Module 2
Money Management: All about paychecks, financial companies and services.
Session 2.0: Manage Your Money
Session 2.0: Manage Your Money
The purpose of this lesson is to introduce participants to elements of money management: understanding a paycheck, knowing where to put money, and grasping the products/institutions that can safely store your money.
A video will present the teen characters meeting up after getting paid from their jobs and figuring out how to manage their money. Participants will also learn about financial institutions and products, as well as the most cost effective ways to access their hard earned money.
Review all materials in advance of delivering this session.
Session 2.1
Session 2.1: Paychecks
The purpose of this session is to explore paychecks in depth, including deductions, understanding the difference between gross and net pay, knowing how earnings are distributed and how to allocate earnings for saving towards goals. Participants will “help” one of the teen characters evaluate a paycheck at 2 different points in time, against different sets of goals.
Review all materials in advance of delivering this session.
Session 2.2
Session 2.2: Financial Products
The purpose of this session is to explore different types of financial institutions and products (includes checking, savings, debit cards, etc.) and their fees. Participants will learn to comparison shop for financial products and become aware of issues.
Review all materials in advance of delivering this session.
Session 2.3
Session 2.3: The Unexpected
The purpose of this session is to outline how to deal with financial risk through insurance. Participants will learn the difference between an emergency fund and insurance to deal with the unexpected and stay on track to meet their goals.
Review all materials in advance of delivering this session.