Class Happenings - Let's Talk Money

The last couple of weeks, I've been introducing personal finance to my freshman classes. I was not surprised to find that most of them have not been taught money basics (neither had I at that age). So we're starting with the fundamentals.  This week: savings and the different types of savings account. 

I asked the students to blog their reactions. I loved reading about how savings has "opened a new world" to them. Many of my students appreciated learning about compound interest, and some found the Rule of 72 pretty fascinating.

I know it's important to use a variety of methods and resources when teaching anything, but I find it especially necessary when teaching personal finance. At this age (14-15), they typically don't make their own money. Personal finance concepts are quite foreign to them, so I've got to make it good every time.

I love to bring in products and concepts in which they can relate.  For instance, I ran across an article on Beats headphones this week. While I appreciated the article because of its focus on how Beats changed the headphone industry (absolutely fascinating, by the way), I thought it was a great conversation starter in personal finance with my students -- particularly about paying for luxury items. 

About half my students own Beats headphone, and maybe 1/4 of them purchased with their own money. Interestingly, many of them said they would NOT spend their own money on a pair of $250 headphones. While I have to admit my little heart jumped for joy when I heard this, it gave me some perspective on how they feel about spending. (No offense to Beats headphones, by the way. My family had a pair -- were gifted a pair, I should add -- and they are fantastic.)

Anyhoo, deciding which resources to use when teaching personal finance can be a little tough. There are so many good ones out there (many free),  it's hard to choose and stick with one. Then you have to consider your teaching style and your class personalities. Naturally we end up taking a risk.  I like trying new things, so I decided to try this:

I'd heard great things about EverFi (even found out a teacher buddy I met at this seminar is an EverFi Ambassador).  I looked into it a couple of months ago after hearing from a colleague who noticed it at a conference.  

I had no idea how my students would react to the format, but I took the risk of using it to open my unit on personal finance. I knew I needed something fun to hook the students, and I think it worked. EverFi is highly interactive, and my students seem interested.  So far, so good.  Did I mention it's free?

Another resource I've used the last few years is Knowledge Matters Virtual Business - Personal Finance simulation.  

This one isn't free, but it has ALWAYS been a big hit in my classes. Hearing ninth graders have conversations about insurance, credit scores, jobs, and income brings a level of satisfaction I can't explain. This simulation is so fun, I'm saving it as a reward for the end of my personal finance unit. (Yes, they love it THAT much.)

So these are the two I'm primarily using this year.  I may look into some W!se resources as well. 

I look forward to this year's personal finance journey. My goal is for my students to earn a financial literacy certification so they are knowledgeable and can feel confident when making financial decisions. Of course I'll be sharing pieces of that journey here. 

Have a fantastic (long) weekend, everyone!

Images: EverFi.com; KnowledgeMatters.com