12 Fun Saving and Budgeting Activities for High School Students
One of the biggest challenges in educational activity loftier school students is choosing how to balance teaching practical life skills and academic knowledge. Even the highest-performing students can struggle with basic financial literacy tasks similar budgeting and saving. When students don't learn those skills, they face the risk of afterward making uninformed money decisions that can affect the residuum of their lives. High schoolers are more than than ready to build the executive functioning, fiscal habits, and long-term controlling skills needed to gain fiscal security. Only where exercise teachers begin?
Finding means to connect financial literacy with the things that are of import to students is key. Retirement might be a long way off for students, just they empathize the freedom of a car. Practice they sympathize the financial responsibleness that comes with it, though? You tin can help your students identify what is important to them and how to prepare financial goals to accomplish it using engineering, classroom lessons, and group discussion.
Try these 12 fun saving and budgeting activities to teach financial literacy in your high school classroom:
1. Create a ownership program.
Have students make a listing of up to ten items they'd similar to purchase. These items can range in toll, but encourage students to think every bit large equally they'd like. And then, ask students to go far groups to identify the things their chosen items take in common and how those items are different. From this exercise, enquire students to explain why they chose these items and to answer some other guiding questions. What personal values do these items stand for? How will these items assistance them reach their goals? Will those items make them feel happy? Then, have students create a buying plan for a few of the objects that they'd like to buy in the next year. Help them make up one's mind, based on whether they have a job, receive an allowance, or have a savings account, how they'll make the purchase and assistance them tailor each plan to their state of affairs.
2. Walk in someone else'south shoes for a week.
Ask students to estimate how much they call back an boilerplate person spends in ane week. Then, ready for some research! Put students in groups and assign them unlike circumstances—single, married, children, student loans, automobile payments, etc. Using data from news articles and sources, accept students create and manage a budget with this worksheet. Exercise they accept enough money to cover their obligations and stick to their upkeep? Students can tally every expense a detail person may have on any given twenty-four hours (including the small ones that are like shooting fish in a barrel to forget). At the finish of the week, students can compare their grouping'due south expenses with their prediction. This activity teaches empathy and financial smarts!
3. Go acquainted with Spud's Law.
It's no hugger-mugger that things could go incorrect. Assistance students understand and ready for this. In groups, accept students discuss unexpected events they've seen their families contend with and share how much money they think information technology would cost to address those emergencies. Then, aid students blueprint a savings "offset help kit ."
4. Get them invested in making their money grow.
Tell students they are going to begin saving in an account with compounding interest. Students selection cards to make up one's mind their account'south compound interest rate. At first, the idea might seem bones—people with cards that have higher interest rates may earn more than over time. But activate your students' critical thinking skills past having them predict the difference between their returns on their savings and their peers'. Run the experiment over the course of one week with each school day interim equally 5–10 years. Teach students how to predict and then calculate returns on savings using a compounding computer, and watch how the interest compounds to grow exponentially over time.
5. Requite students a upkeep reality check.
What kind of lifestyle do your students desire? They tin explore options and expectations (what kind of income they'll need) with this reality bank check tool . How does this impact their career plans? What kind of wages volition they demand? Be ready: Enlightening discussions ahead!
six. Teach grocery shopping and meal prep.
Claiming your students to repast prep on a budget! Either inquire families to sign permission slips and send money for a real trip to the grocery store or utilise an online service to brand a hypothetical grocery list. Assist students budget for and gear up their own lunches to final one week. At the terminate of the week, students assess how they used their coin: Did they have plenty food or too much? Was the food they purchased nutritious? This game helps students understand how financial habits back up wellness likewise every bit consider how nutrient admission and financial health are linked.
7. Help them understand how needs and wants have changed.
A photo slideshow tin show how humankind's lifestyles take inverse over time. For example, in the past, a smartphone was not considered a need. Have students predict what the needs of the future volition be, so show them artifacts from history and contemporary times to sort into needs or wants piles. Reflecting on needs versus wants is an important way to sharpen students' executive functioning and help them build the power of metacognition—because their thoughts, habits, and choices.
8. Evidence them that saving should be a priority.
It is important for students to do paying themselves beginning. For this activeness, randomly assign each student an imaginary savings business relationship and an amount of money that they'll put into their account from every "paycheck." Have them inquiry and compare their circumstances. Then, teach them to calculate how much money they put away every year. Allow every school solar day correspond one yr and later six weeks graph savings accounts every bit a course to meet how much everyone earned by paying themselves beginning. And then, teach students how to calculate their total savings into monthly amounts and compare their monthly savings budget with their monthly budget.
9. Make budgeting concepts fun with interactive games.
This Billowy Brawl Budgets game is designed for students to remember about past spending decisions, and how to recall about spending habits in new ways. Tossing the ball from one to the other and answering coin habit questions, they'll be actively listening, engaged in teamwork, and thinking critically—all while having fun!
10. Appoint students with the game of hazard.
The National Standards for Financial Literacy suggest that all teens should weigh the price of education and the income they desire from their careers. Have students envision their future life and write down: 1) a profession that they are interested in (including stay-at-home parent); 2) the number of kids they retrieve they desire; and three) where they desire to live. Then, have students create a fiscal-hereafter map, including a plan for their education and a household budget based on their time to come salaries. Make it fun by using photos, magazines, and art materials to create vision boards along with their money maps!
11. Introduce the idea of risk.
Like the tortoise and the hare, at that place are different approaches to long-term saving. Randomly assign students either high-risk or low-risk investing strategies. Next, have them piece of work in teams to calculate the savings over five, 10, 20, thirty, and 40 years. Finally, accept them reflect on which strategy would be nearly advisable based on their goals and for phase of life.
12. Build the power of positive belief.
Inspiration goes a long style: read articles to students, prove them YouTube videos, and bring in speakers who accept either turned their financial health around or earned wealth with good habits to speak to your form. Ask the question, "What would you practise with 1 million dollars?" so give them time to reflect, journal, or create and share a vision board. Concur one-on-one or smaller group sessions with students to help them devise individualized plans.
With a piffling empathy, fourth dimension, and positive thinking, you can teach your students how to build budgeting and savings habits that work for them.
Financial literacy and good habits are critical to young people'due south path to adult financial well-being. See how the CFPB can assist you teach One thousand–12 fiscal instruction in your classroom!
Source: https://www.weareteachers.com/saving-budgeting-activities/
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