average Hours Used per

Month

x Cost per

kWh ($0.10)

= Cost per

Month

Cost per

Year

Incandescent bulb - 60 W* 60 0.06 x 7 x 180 x .10 = 7.56 90.72

Compact fluorescent bulb - 60 W equivalent*

18 0.018 x 7 x 180 x .10 = 2.27 27.24

Coffee maker 900 0.9 x 1 x 30 x .10 = 2.70 32.4

Microwave 1000 1.0 x 1 x 1 x .10 = 0.10 1.20

Hair dryer 1800 1.8 x 2 x 5 x .10 = 1.80 21.60

Dishwasher 1300 1.3 x 1 x 45 x .10 = 5.85 70.2

Stove/Range (electric) 12500 12.5 x 1 x 22.5 x .10 = 3.38 40.56

Refrigerator/ Freezer 500 0.5 x 1 x 720 x .10 = 36.00 432.00

Clothes dryer (electric)

5000 5.0 x 1 x 30 x .10 = 15.00 180.00

Clothes washer 500 0.5 x 1 x 30 x .10 = 1.50 18.00

Computer, monitor, and printer

200 0.2 x 2 x 720 x .10 = 28.80 345.60

Television 80 0.08 x 3 x 150 x .10 = 3.60 43.20 *Note: Assume the same number of incandescent bulbs and compact fluorescent bulbs in the house to compare the cost of each. The answers above assume the following daily usage: Bulbs 6 hours Coffee maker 1 hour Microwave 2 minutes Hair dryer 10 minutes Dishwasher 90 minutes or 1.5 hours Stove/range 45 minutes Refrigerator 24 hours

Clothes dryer 1 hour (assumes about 7 loads of laundry per week) Clothes washer 1 hour (assumes about 7 loads of laundry per week) Computer, monitor, and printer 24 hours (assumes never turned off) Television 5 hours

In the cases where minutes were used, the number of minutes per day was multiplied by 30 (for the average number of days in a month). That total was then divided by 60 to convert minutes to hours.

Clothes dryer 1 hour (assumes about 7 loads of laundry per week)

Clothes washer 1 hour (assumes about 7 loads of laundry per week)

Computer, monitor, and printer 24 hours (assumes never turned off)

Television 5 hours

A2Grades 6-8KEY


ENERgY DEtECtivES

Lesson information

Overview In this lesson, students will learn how money can be saved while also protecting the environment. Students begin by finding classmates that practice certain energy-consuming or energy-conserving behaviors and discuss why these practices are either good or bad. The cost to use common electronic devices will be calculated.

Objectives Students will be able to:

Identify actions that save money and conserve energy. Calculate the cost of energy consumption.

vocabulary Consumption, Cost

Suggested Extension Activities

1. Have students write an advertisement to be read during the schools morning announcements that explains why conserving energy can save money.

2. Have students draw posters showing how reducing energy with specific items can save money. Display them in the hallways.

3. Have students set personal conservation goals or discuss family goals and estimate the cost savings of each.

A3Teacher Tool | Grades 6-8

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Double or NothingLESSON INFORMATIONOverviewIn this lesson, students will see the difference between simple and compound interest and be able to recognize realistic rates of return.


Explain the differences between simple and compound interest. Distinguish between realistic and unrealistic rates of return on investment. Explain how the Rule of 72 is used to calculate the speed at which money grows.

VocabularyCompound Interest, Investing, Principal, Rule of 72, Simple Interest

Related Areas

Personal Finance

Mathematics

MaterialsITEMS BELOW AVAILABLE ON CD

two Deals Student Activity (B1) (one copy of each page) too good to be true? Student Activity (B2) (one copy per student) Double or Nothing teacher tool (B3) (one copy for teacher) Curriculum Standards Correlation Chart (provide copy to teacher)



2. Say, im here today as a volunteer from (Bank Name). today were going to do an activity about how money grows.

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Activity1. Tell the students that there are many things you can do with money: spending it,

saving it, and sharing it with others are just three things you can do. Another is growing it.

