2017: A Financial Literacy Fresh Start
After the toasts and the festivities of New Year’s Eve have wound down, it’s time to make some resolutions for the fresh year ahead. To kick off 2017, below are some tips you can share with your students to start them off on the right financial foot in the New Year. They also make for a great and engaging lesson plan!
- Understand the difference between a ‘want’ and a ‘need.’ Knowing how to separate purchases that you need to make, from those that you want to make, is integral to being financially sound and free from money related stress. Plan an activity with your students in which they have to differentiate the two. For example, which one of these is a need and which is a want: An upcoming payment due and the pair of jeans you’ve had your eye on that have just gone on sale?
- How to build a budget. Teach your students how to create a budget using imaginary figures and expenses. Explain to them how cutting out any unnecessary expenses, such as buying a soda every day after school, for example, could make a big impact on their budget over the course of a year.
- Understand how to establish and maintain healthy credit. Although you should use cash and debit when possible, you will need to teach your students how to responsibly use credit so they can build a healthy credit score. The key to avoiding any credit-related stress is education and understanding. Walk them through the process of checking your FICO Credit Score for free and explain what the score range means.
- Save your pennies. This may seem obvious, but saving – even pennies – can make a big difference. Encourage your students to save, even if they do not have a savings account. Even filling a jar with spare change is a good start.
In addition to the basics above, you may be able to help your students and others in your area become more financially literate. If you think your school district could benefit from incorporating financial education into their high school curriculums, head over to our grant application and apply today for the funding that your district needs.
2017 could be the year your entire district takes leaps forward when it comes to financial literacy, ensuring that your students and others are off to a financially sound future once they leave the classroom.
If you enjoyed this post, check out our recap of 2016 to read about financial literacy progress that was made and what still needs to be done.