Managing Your Finances
A Teen Guide to Being Financial Fit
Learning Module
- Creator(s):
Paquita Elese Reedy
I am a middle school teacher at McAdory Middle School in McCalla, Alabama, which is just outside of Birmingham. I have worked in education (both K-12 and higher education) for about 16 years but this is my first year in middle school. After earning a certification in Family and Consumer Science (FACS), I was hired by Jefferson County Schools to teach Teen Discoveries, Teen Connections, and Hobbies. These are 6th, 7th, and 8th grade FACS classes that fall under the state's Career and Technical Education Program. I am also a part-time teacher for Alabama Virtual Academy (ALVA), which is an online public school. For ALVA, I teach electives such as Reaching Your Academic Potential and Life Skills. Previously, I worked as an elementary school teacher in grades first through fourth.
This learning module is actually an adaptation of a lesson created for a year-long Teen Connections class, taken by select 8th graders. The student must have taken a FACS class previously and must be recommended by two teachers, one of which must be a previous FACS teacher. This is our advance Teen Connections class, which also offers catering services within the district.
The Alabama State Department of Education describes the class as:
An 140-hour course with topics that focus on teen connections in the home, school, and community. Course content provides opportunities for students to explore personal development; the impact of values, goals, decision making, and time management; conflict resolution; identifying family structures; member’s roles and responsibilities; changes and challenges faced throughout the family life cycle; health, wellness, and a healthy appearance; money management and teen consumer decisions; teen clothing decisions; stages of child development; first aid techniques; organizing and maintaining teen living space; home safety; technology; and skills needed for workplace success. (Alabama Department of Education, 2008, p. 634)
The text, the 2010 version of Managing LIfe Skills, was created by McGraw-Hill. Due to Covid-19 requirements of virtrual learning, I converted the text into an online module. McGraw-Hill does provide online access for some of its publications but not to the extent of what's needed for teaching traditional and virtual students simutaneously.
The unit, Managing Finances, is divided into two parts: Everyday Financial Management and Use Credit Wisely. This module will cover Everyday Financial Management only. In this module, students learn financial management skills, including understanding income, managing bank accounts, investing and saving for the future, and how to create a living budget (Kelly-Plate & Eubanks, 2010, p. 262).
Note: All infographics, videos, presentations, recommended activties, and readings were created using the referenced textbook, Applying Life Skills, and stock images from by Canva and Google Slide search.
After completing this module, you will be able to:
This module will require you to complete readings, watch videos, comment on your teacher's or classmates' post, create updates, and an enrichment project. A rubric will be provided for each graded activity.
Graded Assigments in this Module:
TARGET LEARNERS
The target audience for this module is 8th grade students enrolled in the year-long Teen Connections class.
LEARNING OBJECTIVES
In this module, student learn financial management skills, including understanding income, managing bank accounts, investing for the future, and planning retirement.
Below are the Alabama State Standards that will be covered in this module:
Teen Connections (8.TC.9): Explain the importance of money management
Teen Connections (8.TC.10): Critique factors that influence individual and teen consumer decisions, including needs and wants, budget limitations, and quality of products.
Writing (W.8.7): Conduct short research projects to answer a question (including a self-generated question), drawing on several sources and generating additional related, focused questions that allow for multiple avenues of exploration.
Writing (WHST.6): Use technology, including the Internet, to produce, publish, and update individual or shared writing products, taking advantage of technology’s capacity to link to other information and to display information flexibly and dynamically.
Language (L.8.4): Determine or clarify the meaning of unknown and multiple-meaning words or phrases based on Grade 8 reading and content, choosing flexibly from a range of strategies.
RATIONALE
This module will help students understand the concept of being "financially fit" and that financial management skills are valuable throughout life. Financial fitness includes preparing for the future by purchasing insurance to protect against financial losses, planning for retirement,a nd making good investments.
LENGTH
This module can be completed in 10-12 school days with approximately 55 minutes per class period. Students will view recorded lectures, participate in discussions with classmates, create their own updates and complete an enrichment project. Link to lesson introduction via PowerPoint.