2. Ask students if anyone can explain what it means to grow your money. Listen to a few answers.

3. Explain that investing means to make your money grow by earning interest. Tell them there are different ways to invest money but basically what you are doing is getting paid by someone else to let them use your money and what you get paid is called interest.

4. Tell the students you have two deals you can make them to grow their money. Ask two students to come forward as volunteers. Have each hold a sign from the two Deals Student Activity (B1).

5. Read the fi rst sign, Start with $20 and double what you have every month for a year.

6. Read the second sign, Start with $100 and get another $100 every month for a year.

7. Ask students which offer they think will make them have the most money at the end of a year. Have them vote for each by raising their hands.

8. Ask one or two people that chose the $20 option to explain their decision. Repeat with the $100 option.

9. Tell them the person who starts with $100 and gets another $100 every month will end up with $1,200. Hand the person the sign from the two Deals Student Activity (B1) that says $1,200.

10. Ask the students to guess how much money the other person will have. Take a variety of answers.

11. Tell them the correct answer is $40,960. Give the sign with that amount on it to the person.

12. Ask them again to raise their hands for which person theyd rather be.

13. Explain that in the example with the $100, the person was getting simple interest at a rate of 100% (which is very high and really too good to be true). This means the interest they earned each month was $100 or 100% of what they started out with. It didnt matter after, say, six months, that they had more than $100. The interest was still calculated off the original amount of money they had, the principal.

14. Tell them that in the other situation, the person was earning compound interest. Their interest rate was also 100% (again, too good to be true), but that every time they earned interest it was on the total amount they now had; not just on the original amount, or principal.

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15. If there has been little discussion, you feel you have time, and it is necessary to explain the math, you can work out the problem on the board in the classroom.

16. Explain that everyone would love to have their money doubled every month but, unfortunately, that isnt likely to happen.

17. Say, Offers to double your money every month are almost guaranteed to be false. they are just too good to be true.

18. Tell the students there is a mathematical formula for fi guring out how long it will take for money to double. It is called the Rule of 72.

19. Explain that the Rule of 72 says you divide 72 by the interest rate to fi gure out how many years it will take for money to double.

20. Tell the students a more reasonable interest rate for a good investment is not nearly as high as the one in the example (100%). Give examples of current interest rates on a variety of saving or investment vehicles.

21. Tell the students youll do a simple example. If the interest rate was 8% on an investment, it would take nine years for the money to double: 72 divided by 8 (the interest rate) is 9 (years).

22. Distribute too good to be true? Student Activity (B2). Have students review the scenarios described and circle the ones they think are too good to be true.

23. Discuss each of the examples. While doing so, share realistic interest rates on specifi c types of investments. Explain that the more risk involved with an investment, the greater rate of return you may earn. However, you also face a greater likelihood of losing most or all of your money.

TWO DEALS STUDENT ACTIVITY ANSWER KEY (B1) $20 $100 (Compounds by (Simple interest (Starting Amount) Doubling Each Month) adds $100 each time)

January $20 $100February $40 $200March $80 $300April $160 $400May $320 $500June $640 $600July $1,280 $700August $2,560 $800September $5,120 $900October $10,240 $1,000November $20,480 $1,100December $40,960 $1,200

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Too Good To Be True? ANSWER KEY (B2)1. Too Good to Be True2. Too Good to Be True3. Good Investment although answers may vary depending on discussion.4. Too Good to Be True but answers may vary depending on discussion.

Closure1. Remind students that saving and growing their money is important and the

younger they start, the more compound interest can help them grow their money.

2. Encourage them to start with an interest-bearing account at a bank. If time allows, explain some of the different types of products that earn interest.

3. Thank the students and teacher for allowing you to be with the class.

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A company calls your house saying that they are representing an oil company that has 10 new rigs starting next month. They have identifi ed your family as a possible investor. They say their new technology is the best out there for drilling oil and is guaranteed to make millions for its investors. They say that within the fi rst six months, youll be making 50% interest.

