Saving money is just plain smart. But that doesn’t make it easy. In this lesson, we’ll show you how to make it happen. You’ll learn how to set a goal and work toward it with everything that you’ve got. After all, once you do the math, it really is a no-brainer.
In Student Workbook
Review these blanks with students
- Put $500 in the bank and only touch it for EMERGENCIES!
- Take control and develop a SAVINGS PLAN for your first car.
- Determine what you can AFFORD and then select a school based on that.
- A millionaire’s best friend is COMPOUND INTEREST.
- One of the most reliable ways to invest is through MUTUAL FUNDS.
- Only invest AFTER you have an emergency fund and college is taken care of.
- If you invest $500 into a good mutual fund at age 15, you’ll have $200,000 at 65.
Something to Remember
- Saving for emergencies-they’re going to happen!
- Save for big purchases like a car and college after you have an emergency fund.
- Save for the future by taking advantage of compound interest.
DID YOU KNOW?
73% of teens believe it’s important to have enough emergency savings in case times get tough. -Charles Schwab
SOMETHING TO LEARN (Student Workbook)
JOSEPH’S STORY – Read the story of Joseph and his Egyptian “emergency fund” from Genesis 41:28-37. Use the passage to answer the questions below.
- What was the emergency that Joseph identified for the Egyptian people?
- What was Joseph’s solution to the emergency?
- What would have happened if Joseph had not created the “emergency fund” for the Egyptians ?
- What does Joseph’s example teach you about preparing for the financial emergencies in your life?
- Which phrase below best describes your current emergency fund?
SOMETHING TO TALK ABOUT (Student Workbook)
- How do you distinguish between the emergencies and non-emergencies in life?
- Why is it important to save for things like cares and college? What might tempt you to go into debt for those big items?
- How would you describe the power of compound interest? What does that inspire you to do?
- When is it okay to start investing? Why are mutual funds an effect way to save?