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Sarah Layton

By: Sarah Layton on July 18th, 2014

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Business Education Lesson Plans: Personal Finance

Business Education | Personal Finance

Do your business education lesson plans include personal finance? Don't you think they should? In order to understand finance on the larger scale, I think it's best to start at home.

If you ask anyone other than my husband, they will likely tell you that I practice economy. Okay, maybe not with everything. Let's take childcare for instance. I went together with a friend for a babysitter for our kids this summer. It's not a bargain, but it's not too bad.

Understanding Finance and Economics Starts at Home

My kids, however, could use a few lessons on personal finance. Today when I picked them up, I was greeted with the news that they went to the Outlets today. Hmmmm...that just sounds like a really bad idea. And it turns out that my youngest and my friend's youngest conspired to purchase matching baseball caps.

The problem?

My kid doesn't have any money. He spends it as soon as he gets it. So he "borrowed" money from his friend to buy a hat without any feasible way to pay him back. So, I guess I just bought a new hat. Yay.

Can I just take a minute here to add that in the same moment, my eldest was asking to go bathing suit shopping because (at only MID-summer, mind you) she no longer likes the suits she picked out earlier this summer.

What my kids, and I'm sure many others, need are some business education lesson plans on personal finance!

Business Education Lesson Plans: Add Personal Finance

So, I thought I'd take a look around and see what's out there that could help my kids...and give your business students a great start at understanding finance and economics. I found some great stuff that you can use.

  • On practicalmoneyskills.com, you'll find "Financial Literacy for Everyone." There are lesson plans for pre K through college and even for students with special needs.
  • Econedlink.org provides personal finance lessons for students grades 6-12. I personally liked "Q T PI FASHIONS - LEARNING ABOUT CREDIT CARD USE"
  • The Federal Reserve Bank of Philadelphia has a wide variety of lesson plans for teachers for elementary, middle, and high school. The site states, "The Federal Reserve Bank of Philadelphia publishes lessons for K-12 teachers to use to teach economics and personal finance in their own classrooms. The lessons emphasize active- and collaborative-learning teaching methodologies. All lessons are downloadable in PDF format."

And what about what we offer with Business&ITCenter21 and CareerCenter21?

I immediately started running through what we offer in Business&ITCenter21 and CareerCenter21. Just a few short months ago, we, like many other introduction to business and business education courses, jumped right into Economics and Accounting. But now! Now we have some engaging personal finance curriculum to offer that will really engage your students and make them aware of the importance of practicing good personal finance skills.

The Personal Financial Literacy module has been developed to help students understand how their personal choices can affect their financial circumstances and how their financial circumstances will ultimately impact their lifestyle options. This module is intended to increase their financial knowledge in order to help them successfully manage their financial decisions.

The first unit covers Earning Income. In Lesson 1 of this unit, The Earning Potential game allows students to explore how real-life decisions impact financial opportunity and growth. In Lesson 2, students have the chance to learn about different forms of income. Specifically, in these lessons, students will:

Lesson 1- Earning Potential

  • Identify how career choice, education and/or training, job-related skills, and economic conditions affect earning potential.
  • Determine opportunity costs related career choices

Lesson 2- Types of Income

  • Identify sources of income
  • Identify various forms of income
  • Determine how the average wage or salary for different jobs differs by the level of education, job skill, or years of experience

The second unit covers Managing Your Money. In this unit, students are expose to valuable life skills such as reading a pay stub, balancing a bank register, writing a check, budgeting, and making informed purchasing decisions. Specifically in these lessons, students will:

Lesson 1- Reading a Pay Stub

  • Identify sections of a pay stub
  • Determine how to calculate net pay
  • Recognize various paycheck deductions

Lesson 2- Introduction to Banking

  • Identify types of accounts
  • Evaluate banking transactions for accuracy and completeness
  • Determine uses for online banking

Lesson 3-Budgeting

  • Define the term budget
  • Identify what factors determine budget
  • Create a budget
  • Apply budget restraints to expenses and purchases

Lesson 4-Informed Purchases

  • Assess the item
  • Determine how spending choices are influenced
  • Identify deceptive advertising
  • Examine benefits and opportunity costs of spending decisions

The last unit focuses on Using Credit. In this unit, students will learn how consumer credit is determined and used. Students will also explore how borrowing money works through loans and credit cards. Specifically in these lessons, students will:

Lesson 1- Consumer Credit

  • Define credit score
  • Determine purpose of a credit score
  • Identify reporting agencies
  • Examine a credit report
  • Identify how a credit report is used

Lesson 2- Borrowing Money

  • Define the terms principal, interest, loan, amortization and credit card
  • Identify what factors impact interest rates
  • Identify types of loans and credit cards
  • Recognize responsible use of credit

So there you have it! That was just scratching the surface of what is available in regards to some good personal finance curriculum that you can add into your business education lesson plans.

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About Sarah Layton

Sarah has been with AES since 1998, first serving as a curriculum developer, and now as a customer support analyst and content creator. She is committed to helping instructors gain experience and confidence using our solutions and to providing excellent customer care.