Good Investment OR Too Good to Be True

Name

too good to be true?

Directions: Read the solicitations below. Decide whether each describes a good investment or one that is probably too good to be true. Circle your answer for each.

A video game company puts an ad in a local game store, asking for investors. The ad claims that their game will be the coolest one to hit the stores in over 10 years. They need investors to send them $5,000. They say they will pay 35% interest for the next year.


Your friend says she wants to start a pet-sitting business. She doesnt have enough money saved to pay for advertising to get started. Your friend offers to pay you 1% of every dollar she makes for the next six months at her business if you lend her the money it takes to advertise. Plus, when she has enough money, shell pay you back for your original investment.


Your uncle takes you to a rare coin show at the citys exposition center. He shares that he purchased an old Spanish coin at this same show last year and just sold the coin on Ebay for 12% more than he paid for it. Youre thinking this may be just the plan for the $200 you earned mowing lawns.


B2Grades 6-8

1 2

3 4


DOUBLE OR NOtHiNg

Lesson information

Overview In this lesson, students will see the difference between simple and compound interest and be able to recognize realistic rates of return.


Explain the differences between simple and compound interest. Distinguish between realistic and unrealistic rates of return on investment. Explain how the Rule of 72 is used to calculate the speed at which money grows.

vocabulary Compound Interest, Investing, Principal, Rule of 72, Simple Interest

Suggested Extension Activity

Have students make up their own investment ads and explain why they are or are not too good to be true. Alternately, the students could trade their ads and explain why the other persons ad is or isnt too good to be true.

B3Teacher Tool | Grades 6-8

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Grades 6-8 Lesson C: Saving for a Sunny Day

LESSON INFORMATIONOverviewIn this lesson, students will work in groups to read and discuss a series of teen choices. They will come to a group consensus and record the fi nancial outcome of each choice. In the end, they will evaluate if they have enough money remaining to participate in an unexpected outing.


Formulate a group choice when presented with a series of dilemmas with a fi nancial component.

Critique the advantages and disadvantages of a particular choice in a given situation.

Determine the benefi ts of saving money for unexpected problems and opportunities.

VocabularyChoice, Emergency Fund, Saving

Related Areas

Personal Finance Language Arts

Materials Choice Cards (C1) (one copy per group of 4-5 students) (Cut cards along lines. Paper clip the #1 cards together,

#2s, etc.) Our groups Choices Student Activity (C2)

(one copy per group of 4-5 students) Saving for a Sunny Day teacher tool (C3)

(one copy for teacher) Rainy and Sunny Days Student Activity (C4) (one copy for teacher)

This activity requires students to work in groups. When you arrive, determine the total number of students and how many groups you will have (4-5 students each).If possible, discuss this with the teacher in advance and seek the teachers input on dividing the class into groups.

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2. Say, im here today from (Bank Name) and were going to talk about spending and saving money.

Activity1. Tell the students that you have an activity for them to do in small groups. Tell them

to move their chairs together into groups of four to fi ve.

2. Say, i will provide a situation card to each group. Read it together and decide on an answer as a group. Let them know that they dont all need to agree on the choice, they can go with the majority. Tell them that one person needs to be the recorder and make note of the groups decision.

3. Distribute Card 1 from Choice Cards (C1) to each group. Allow a few minutes for them to read and discuss their choice. As you wander through the room, ask each group who their recorder is and give that person a copy of Our groups Choices Student Activity (C2). Remind the recorder to write down their groups choice. Be sure the recorder notes on their worksheet how much money they currently have.

4. Ask a few of the groups what they chose and how much money they have at that point. (All will have $50.)

5. Repeat this process with Cards 2 - 6.

6. After the fi nal card, fi nd out how much money each group now has and how many could afford to go on the trip.

7. Ask, Would you have made different choices if you had known about the trip earlier in the process?

8. Say, People are often encouraged to save for a rainy day or for an unexpected event that will cost them money. for example, your video game system might break unexpectedly or you might wear out your soccer cleats before the season is over and need new ones. Some people call the money they set aside for the unexpected an emergency fund.