DAY 1: Financial Fitness
DAY 2: Bank Accounts
DAY 3: Prepare for the Future
DAY 4: Investing
DAY 5: Introduction to the enrichment project
DAY 6-12: Enrichment project/Peer Review
REQUIREMENTS FOR COMPLETION OF MODULE
MATERIALS
Students will need Managing Life Skills textbook (or online access to textbook), laptop, ipad, or other internet-ready device and access to the internet. Students may also need headphones but these are optional.
When you manage your finances responsibly, you think about your income, expenses, and taxes, as well as investing for your future. Being financially fit describes your ability to understand your paycheck and bank accounts, identify sources of income, and manage your expenses.
Read pages 263-267 in your textbook.
Infographic 1 provides the key vocabulary in this lesson:
This video helps with budgeting and understanding your income.
(Finance Education, 2018)
Comment: Does financial fitness depend on how much money you make?
Update: Describe some of the skills people need to develop to become financially fit.
Use the rubrics provided to help create your comment and/or update.
Objective: Explain what it means to be financially fit.
Main Idea: When you manage your finances responsibily, you think about your income, expenses, and taxes, as well as investing for the future.
Key Vocabulary
_______________________________________________________________________________
STUDENT REQUIREMENTS
Read pages 263-267 in your textbook.
Media: The student is expected to read/watch this information provided.
Comment: Does financial fitness depend on how much money you make?
Update: Describe some of the skills people need to develop to become financially fit.
Rubrics for grading:
Bank accounts keep your money in a safe, insured place, allow you to withdraw cash whenever you need it. It is important to understand the many components of a bank account and how to use them to your advantage.
Read pages 267-269 in your textbook.
Infrographic 2 provides the key vocabulary in this update:
Bank of America created this video to help teens understanding banking and how to manage checking account.
(Bank of America, 2020)
Comment: Why is it important to keep your bank account accurate and up-to-date?
Update: Think of a friend or family member who is responsible. What does this person do (or not do) to make you feel this way?
Use the rubrics provided to help create your comment and/or update.
Objective: List the six types of banking transactions
Main Idea: When you manage your finances responsibily, you think about your income, expenses, and taxes, as well as investing for the future.
Key Vocabulary
Six Types of Banking Transactions
_______________________________________________________________________________
STUDENT REQUIREMENTS
Read pages 267-269 in your textbook.
Media: The student is expected to read/watch this information provided.
Comment: Why is it important to keep your bank account accurate and up-to-date?
Update: Think of a friend or family member who is responsible. What does this person do (or not do) to make you feel this way?
Rubrics for grading:
To be financially fit, you must learn to manage your income and expenses. You must have self-discipline to establish priorities, set goals, and work to meet them. An important part of financial fitness is preparing for the future.
Read pages 269-271 in your textbook.
Infographic 3 provides the key vocabulary in this update:
The video below provides insight on how to plan for the future through insurance.
(NFCE India, 2018)
Comment: What challenges might you face in life while saving for the future?
Update: What is the basic principal of life insurance?
Use the rubrics provided to help create your comment and/or update.
Objective: Explain the importance of insurance (health, auto, home, and life) and how it helps prepare for the future.
Main Idea: When you manage your finances responsibily, you think about your income, expenses, and taxes, as well as investing for the future.
Key Vocabulary
_______________________________________________________________________________
STUDENT REQUIREMENTS
Read pages 269-271 in the textbook.
Media: The student is expected to read/watch this information provided.
Comment: What challenges might you face in life while saving for the future?
Update: What is the basic principal of life insurance?
Rubrics for grading:
Another piece of the financial puzzle that requires a more long-term view is investing. When you invest, you use money to participate in a business enterprise that offers a possible profit.
Read pages 271-272 in your textbook.
Review the infographic 4 of investments below:
Although you may not be ready to invest in stocks, many teenagers are actually investing AND earning money. The video below, Investing for Beginners, gives you a glimpse into understanding investments.
