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TIAA CREF: Raise the Rate

TIAA CREF: Raise the Rate

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Savings games Presentation Transcript

  • 1. Savings Games
    Building the value and benefits of saving into the public education curriculum
  • 2. Lessons Learned from Dad
    As the oldest of eight children, one would think saving would have been impossible.
    BUT my father always saved – even if only a small amount each payday.
    When I asked my parents how did you start saving, they answered with some of the lessons about daily living they learned in school.
    To raise the individual savings rate in America, let’s bring those lessons back!
  • 3. For example: Pre-K & Kindergarten
    Learn to recognize pennies, nickels, dimes and quarters.
    Buy small items at the classroom store where everything costs less than 25 cents!
    It’s special to be shopkeeper for the day.
  • 4. First Grade
    Learn to recognize paper money.
    Use play money in $1.00, $5.00, $10.00 and $20.00 denominations
    Play games with a pretend savings passbook and enter how much you earn each game day.
  • 5. Second or Third Grade
    What’s that dot? Learning the decimal point.
    Do I NEED it? Or do I just WANT it?
  • 6. Fourth Grade
    A visit from TIAA-CREF
    A savings game with TIAA-CREF – everyone starts with $1.00
    Add to your TIAA-CREF account during the year
    Celebrate the best savers at year end (not the amount because that would disadvantage some students) but the consistency of saving
  • 7. Fifth or Sixth Grade
    Your TIAA-CREF rep returns – everyone knows the rep by now and is excited
    A new savings game begins – the students who are most diligent about saving are in a contest for a prize at year end.
    Add to TIAA-CREF accounts during the year
    Students write about and discuss ways of making money and ideas for balancing saving and spending.
  • 8. Seventh or Eighth Grade
    Continue saving with the TIAA-CREF passbook
    Conversations with adults – parents or others – and class discussions:
    How do you decide how much to save and how much to spend?
    How do you avoid spending money you want to save/have saved?
    What are some things you do to manage your money? How do you keep track?
    How do you decide when something is a need or a want?
    The TIAA-CREF rep attends 8th grade graduation and awards a prize to the student who wrote the best essay on the value of saving money!
  • 9. HighSchool
    Practical matters – how to balance a checkbook, how to create a spending/saving budget, how to make saving a lifelong habit, how to keep saving (even a little) despite pressures to spend.
    Jobs, perhaps at the school, babysitting, dog walking, mowing lawns and so forth. Does half go into savings?
    Practical discussions around “value” and “sale” and “need” versus “want” – there’s a lot of pressure in high school to wear expensive, trendy clothes. How do you keep up without going broke? Do you have to keep up?
  • 10. HighSchool cont.
    What’s a stock? What’s a bond? How is a bank different from other places to save?
    How do you choose TIAA-CREF or Fidelity or another vendor?
    What is a risky investment versus a safe one? What mix of savings is good at different ages?
    At graduation, the TIAA-CREF rep awards a scholarship to the senior(s) who have consistently saved throughout K-12.
  • 11. Information on Saving Money
    MoneyInstructor.com
    PBS Kids
    TIAA CREF
  • 12. Fiction and Non-Fiction for Kids
    Double Fudge by Judy Blume
    Money Hungry by Sharon Flake
    True Believer by Virginia Euwer Wolff
    The Kid’s Guide to Money: Earning It, Spending It, Growing It, Sharing It by Steve Otfinoski
    Smart-Money Moves for Kids by Judith Briles
    Ultimate Kids’ Money Book by Neale Godfrey
  • 13. How Money Helps You Reach Your Goals
    Short term need or want:
    Movie ticket & popcorn $15.00
    Think about:
    If I take $15.00 out of my savings, can I still save enough on time to go on the camping trip?
    Is there another way to make some more money?
    Long term need or want:
    Camping trip $150.00
    Think about:
    How much can I save each week?
    How long will it take me to save this much?
    The trip is in 3 months – can I reach this goal by then?
  • 14. “Out of Sight”
    Once you put money into savings, you may be tempted to spend it because you know it is there.
    Keep some money to spend and let the money you’ve saved grow.
    Check out your monthly statements and watch the interest and your additional savings contributions add up!
  • 15. Make Saving FUN: Savings Games!