Student Activity Packet - Weebly

Semester Course

3.2 The Challenges to Saving Student Activity Packet

Name:

In this lesson, you will learn to:

Identify everyday obstacles Americans experience when trying to save money Recognize the impact of inflation on savings Experience simulated challenges of living paycheck to paycheck Understand why it is important to maintain an emergency fund

Resources

1 Discussion Prompts Discuss these questions with your classmates or with a partner.

Questions

Estimated time: 5 mins Picture an expensive item you'd LOVE to own. What would make you happier:

A. Buying it NOW using credit/taking out a loan? B. Buying it LATER by saving up and paying cash? Why?

2 Five Reasons Why We Impulse Buy

How Facebook Can Destroy Your Finances

Five Reasons Why We Impulse Buy:

Living Paycheck to Paycheck

Credit Cards Encourage Extra Spending

How Facebook Can Destroy Your Finances:

How to Counter the Effects of Inflation

Resources 2-6 provide an overview of why it can be challenging to save. Record the main idea of each resource in the chart provided. Be prepared to share your answers with the class.

Living Paycheck to Paycheck:

Credit Cards Encourage Extra Spending:

Estimated time: 15 mins



Last updated: 8/01/19

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Inflation and Its Effects on Your Savings:

3 INTERACTIVE: Living Paycheck to Paycheck Follow the directions on this worksheet to complete the activity.

4 3 Things You Need to Know About an Emergency Fund As you've learned, living paycheck to paycheck is dangerous, which makes an emergency fund important. Watch this video and answer the questions at right.

Estimated time: 15 mins

Estimated time: 5 mins 1. Why do you think they recommend saving 3-6 months' of expenses in your

emergency fund?

2. Why shouldn't you keep your emergency fund money in your checking account?

3. Which of these is a good reason to tap into your emergency fund -- pay your cell phone bill, buy books for college, pay $500 deductible after car accident? Why?

5 Exit Ticket

Estimated time: 5 mins 1. What is meant by the phrase "Keeping up with the Joneses" and how does this

concept impact savings habits?

2. When developing a savings plan, why is it important to take inflation into account?

3. Give two reasons why it's vital that you contribute monthly not only to savings but also to an emergency fund.



Last updated: 8/01/19

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