(Proactive Thinker, 2018)
Before you proceed to the comment, try a quick keyword review.
Comment: Why do some people consider investing a form of gambling?
Update: What stock would you like to invest in and why?
Use the rubrics provided to help create your comment and/or update.
Objective: To. understand the value of investing
Main Idea: When you manage your finances responsibily, you think about your income, expenses, and taxes, as well as investing for the future.
Key Vocabulary
The four types of investment options
_______________________________________________________________________________
STUDENT REQUIREMENTS
Read pages 271-272 in the textbook.
Media: Students are expected to read/watch this information provided.
Rubrics for grading:
Click Real World Financial Management to access the enrichment project. It is available in Google Slides. You will be unable to make any changes to the teacher copy so you need to make a copy for yourself. Over the next next couple of days, you will work on the enrichment project. Each day, I will provide step by step instructions of the tasks that you need to complete. If you have any questions, please post them on the padlet. Your classmates may have the same question. Also, if you have a question, please check the padlet FIRST.
Below is Video 1, an introduction of the assignment and its requirements. The video provides an overview of the expectations of the enrichment project. Each day, you will focus on one step of the project. There are five. Upon completion of the first draft, you will receive at least one peer review to help develop your final draft prior to submission. In addition, you will be required to complete two peer reviews.
(Reedy, 2021)
The video provides an overview of the expectations of the enrichment project. Each day, the student will focus on one step of the project. There are five. Upon completion of the first draft, the student will receive at least one peer review to help develop their final draft prior to submission. In addition, the student will be required to complete two peer reviews.
Students must first select their desire occupation from the list ONLY. This will be the salary used for the project. For easier grading, assign all students the same profession and salary. Accomodations: Select a salary that is easy to calculate or eliminate the writing or/math portion depending on the needs of the student.
A forum (or padlet) can be used for questions about the enrichment project. In this case, a padlet is used. Typically, students will have the same question. This will eliminate the need to respond to the same questions multiple times.
Click, Enrichment Project: Real World Financial Management, for the complete assignment.
PART ONE
You should have already made a copy of the enrichment project but if you haven't, click Real World Financial Management, to access and create a copy of the document. You must create a copy to add your answers.
After you have selected your occupation from the list below, use the internet to help you complete Part 1. Remember, each question must be answered in complete sentences. You may use Google, Yahoo Search, or any other search engine to search for this information.
Video Tutorial (below): Video 2 provides step by step instructions of the expectations for Part One. If you have any questions (after watching the video), please post the questions on the padlet.
(Reedy, 2021)
Part 1 of the enrichment project is Occupation Background Research. The student is required to research their chosen occupation using Google or other search engine. Using the information found, the student will answer 5 questions. This video is provided for assistance with Part 1. For this portion, the student is expected to:
Check the padlet for student questions about the project.
PART TWO
You should have already made a copy of the enrichment project but if you haven't, click Real World Financial Management, to access and create a copy of the document. You must create a copy to add your answers.
After you have selected your occupation, you will use the salary provided to complete Part 2: Income and Expenses. This section requires the use of addition, subtraction, multiplication and division. You are free to use you the percentage calculator found on the website Calculator. Remember, use the correct mathmatical symbols when answering the questions. After you have finished your calculations, create a pie chart using Microsoft Word or Microsoft Excel. Or, you can use Google Docs or Google Sheets.
Video Tutorial (below): Video 3 provides step by step instructions of the expectations for Part Two. It also provides step-by-steps instructions on creating a pie chart in Microsoft Excel. If you have any questions (after watching the video), please post the questions on the padlet.
Part 2 of the enrichment project is Income and Expenses. This part is math intensive. If this is a cross-curriculum assignment (with math), you may eliminate the use of calculators. If not, the student can use a percentage calculator such as, Percentage Calculator. First, the student needs to determine their monthly salary. Then, the student must use the percentages provided to calculate taxes and insurance.
