Savings games

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TIAA CREF: Raise the Rate

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Savings games

  1. 1. Building the value and benefits of saving into the public education curriculum
  2. 2.  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. 3.  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. 4.  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. 5.  What’s that dot? Learning the decimal point.  Do I NEED it? Or do I just WANT it?
  6. 6.  A visit fromTIAA-CREF  A savings game withTIAA-CREF – everyone starts with $1.00  Add to yourTIAA-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. 7.  YourTIAA-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 toTIAA-CREF accounts during the year  Students write about and discuss ways of making money and ideas for balancing saving and spending.
  8. 8.  Continue saving with theTIAA-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?  TheTIAA-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. 9.  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. 10.  What’s a stock?What’s a bond? How is a bank different from other places to save?  How do you chooseTIAA-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, theTIAA-CREF rep awards a scholarship to the senior(s) who have consistently saved throughout K-12.
  11. 11.  MoneyInstructor.com  PBS Kids  TIAA CREF
  12. 12.  Double Fudge by Judy Blume  Money Hungry by Sharon Flake  True Believer by Virginia EuwerWolff  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. 13. 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. 14.  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!

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