FINANCIAL LITERACY PROGRAM
Why do we need a financial account?
How to save money?
02
The Bank
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Students will understand the function of a bank.
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Students will identify the reasons to keep their money in a bank (checking and savings).
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Students will identify the services of a bank.
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Students will identify the necessary documents needed to open a bank account.
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Students will understand what questions to ask when selecting a bank.
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Students will identify local banks.
04
Electronic Transactions
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Students will understand the concept of Electronic Funds Transfer (EFT).
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Students will identify the use of a debit card.
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Students will identify the use of an Automated Teller Machine (ATM).
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Students will understand concept of direct deposit.
06
Credit Cards
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Students will identify factors to consider when shopping for a credit card.
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Students will understand the costs of credit cards.
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Students will recognize precautions to take when having a credit card.
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Students will understand how interest rates and monthly payment amounts affect total paid over time on a purchase.
08
Asset & Wealth Development
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Students will understand the i mportance of asset development.
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Students will be i ntroduced to the concept of “investing”.
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Students will know and recognize terms related to asset development.
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How mortages/APR work
10
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Students will understand the value and purpose of saving.
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Students will identify things to know when shopping for a savings account.
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Students will become familiar with different savings products.
Savings
01
Budgeting
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Students will demonstrate the ability to prepare a budget for their monthly expenses.
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Students will understand the importance of factoring savings into their monthly budget.
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Students will be able to understand the difference between a “need” and a “want”.
03
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Students will know and use key banking terms.
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Students will identify differences between a checking and savings account.
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Students will demonstrate the ability to write a check.
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Students will demonstrate the ability to understand the sections of a bank statement.
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Students will understand how to keep track of their checking account.
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Students will learn how to make a deposit into a checking account.
Bank Accounts
05
Understanding Credit
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Students will understand the purpose of credit.
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Students will understand how credit works.
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Students will understand why good credit is important.
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Students will know and use terms related to credit.
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4. Students will demonstrate the ability to calculate their debt to income ratio.
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Students will understand the importance of timely IOM loan repayment.
07
Taxes
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Students will understand the purpose of the U.S. tax system.
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Students will recognize tax deductions from their paychecks, and fill out W2.
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Students will know to file taxes yearly, and info on 1040 form.
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4. Students will understand the Earned Income Tax Credit (EITC).
09
Consumer Rights
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Students will understand that they have rights as a consumer.
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Students will understand predatory lending and how to protect themselves from it.
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Students will demonstrate the ability to recognize “scams” and predatory lending practices.
11
Remittances
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Students will identify different ways of sending money overseas.
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Students will understand the costs of sending money, avoid potential scams.
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3. Students will become better skilled at including remittance costs in their budget.
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