FINANCIAL LITERACY PROGRAM

Why do we need a financial account?
How to save money?

00

What transactions look like in the US

  1. CoinsDebit cards

  2. Online transactions

  3. How capitalism works

01

Budgeting

  1. Students will demonstrate the ability to prepare a budget for their monthly expenses.

  2. Students will understand the importance of factoring savings into their monthly budget.

  3. Students will be able to understand the difference between a “need” and a “want”.

The Bank

02

  1. Students will understand the function of a bank.

  2. Students will identify the reasons to keep their money in a bank (checking and savings).

  3. Students will identify the services of a bank.

  4. Students will identify the necessary documents needed to open a bank account.

  5. Students will understand what questions to ask when selecting a bank.

  6. Students will identify local banks.

Bank Accounts

03

  1. Students will know and use key banking terms.

  2. Students will identify differences between a checking and savings account.

  3. Students will demonstrate the ability to write a check.

  4. Students will demonstrate the ability to understand the sections of a bank statement.

  5. Students will understand how to keep track of their checking account.

  6. Students will learn how to make a deposit into a checking account.

04

Electronic Transactions

  1. Students will understand the concept of Electronic Funds Transfer (EFT).

  2. Students will identify the use of a debit card.

  3. Students will identify the use of an Automated Teller Machine (ATM).

  4. Students will understand concept of direct deposit.

Understanding Credit

05

  1. Students will understand the purpose of credit.

  2. Students will understand how credit works.

  3. Students will understand why good credit is important.

  4. Students will know and use terms related to credit.

  5. 4. Students will demonstrate the ability to calculate their debt to income ratio.

  6. Students will understand the importance of timely IOM loan repayment.

06

Credit Cards

  1. Students will identify factors to consider when shopping for a credit card.

  2. Students will understand the costs of credit cards.

  3. Students will recognize precautions to take when having a credit card.

  4. Students will understand how interest rates and monthly payment amounts affect total paid over time on a purchase.

07

Taxes

  1. Students will understand the purpose of the U.S. tax system.

  2. Students will recognize tax deductions from their paychecks, and fill out W2.

  3. Students will know to file taxes yearly, and info on 1040 form.

  4. 4. Students will understand the Earned Income Tax Credit (EITC).

08

Asset & Wealth Development

  1. Students will understand the i mportance of asset development.

  2. Students will be i ntroduced to the concept of “investing”.

  3. Students will know and recognize terms related to asset development.

  4. How mortages/APR work

09

Consumer Rights

  1. Students will understand that they have rights as a consumer.

  2. Students will understand predatory lending and how to protect themselves from it.

  3. Students will demonstrate the ability to recognize “scams” and predatory lending practices.

10

Savings

  1. Students will understand the value and purpose of saving.

  2. Students will identify things to know when shopping for a savings account.

  3. Students will become familiar with different savings products.

11

Remittances

  1. Students will identify different ways of sending money overseas.

  2. Students will understand the costs of sending money, avoid potential scams.

  3. 3. Students will become better skilled at including remittance costs in their budget.

FINANCIAL LITERACY PROGRAM

Lesson Zero

What transactions look like in the US

  1. ​Coins

  2. Debit cards

  3. Online transactions

  4. How capitalism works

Lesson One

Budgeting

  1. Students will demonstrate the ability to prepare a budget for their monthly expenses.

  2. Students will understand the importance of factoring savings into their monthly budget.

  3. Students will be able to understand the difference between a “need” and a “want”.

Lesson Two

The Bank

1. Students will understand the function of a bank.

2. Students will identify the reasons to keep their money in a bank (checking and savings).

3. Students will identify the services of a bank.

4. Students will identify the necessary documents needed to open a bank account.

5. Students will understand what questions to ask when selecting a bank.

6. Students will identify local banks.

Lesson Three

Bank Accounts

1. Students will know and use key banking terms.

2. Students will identify differences between a checking and savings account.

3. Students will demonstrate the ability to write a check.

4. Students will demonstrate the ability to understand the sections of a bank statement.

5. Students will understand how to keep track of their checking account.

6. Students will learn how to make a deposit into a checking account.

Lesson Four

Electronic Transactions

1. Students will understand the concept of Electronic Funds Transfer (EFT).

2. Students will identify the use of a debit card.

3. Students will identify the use of an Automated Teller Machine (ATM).

4. Students will understand concept of direct deposit.

Lesson Five

Understanding Credit

1. Students will understand the purpose of credit.

2. Students will understand how credit works.

3. Students will understand why good credit is important.

3. Students will know and use terms related to credit.

4. Students will demonstrate the ability to calculate their debt to income ratio.

5. Students will understand the importance of timely IOM l oan repayment.

Lesson Six

Credit Cards

1. Students will identify factors to consider when shopping for a credit card.

2. Students will understand the costs of credit cards.

3. Students will recognize precautions to take when having a credit card.

4. Students will understand how interest rates and monthly payment amounts affect total paid

over time on a purchase.

Lesson Seven

Taxes

1. Students will understand the purpose of the U.S. tax system.

2. Students will recognize tax deductions from their paychecks, and fill out W2.

3. Students will know to file taxes yearly, and info on 1040 form.

4. Students will understand the Earned Income Tax Credit (EITC).

Lesson Eight

Asset & Wealth Development

1. Students will understand the importance of asset development.

2. Students will be introduced to the concept of “investing”.

3. Students will know and recognize terms related to asset development.

4. How mortages/APR work

Lesson Nine

Consumer Rights

1. Students will understand that they have rights as a consumer. 

2. Students will understand predatory l ending and how to protect themselves from it. 

3. Students will demonstrate the ability to recognize “scams” and predatory l ending practices.

Lesson Ten

The Savings

1. Students will understand the value and purpose of saving.

2. Students will identify things to know when shopping for a savings account.

3. Students will become familiar with different savings products.

Lesson Eleven

Remittances

1. Students will identify different ways of sending money overseas. 

2. Students will understand the costs of sending money, avoid potential scams. 

3. Students will become better skilled at including remittance costs in their budget.

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