Activity 1: Once you start earning money, you'll need to choose a bank, credit union, or other financial institution. To read more about banking, take a look at the site Teens Guide to Money to learn about different types of financial institutions and accounts. Create a web identifying the different types of financial institutions and their characteristics. You can use the What I Learned in My Research graphic organizer.
- Checking accounts are one tool to help you manage your money. They are used for everyday expenses and function much like cash. Read more about checks and the checking systems in World Book Student. Record your information on the What I Learned in My Research graphic organizer.
- Choose a bank or credit union in your area to research on the Internet, in person, or on the phone. Use the “Picking a Bank” questionnaire from PBS to gather information about the financial institution.
- 1-2 hours
Activity 2: Watch the video "Start a Savings Account” found in the INFOhio Digital Video Collection. This short video explores the importance of establishing a savings account.
- After watching the video, use the 3-2-1 strategy to review what you learned. On a notebook sheet of paper, complete the following:
- Write down 3 things you didn't know about savings accounts before watching the video.
- Write down 2 things you still wonder about savings accounts.
- Write down 1 question you still have about savings accounts.
- Saving money is an important step for financial well-being. Use ISearch to locate and read the article, “Earn More on Your Savings.” Use the Organize to Take Notes graphic organizer to take notes as you read.
- 30-45 minutes
Activity 3: At some point in your life you will need to borrow money, either short or long term. Long-term credit can be used to buy a car, purchase a house, or pay for further education. You can use a credit card for a short-term loan. Both types of credit incur interest which varies from one institution to another. Read the short article: “Credit Basics for Young Adults”. Make a list of 5 ways to use credit responsibly.
- There are three types of credit cards: bank cards, travel and entertainment cards, and merchant cards. Use World Book Student to learn more about credit cards. Research at least two of the different types of credit cards and compare their costs and features, including different types of fees, interest rates, grace periods, and any other information that you discover. Record your research on the What I Learned in My Research graphic organizer.
- 30-45 minutes
Activity 4: Apply what you have learned from the articles you read, the videos you watched, and the websites you explored. Select one of the options below, ask your teacher which option they would prefer you complete.
- Option 1: After reading about banks and different kinds of accounts, create a chart that identifies each type of account along with the advantages and disadvantages of each type. Consider using Google Sheets to create your chart. (30-60 minutes)
- Option 2: Contact a local bank (or two) to learn more about current interest rates they have on their different types of checking and savings accounts. Make a chart that shows each type of account, the interest rate, minimum amount needed in the account, time required to maintain the account, and other types of information. (1-2 hours)
- Option 3: After researching at least two of the different types of credit cards and compare their costs and features, including different types of fees, interest rates, grace periods, and any other information that you discover. Present your results using an infographic or create a poster. Consider using Easel.ly to create your infographic and share it with a larger audience. (1 hour)