Once the student has calculated their income (after taxes), they will use the percentages provided to calculate their budget for expenses. Using the expenses budget and Microsoft Excel (or Google Sheets), the student can create a pie chart of their monthly expenses. Step-by-step instructions are provided in Video 3.
Check the padlet for questions about the project.
PART THREE
You should have already made a copy of the enrichment project but if you haven't, click Real World Financial Management, to access and create a copy of the document. You must create a copy to add your answers.
For Part Three, you will select housing. Follow the instructions provided, including creating calculations and posting pictures. Remember, you must stay within budget. Your budget can be found in the calculations you made in Part 2. Apartments.com, Apartmentguide,com, and RealtySouth are great places to start your search. You may also use any other search engine.
Video Tutorial (below): VIdeo 4 provides step by step instructions of the expectations for Part Three. If you have any questions (after watching the video), please post the questions on the padlet.
(Reedy, 2021)
Part 3 of the enrichment project is Rental Details. The student will research rental apartments (or homes) in their area and use this information, along with their budget, to select a rental. The student will complete this portion by providing costs, links, and photos that are pertinant to the rental. More details are provided in the Video 4.
Check the padlet for questions about the project.
PART FOUR
You should have already made a copy of the enrichment project but if you haven't, click Real World Financial Management, to access and create a copy of the document. You must create a copy to add your answers.
For Part Four, you must choose three items that you would like to save for. Follow the instructions provided, including selecting the item, providing the cost, calculating the time needed to save and posting a picture. You may use any search engine to assist with this part of the project.
Video Tutorial (below): Video 5 provides step by step instructions of the expectations for Part Four. If you have any questions (after watching the video), please post the questions on the padlet.
(Reedy, 2021)
Part 4 of the enrichment project is Savings. The student will choose three items or experiencs they would like to save for. Using their savings (calculated in Part 2), they will determine the amount of time needed to save for each purchase. In addition, the student must provide the item/experience, cost, and a photo. More details are provided in Video 5.
Check the padlet for questions about the project.
PART FIVE
You should have already made a copy of the enrichment project but if you haven't, click Real World Financial Management, to access and create a copy of the document. You must create a copy to add your answers.
For Part Five, you wil answer six reflection questions. Remember, you must write in complete sentences.
Video Tutorial (below): Video 6 provides step by step instructions of the expectations for Part Five. If you have any questions (after watching the video), please post the questions on the padlet.
After you complete Part Five, please submit your first draft. To submit your first draft, complete the directions below:
Please use the Google Slides "share" button to submit your project.
Step 1: Click "share", which is a yellow box in the top right corner.
Step 2: In the "Get Link" box, confirm "anyone with the link" is selected.
Step 3: Confirm "viewer" is selected so that no one can make changes to your project.
Step 4: Select "copy link". Then, email the link to preedy2@illinois.edu. The subject line should be First Draft.First Initial. Last Name. Example: FirstDraft.P.Reedy
(Reedy, 2021)
Part 5 of the enrichment project is Reflections Questions. The student will answer six questions to allow for reflecting on the enrichment project. More details are provided in the Video 6.
After the student has completed Part 5, they will send their first draft via email. Once the email is received, it should be forwarded to a classmate for a peer review. Each classmate should receive two projects to review.
Check the padlet for questions about the project.
You should have received the projects of two classmates. You will complete a peer review, using the rubric, Peer Review: Managing Finances. Remember, you must make a copy of the rubric before you can make changes. Save the copy as follows (Classmate's Last Name Classmate's First Initial. Peer Review. Finance.
Example: ReedyP.PeerReview.Finance
Email each peer review in a separate email with the subject line in the same format as the file name to preedy2@illinois.edu. If you have any questions, please post them to the padlet.
Send each student 2 enrichment projects to review. The student will complete the peer review using the link, Peer Review: Managing Finances. The student must make a copy of the rubric before changes can be made. The copy should be saved as Students's Last Name.Reviewer's Last Name.Peer Review. Finance. For example: Smith.Williams.PeerReview.Finance. Once completed, the student will email each review separately to preedy2@illinois.edu. Once the review is received, forward the review to the student it's completed for.