9. Explain that it is always a good idea to set money aside for such rainy days but you should also set money aside for sunny days, those great opportunities that come up without much warning.

Closure1. Tell students youve enjoyed being with them and talking about reasons to save

money. Tell them you hope they consider setting aside money for both rainy and sunny days. Remind them it is easier to save money when you cant access it easily. Encourage them to open a savings account for their money instead of just keeping it tucked away somewhere at home, or worse yet, carrying it with them every day.

2. Thank the students and teacher for letting you visit their class.


C1Choice Cards | Grades 6-8

1It is the beginning of summer and you just celebrated your birthday. You got $50 in cash as gifts.

Do you keep it at home OR put it in your bank account?

2The weekend is coming up.

Do you dog sit for your neighbors and earn $30 OR go with a friend to the lake?

3It is a hot and sunny Saturday.

Do you pull weeds in your grandpas garden for $20 OR go to a friends house to swim in his pool?

4It is a nice afternoon.

Do you ride bikes to the Little League fi eld to watch a gameOR go to the movies with friends and spend $15 on a ticket and snacks?

5Your favorite video game series just came out with a new release.

You can buy it new for $50 ORwait a month and get a used copy.

6A local club is sponsoring a trip to an amusement park. All your friends are going. It costs $50 to reserve your spot.

Do you have the money to go OR do you have to tell you friends you cant?


C2Grades 6-8Our groups Choices Group Members

Choice Now we have$1

2

3

4

5

6


C3Teacher Tool | Grades 6-8SAviNg fOR A SUNNY DAY

Lesson information

Overview In this lesson, students will work in groups to read and discuss a series of teen choices. They will come to a group consensus and record the financial outcome of each choice. In the end, they will evaluate if they have enough money remaining to participate in an unexpected outing.


Formulate a group choice when presented with a series of dilemmas with a financial component. Critique the advantages and disadvantages of a particular choice in a given situation. Determine the benefits of saving money for unexpected problems and opportunities.

vocabulary Choice, Emergency Fund, Saving

Suggested Extension Activities

1. Have students complete Rainy and Sunny Days Student Activity (B4) individually or in groups.

2. Have students commit to their savings goal by pledging to take certain steps to reach it.


C4Grades 6-8Name

Rainy and Sunny Days

Directions: List at least three examples of each type of expense. Remember that a rainy day expense is an unexpected negative expense and a sunny day one is positive.

Rainy Day Expenses Sunny Day Expenses


Teach Children to Save Word Search for 6-8

Find and circle the words and phrases in the puzzle above. As you look for the hidden words, remember that they can be horizontal, vertical, or diagonal frontward or backward!


T S I W G N I T T E S L A O G I

V S J A F A J I K P P I T U M Y

P R E Q U I L N B B X N U Z V W

Z I M R X Y R V E C H O I C E X

G H E N E I B E V H B I L O T A

A C R D P T L S W Y S T A B U L

W I G Q E Y N T E C X P P U L K

T S E R E T N I E L P M I S E L

Z E N O T Y F N D U G U C D K C

O L C I Z Z U G Y N Z S N A C I

B F Y F A W O H I H U N I J U B

S M F U Q L R V U C H O R Z C A

F E U N Y R A T D E X C P A B Z

I B N D E S P I Y B K H O M X T

A S D B N D E R T F O U Q U O W

G H I E A K W W J Y T Y T S O C

Find and circle the words and phrases in the puzzle above. As you look for the hidden words, remember that they can be horizontal, vertical, or diagonalfrontward or backward!

