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Understanding Consumer Finances: Setting Financial Goals and Exploring Banking Options

This lesson explores various financial aspects of consumer life, focusing on setting financial goals and understanding banking options such as credit unions, direct deposit, and online banking. Students will learn to differentiate between needs and wants, read paychecks, and manage savings and checking accounts effectively. Resources provided include worksheets for goal-setting and educational videos on financial literacy.

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Understanding Consumer Finances: Setting Financial Goals and Exploring Banking Options

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  1. FACS-CA-8 CONSUMER FINANCES FCS-CA-8. Students will investigate various financial aspects of consumer life.

  2. http://frugalliving.about.com/od/frugalliving101/ht/Financial_Goals.htmlhttp://frugalliving.about.com/od/frugalliving101/ht/Financial_Goals.html Setting financial goals http://frugalliving.about.com/library/financial_goals_worksheet.pdf Setting goals worksheet

  3. Needs and wants-the difference…. http://www.financialliteracymonth.com/30Steps/Step2.aspx http://abcnews.go.com/Video/playerIndex?id=7658148 Wants and needs

  4. Paycheck deductions and purpose of these…. http://www.wsu.edu/payroll/stntpay/hrpaych/hrpaycheck.html Reading your paycheck

  5. Unit 2FACS-CA-8 Personal Finance

  6. Banking options Credit unions-GE credit union Banks-Wachovia/Regions Direct Deposit-money goes directly into the accout (electronically) Online banking- you do not have to go to the bank to conduct business but you can do it all on your personal computer.

  7. Savings and Checking accounts Savings Checking • An account that allows a person to save money with a small rate of interest. • This account is typically used for “rainy” day money like cars that break down; tires that need to be replaced; or for a much needed vacation. • An account that allows the account holder to “withdraw money” by writing checks or using a debit card to make purchases or pay bills.

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