Saving
Source: Council for Economic Education (EconEdLink) | Type: Lesson
Students take an interest inventory test that gives them a list of careers from which to choose. Once they select a career they are given the annual median wage for that career. Students are taught how to make a table, label a graph’s axes, title a graph, plot the first two points, and connect the points. Given their careers’ yearly salaries, students determine their monthly earned income and estimate how much they could be saving. Through a group discussion, students learn about taxes and monthly expenses. They also learn about unexpected expenses and what they might do to prepare themselves for such events. After establishing their monthly budget, the students play a game called, “Wheel of Mystfortune.” Each spin of the wheel gives either an unexpected expense or a little extra money for the month. After each spin, the students have to figure out what their monthly savings are and write them in the table as well as graph the points. The students spin the wheel twenty-four times (two times each month), write their adjusted saving in the table and graph each point. When the students are done they come up with a line of best fit.Finally, the students use this knowledge and a graph to help determine their average monthly saving.
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