Choice Compound Interest Consumption Cost Emergency Fund

Goal Setting Investing Principal Saving Simple Interest

ChoiceCompound InterestConsumptionCostEmergency Fund

Goal SettingInvestingPrincipalSavingSimple Interest

Name


Crossword Puzzle for Grades 6-8

ACross: 1. Opportunity to select 4. Actual amount of deposit or investment 7. Direction and purpose towards future achievement (2 words) 10. Purchase or use of

DowN: 1. Type of interest 2. Purchase of security 3. Dough set aside for the unexpected (2 words) 5. Saving earns 6. Interest on principal only 8. Putting money by 9. of 72 10. Price

worD BANKChoice

CompoundConsumption

CostEmergency Fund

Goal settingInterestInvestingPrincipal

RuleRule of 72

SavingSimple

Simple Interest

Name


Crossword Puzzle for Grades 6-8 SolutionACross 1. Choice 4. Principal 7. Goal setting 10. Consumption DowN 1. Compound 2. Investing 3. Emergency Fund 5. Interest (with 6 down) 6. Simple (with 5 down) 8. Saving 9. Rule (_____of 72) 10. Cost

Puzzle Solutions

6-8 Puzzle Solution

T G N I T T E S L A O G

S I

E N N

M R V C H O I C E

E E E I L

R T S T A

G N T P P

T S E R E T N I E L P M I S

N N D G U C

C G N S N

Y

I U N I

F

V O R

U

A C P

N

S M

D O

T S O C



Glossary for Grades 6-8Choice: The mental process of deciding between multiple options and selecting one of them; the act of choosing.

Compound interest: The method of interest computation in which the rate of interest is applied to a deposit for a specific period (1 day, 1 month, 1 quarter) and then in subsequent periods is applied to the principal plus previously earned interest.

Consumption: The purchase or use of a product or service by a consumer.

Cost: (1) An amount paid or required in payment for a purchase; a price. (2) The expenditure of something, such as time or labor, necessary for the attainment of a goal.

Emergency fund: An easily accessible stash of money set aside for use only in sudden, urgent situations, such as the loss of a job, a medical need, or major expense. The purpose of such a fund is to improve financial security by creating a safety net to meet expenses in a time of crisis.

goal Setting: The act of establishing an objective toward which you will work and a plan to get there, such as saving for a special future purchase.

investing: Purchasing a stock, bond, or other asset; the act of committing money or capital in order to gain a financial return.

Principal: The amount of money you are borrowing on a loan or the original amount of money invested, not including interest.

Rule of 72: A math formula that determines the number of years it will take to double your money at a given interest rate. [Formula: 72 interest rate = number of years to double money.] For example, if the rate of return on your savings is 4%, you divide 72 by 4 and get 18 (72 4 = 18). So, if you invest $2,000 at 4%, it will take 18 years to grow to $4,000. The same amount of money invested at a 12% rate of return will double in 6 years (72 12 = 6).

Saving: The act of holding onto something for future use; keeping money to meet a future goal or need instead of spending it now.

Simple interest: (1) On deposits, interest computed by applying the stated percentage rate of interest to the principal only, and not to previously earned interest. (2) On loans, interest computed by applying a daily periodic interest rate to the amount of principal outstanding each day.

2014 American Bankers Association, Washington, D.C. REPRINTING IS PERMITTED 2014 American Bankers Association, Washington, D.C. REPRINTING IS PERMITTED

Correlation of Standards for Teach Children to Save Lesson Plans

Standards are statements about what students should know and be able to do, what they might be asked to do to give evidence of learning, and how well they should be expected to know or do it. Curriculum is the material used to prepare students to meet set standards. The No Child Left Behind Act requires that all states create state standards that teachers must follow within classroom curriculum.

Because learning standards vary by state, a state-led initiative was undertaken to provide a clear and consistent framework that prepares children in this country for college and the workforce. These Common Core standards have been accepted by the majority of states, which means that after 2012 at least 85% of each states standards will consist of Common Core standards.

Teachers must seek materials that aid them in covering these standards within classroom instruction. For this reason, the American Bankers Association ensures its Teach Children to Save lessons align with national business and personal finance educational standards and support existing requirements in a variety of other subject areas including math, English language arts, and social studies.

