The Power of Savings: Growing Your Money

• Buis
• 11th Grade

The Power of Savings: Growing Your Money

Learning Objectives

At the end of the lesson, you will be able to discuss the purpose of savings, explain how savings can grow with interest, and list and compare saving options and features.

What do you already know about savings accounts?

Slide 1: Savings Accounts

Savings accounts are bank accounts designed to help individuals save money. They offer a safe place to store money and provide easy access to funds when needed.

Slide 2: Liquid and Principal

Liquid refers to the ease of accessing or withdrawing money from a savings account. Principal is the initial amount of money deposited into the account.

Slide 3: Simple Interest

Simple interest is the interest earned only on the principal amount. It does not compound over time.

Slide 4: Compound Interest

Compound interest is the interest earned on both the principal and any previously earned interest. It grows exponentially over time.

Slide 5: Annuity and Rule of 72

An annuity is a series of equal payments or deposits made at regular intervals. The Rule of 72 is a quick way to estimate how long it takes for an investment to double in value.

Slide 6: Money Market Account

A money market account is a type of savings account that typically offers higher interest rates than regular savings accounts. It may require a higher minimum balance.

Slide 7: Certificate of Deposit and US Savings Bond

A certificate of deposit (CD) is a time-bound savings account with a fixed interest rate. A US savings bond is a low-risk investment issued by the government.

Write down 3 things you learned in this lesson.

Have students enter three things they learned in this lesson. With this they can indicate their own learning efficiency of this lesson.

Write down 2 things you want to know more about.

Here, students enter two things they would like to know more about. This not only increases involvement, but also gives them more ownership.

Ask 1 question about something you haven't quite understood yet.

The students indicate here (in question form) with which part of the material they still have difficulty. For the teacher, this not only provides insight into the extent to which the students understand/master the material, but also a good starting point for the next lesson.