Use the next two days to review your peers' thoughts, suggestions, and comments on your project. Use this information to help you finalize your project for submission. The project is due by 11:59 p.m. on the due date. Please email your complete project (with the same subject line as the file name) to preedy2@illinois.edu.
Before you submit your final draft, you should review:
Again, if you have any question, please post them on the enrichment padlet BEFORE you submit your final work.
Use the next two days to review your peers' thoughts, suggestions, and comments on your project. Use this information to help you finalize your project for submission. The project is due by 11:59 p.m. on the due date. Please use the Google Slides "share" button to submit your project.
Step 1: Click "share", which is a yellow box in the top right corner.
Step 2: In the "Get Link" box, confimr "anyone with the link" is selected.
Step 3: Change "viewer" to "editor". If you forget this step, the rubric/grade can't be added.
Step 4: Select "copy link".
Next, email the link of your project to preedy2@illinois.edu. The subject line should be your first initial and last name.
Before you submit your final draft, you should review:
Again, if you have any questions, please post them on the padlet BEFORE you submit your final work.
Don't forget to complete the end of the year survey, by clicking here.
This is the completion of the enrichment project and the module. Each student will submit their project via the share tab in Google Slides, which is where the assignment is completed. To grade the assignment, copy and paste the completed rubric to their Google Slides file. Students will automatically have access to their rubric/grade for review.
Send an email reminder for students to complete the survey.
Alabama Department of Education. (2008). Alabama course of study: Career and technical education. https://www.alsde.edu/sec/cte/CTE%20COS/2008%20Alabama%20Course%20of%20Study%20Career%20and%20Technical%20Education.pdf
Bank of America. (2020, September 16). Bank accounts for teens: Help yours manage a checking account [Video]. YouTube. https://youtu.be/CAc5DOM-Xhs
Finance Education. (2018, September 15). Budgeting for teens [Video]. YouTube. https://youtu.be/sNocjsSSRkE
Hearne, A. (n.d.). Real life math project: Investigating budgets [Project]. Teachers Pay Teachers. https://www.teacherspayteachers.com/Product/Real-Life-Math-Project-Investigating-Budgets-1523673
Kelly-Plate, J., & Eubanks, E. (2010). Glencoe: Applying life skills. McGraw-Hill Companies.
NCFE India. (2018, April 4). What are the different types of insurance? [Video]. YouTube. https://youtu.be/FVE51Lq77Hg
Proactive Thinker. (2018, December 18). Investing in stocks for beginners [Video]. YouTube. https://youtu.be/Sbp_t4guM8g
Reedy, P. E. (2021, March 22). Overview of enrichment project [Video 1]. YouTube. https://youtu.be/mhpVPjbEfWk
Reedy, P. E. (2021, March 23). Part one enrichment project: Occupation background research [Video 2]. YouTube. https://youtu.be/cP552CUUxBk
Reedy, P. E. (2021, March 23). Part two enrichment project: Income and expenses [Video 3]. YouTube. https://youtu.be/hoyKaQcPYV4
Reedy, P. E. (2021, March 23). Part 3 enrichment project: Rental details [Video 4]. YouTube. https://youtu.be/P0gvvk-cK8Y
Reedy, P. E. (2021, March 23). Part 4 enrichment project: Savings [Video 5]. YouTube. https://youtu.be/CC7z10PC9JA
Reedy, P. E. (2021, March 23). Part 5 enrichment project: Reflection questions [Video 6]. YouTube. https://youtu.be/jp7CRaruiv4
Reedy, P. E. (2021, March 12). Bank account [Infographic 2].
Reedy, P. E. (2021, March 12). Financial fitness [Infographic 1].
Reedy, P. E. (2021, March 13). Prepare for the future [Infographic 3].
Reedy, P. E. (2021, March 11). Investing [Infographic 4].