The following charts show how the American Bankers Associations lessons are aligned with curriculum standards including:

National Standards in Personal Finance established by the Jump$tart Coalition for Personal Financial Literacy. These reach across content areas to establish a framework for teaching personal finance concepts to students in K-12 classrooms.

National Standards for Business Education. Voluntary National Content Standards in Economics. Common Core State Standards for English, Language Arts and Mathematics Standards for Family and Consumer Sciences Education. Life Skills Standards compiled by Mid-continental Research for Education and Learning. Standards set forth for school Mathematics. Standards for Social Studies, with an Economics concentration.

Only the applicable standards addressed in Teach Children to Save lessons are highlighted in the respective tables, but these represent a considerable part of the overall objectives.

Just as the ins and outs of Reg Z would make a non-bankers head spin, the following curriculum standards information may not mean as much to bankers. However the information provided here will be familiar to educators and administrators. We recommend you make a copy of the standard chart or charts that correspond to the grade groups you will be presenting to and pass this information along to the educator with whom youre working.


Correlation of Standards Grades 6-8

National Standards in Personal Finance established by the Jump$tart Coalition for Personal Financial Literacy

Lesson A: Energy Detectives

Lesson B: Double Or Nothing

Lesson C: Saving for a Sunny Day

Financial Responsibility and Decision Making Standard 1: Take responsibility for personal financial decisions. X Standard 4: Make financial decisions by systematically considering alternatives and consequences. X X X

Income and Careers Standard 2: Identify sources of personal income.

Planning and Money Management Standard 1: Develop a plan for spending and saving. X Standard 5: Consider charitable giving. X Standard 6: Develop a personal financial plan X

Risk Management and Insurance Standard 1: Identify common types of risks and basic risk management methods.

Saving and Investing Standard 1: Discuss how saving contributes to financial well-being. X

Standard 2: Explain how investing builds wealth and helps meet financial goals. X

Standard 3: Evaluate investment alternatives. X

National Standards for Business Education, a set of competencies established by the National Business Education

Association (NBEA)




Computation I. Mathematical Foundations Achievement Standard: Apply basic mathematical operations to solve problems. X X X

II. Number Relationships and Operations


Correlation of Standards Grades 6-8 Achievement Standard: Solve problems involving whole numbers, decimals, fractions, percents, ratios, averages, and proportions.

X X

VI. Problem-Solving Applications Achievement Standard: Use mathematical procedures to analyze and solve business problems. X

Economics I. Allocation of Resources Achievement Standard: Assess opportunity costs and trade-offs involved in making choices about how to use scarce economic resources.

X X

Personal Finance I. Personal Decision Making

Achievement Standard: Use a rational decision-making process as it applies to the roles of citizens, workers, and consumers. X X

II. Earning and Reporting Income Achievement Standard: Identify various forms of income and analyze factors that affect income as a part of the career decision-making process.

III. Managing Finances and Budgeting Achievement Standard: Develop and evaluate a spending/savings plan. X X

IV. Saving and Investing Achievement Standard: Evaluate savings and investment options to meet short- and long-term goals. X X X

VIII. Protecting Against Risk Achievement Standard: Analyze choices available to consumers for protection against risk and financial loss. X

Common Core Standards replacing curriculum standards set by the National Council of Teachers of English (NCTE)




