General Financial Literacy
Educational Links

Strand 5

Students will understand principles of personal money management including budgeting, managing accounts, and the role of credit and impacts on personal finance.

• Budgeting Your Financial Resources
  In this lesson students will identify sources of income, identify expenses, distinguish between fixed and variable expenses, and develop a personal budget.
• Buying a Car
  Students will assume they are shopping to buy a car. They will select a model they feel best fits their needs and budget. Students will calculate the expense of buying and owning a car, including finance, operating, and maintenance costs. Students will be offered a variety of selections and will be guided through a decision-making process for selecting a car. Once the student selects and approves the cars, they expenses connected to the ownership of the car.
• Buying vs. Renting
  In this lesson, student's basic economic decision making skills will be used to weigh the pros and cons of home ownership, and to analyze housing options. It's time to find out what is right for YOU.
• Car Loan Project
  In this lesson students will use economic concepts and mathematical calculations in making hypothetical decisions about buying and financing a car, and work with their families in experiencing this real-life application.
• Credit Calculator
  This credit calculator can help you manage your money by showing you how long it could take to repay a credit card balance based on your monthly payment.
• Credit: Buy Now & Pay More Later
  Through a group activity, students analyze the costs and benefits of using credit cards to purchase goods and services.
• Finance in the Classroom Teacher Resources
  This site has incredible resources to help educators teach financial literacy concepts. You will find lesson plans, activities, books, videos and more.
• Getting and Using a Credit Card
  After reading the "Credit Counselor" guide students will complete the timed simulation activity. The player's objective is to maximize cash holdings, credit rating and value of purchased goods. In addition, they will discover the secrets to developing a good credit rating and learn how long it can take to pay off a credit card balance.
• How to Establish, Use, and Protect Your Credit
  This resource explains the importance of creating and maintaining good credit. Credit is an important financial tool, but it can also be dangerous, leading people into debt far beyond their ability to repay. That is why learning how to use credit wisely is one of the most valuable financial skills anyone can learn.
• Identity Theft Web Site
  This web site created by the Federal Trade Commission covers everything you need to know about Identity Theft. What it is? What to do if it happens to you? How to prevent it?
• My Credit Rating: Why Should I Care?
  In this lesson, from EconEdLink, students explore the benefits and potential pitfalls of credit. Credit is a wonderful tool for the consumer. It can enhance your quality of life. It enables you to buy and enjoy a purchase before you have the money to pay for it. On the other hand, it can create serious problems for people who use it incorrectly.
• Should I Use Cash or Credit?
  To use or not to use credit for a major purchase is an important decision. There is a nifty process in making such decisions-one that has been useful to many young people. They have used it not only for credit decisions but also for other major decisions, such as whether or not to take a particular job or what college to attend. In this lesson, we will look at this process and help you apply it. We'll also look at the pros and cons for using credit.
• The Dollar Stretcher
  Personal finance education and frugal living ideas to help millions of people stretch dollars and live better for less money.
• The Economics of Homebuying
  This lesson provides an overview of the basics of buying a home for the first time. Students will examine programs that make first-time home-buying more affordable. Then they will examine over time several economic factors that influence the number of homes purchased. Finally students use a mortgage calculator to find out how the size of the down payment; length of the loan; and interest rate affect the cost of the loan.
• The Mint
  Northwestern Mutual sponsors this site for economics education. Covers topics such as starting a business, government spending, saving, budgeting, and the role of individuals in the economy. Has lesson plans, quizzes, and games.
• Your Credit Report: What It Says About You
  This web page explains a number of important concepts concerning credit reports, including how they are used, where the information comes from, and how to correct errors.

---

http://www.uen.org - in partnership with Utah State Board of Education (USBE) and Utah System of Higher Education (USHE).  Send questions or comments to USBE Specialist - Breckon  Heywood and see the Financial Literacy website. For general questions about Utah's Core Standards contact the Director - Jennifer  Throndsen.

These materials have been produced by and for the teachers of the State of Utah. Copies of these materials may be freely reproduced for teacher and classroom use. When distributing these materials, credit should be given to Utah State Board of Education. These materials may not be published, in whole or part, or in any other format, without the written permission of the Utah State Board of Education, 250 East 500 South, PO Box 144200, Salt Lake City, Utah 84114-4200.