ELA Writing Standards 6-12


Correlation of Standards Grades 6-8 Text Types and Purposes 2. Write informative/explanatory texts to examine a topic and convey ideas, concepts, and information through the selection, organization, and analysis of relevant content. a. Introduce a topic; organize ideas, concepts, and information, using strategies such as definition, classification, comparison/contrast, and cause/effect; include formatting, graphics, and multimedia when useful to aiding comprehension. X Writing Standards 6-12 Text Types and Purposes 2. Write informative/explanatory texts to examine a topic and convey ideas, concepts, and information through the selection, organization, and analysis of relevant content. a. Introduce a topic clearly, previewing what is to follow; organize ideas, concepts, and information, using strategies such as definition, classification, comparison/contrast, and cause/ effect; include formatting, graphics, and multimedia when useful to aiding comprehension. X b. Develop the topic with relevant facts, definitions, concrete details, quotations, or other information and examples. X Text Types and Purposes 2. Write informative/explanatory texts to examine a topic and convey ideas, concepts, and information through the selection, organization, and analysis of relevant content. a. Introduce a topic clearly, previewing what is to follow; organize ideas, concepts, and information into broader categories; include formatting, and multimedia when useful to aiding comprehension. X b. Develop the topic with relevant, well-chosen facts, definitions, concrete details, quotations, or other information and examples.

X Math

Grade 6 Ratios and Proportional Relationships 6.RP Understand ratio concepts and use ratio reasoning to solve problems.


Correlation of Standards Grades 6-8 3 Use ratio and rate reasoning to solve real-world and mathematical problems, e.g., by reasoning about tables of equivalent ratios, tape diagrams, double number line diagrams, or equations.

b Solve unit rate problems including those involving unit pricing and constant speed. X

The Number System 6.NS Compute fluently with multi-digit numbers and find common factors and multiples.

3 Fluently add, subtract, multiply, and divide multi-digit decimals using the standard algorithm for each operation. X

Apply and extend previous understandings of numbers to the system of rational numbers.

5 Understand that positive and negative numbers are used together to describe quantities having opposite directions or values (e.g., temperature above/below zero, elevation above/below sea level, credits/debits, positive/negative electric charge); use positive and negative numbers to represent quantities in real-world contexts, explaining the meaning of 0 in each situation.

X

Grade 7 The Number System 7.NS Apply and extend previous understandings of operations with fractions to add, subtract, multiply, and divide rational numbers.

1 Apply and extend previous understandings of addition and subtraction to add and subtract rational numbers; represent addition and subtraction on a horizontal or vertical number line diagram.

d Apply properties of operations as strategies to add and subtract rational numbers. X

3 Solve real-world and mathematical problems involving the four operations with rational numbers. X X



Voluntary National Content Standards in Economics produced by the Council for Economic Education (CEE), in partnership with the National Association of Economic Educators (NAEE) and the

Foundation for Teaching Economics (FTE)




Standard 2: Marginal Cost/Benefit Effective decision making requires comparing the additional costs of alternatives with the additional benefits. Most choices involve doing a little more or a little less of something: few choices are "all or nothing" decisions.

X

Standard 10: Role of Economic Institutions Institutions evolve in market economies to help individuals and groups accomplish their goals. Banks, labor unions, corporations, legal systems, and not-for-profit organizations are examples of important institutions. A different kind of institution, clearly defined and enforced property rights, is essential to a market economy.

X

Standard 11: Role of Money Money makes it easier to trade, borrow, save, invest, and compare the value of goods and services. X X X

Standard 12: Role of Interest Rates Interest rates, adjusted for inflation, rise and fall to balance the amount saved with the amount borrowed, which affects the allocation of scarce resources between present and future uses.

X

American Association of Family and Consumer Sciences (AAFCS)s Standards for Family and Consumer Sciences

Education (FACS)




2.0 Consumer and Family Resources

Comprehensive Standard

Evaluate management practices related to the human, economic, and environmental resources.



2.1 Demonstrate management of individual and family resources such as food, clothing, shelter, health care, recreation, transportation, time, and human capital.

2.1.1 Apply management and planning skills and processes to organize tasks and responsibilities.

2.1.2 Analyze how individuals and families make choices to satisfy needs and wants.

2.1.5 Apply consumer skills to decisions about housing, utilities, and furnishings. X

2.1.7 Apply consumer skills to decisions about recreation. X

2.2 Analyze the relationship of the environment to family and consumer resources.

2.2.1 Analyze individual and family responsibility in relation to the environmental trends and issues.

X

2.2.2 Summarize environmental trends and issues affecting families and future generations. X

2.2.3 Demonstrate behaviors that conserve, reuse, and recycle resources to maintain the environment.

X

2.5 Analyze relationships between the economic system and consumer actions.

2.5.1 Analyze the use of resources in making choices that satisfy needs and wants of individuals and families.

X X

2.5.4 Analyze practices that allow families to maintain economic self-sufficiency. X

2.6 Demonstrate management of financial resources to meet the goals of individuals and families across the life span.



2.6.1 Evaluate the need for personal and family financial planning. X

2.6.2 Apply management principles to individual and family financial practices. X X

3.0 Consumer Services

Comprehensive Standard

Integrate knowledge, skills, and practices needed for a career in consumer services

3.1 Analyze career paths within consumer service industries.

3.1.2 Analyze opportunities for employment and entrepreneurial endeavors.

3.3 Analyze factors in developing a long-term financial management plan

3.3.2

Demonstrate components of a financial planning process that reflect the distinction between needs, wants, values, goals, and economic resources.

X

3.3.4 Compare investment and savings alternatives. X

3.4 Analyze resource consumption for conservation and waste management practices

3.4.1 Investigate sources and types of residential and commercial energy, water policy and usage, waste disposal, and pollution issues.

X

3.4.3 Explore strategies and practices to conserve energy and reduce waste. X

3.4.5 Examine roles of government, industry, and family in energy consumption. X



Life Skills Standards compiled by Mid-continent Research for Education and Learning




Self-Regulation 1. Sets and manages goals

Level IV (Grades K-12) Sets explicit long-term goals and shorter range subgoals X X Creates an action plan to achieve long-term goals that includes strategic, practical steps and that accounts for the resources needed to achieve these goals

X X

Identifies and monitors resources necessary to achieve a goal Identifies and ranks relevant options in terms of accomplishing a goal X

Prepares and follows a schedule for carrying out options, including contingency plans in the event that the original goal changes or is not met

Maintains an awareness of proximity of a goal by establishing personal milestones

Evaluates decisions and actions to determine if they further or hinder the attainment of goals X X

Makes a cumulative evaluation of a goal (e.g., determines how well the goal has been accomplished) according to explicit criteria

Sets routine goals for improving daily life X Understands personal wants and needs, and how goal-setting can help one achieve wants and needs

Displays a sense of personal direction and purpose Understands the differences between various types of goals (e.g., goals to improve output, problem-solving goals, innovative goals, personal goals)

2. Performs self-appraisal Level IV (Grades K-12)

Identifies desired future accomplishments and preferred lifestyle


Correlation of Standards Grades 6-8 3. Considers risks

Level IV (Grades K-12) Weighs risks in making decisions and solving problems X X 4. Demonstrates perseverance

Level IV (Grades K-12) Demonstrates perseverance relative to personal goals 6. Applies decision-making techniques

Level III (Grades 6-8) Analyzes personal decisions in terms of the options that were considered X X

Working With Others 1. Contributes to the overall effort of a group

Level IV (Grades K-12) Works cooperatively within a group to complete tasks, achieve goals, and solve problems X

Mathematics Standards set forth by the National Council of Teachers of Mathematics (NCTM)




Grades 6-8 1 Number and Operations 1.2 Understand meanings of operations and how they relate to one another

1.2.1 understand the meaning and effects of arithmetic operations with fractions, decimals, and integers; X

1.3 Compute fluently and make reasonable estimates 1.3.1 select appropriate methods and tools for computing with fractions and decimals from among mental computation, estimation, calculators or computers, and paper and pencil, depending on the situation, and apply the selected methods;

X

9 Connections 9.3 recognize and apply mathematics in contexts outside of mathematics. X X X



Standards for Social Studies developed by the National Council for the Social Studies (NCSS)




Grades 6-8 IV Social studies programs should include experiences that provide for the study of individual development and identity, so that the learner can:

IV.h work independently and cooperatively to accomplish goals. X

2014 TCTS 6-8_OnlineVersion

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