50 Creative Ways to Teach

Personal Finance

Dr. Barbara O’Neill

Rutgers Cooperative Extension

oneill@aesop.rutgers.edu

Webinar Objectives

• Describe 30 learning activities and 20 technology tools to teach personal finance

• Hear webinar participants’ creative teaching strategies

• Provide links to online resources

What is Your Favorite Personal Finance

Teaching Activity?

30 Learning Activities

1. Financial Coat of Arms

http://www.slideshare.net/BarbaraONeill/coat-of-arms-activity-personal-finance-class

2. Financial Bingo

3. Polarity Activity

• “Vote with your feet” or hold up signs

• Students must defend their position

–Agree vs. Disagree

–Need vs. Want

–Buy vs. Don’t Buy

–Other?

4. Venn Diagrams

Both

Saving

Investing

5. Rule of Three Activity

6. Paper Bag Theater • Form teams of 4-5 students

• Use ALL of items in their paper bag and ANY other items in their possession (e.g., paper, cell phone) to develop a 2-minute skit on a specified topic

• Allow 15 minutes for students to develop and rehearse their skits

• Present the skits to the class

7. Financial Poems One thing in life that isn’t so funny,

Is how hard it is when you owe people money.

So don’t be stupid and go into debt,

If you do, it’ll be something that you regret.

Use credit cards wisely and pay what you owe,

Otherwise you’ll live a life of woe.

Watch credit card interest rates and late fees too,

Don’t let frivolous spending take control over you.

The bottom line is there are wants and there are needs.

Buy only what is necessary and avoid all the greed.

8. WebQuests: Structured Online Learning Activities

Example: http://www.mwcsk12.org/faculty/twilson/intro2occ/personalfinance/personalbudgetquest/indexpersonalbudgetwebquest.htm

Most people have ideas on what type of car they would like to own.

Use the links below to find your dream car. On the graded work sheet, record the

• Price of the car

• URL that you used

•Autoweb.com

•Microsoft Carpoint

•autotrader.com

•No, you may note use E-Bay!

9. Personal Finance Case Studies

• Examples: http://rci.rutgers.edu/~boneill/assignments/case-study.html

http://www.vcee.org/Personal_Finance_Case_Study

• Make case study presentations fun: Animated videos, recorded videos, IGNITE presentations, poems, skits, etc.

• Example: http://www.slideshare.net/BarbaraONeill/personal-

finance-class-group-case-study-project-slides-1211

10. Acrostics Activity

11. Money Songs • Ask students to select a song about money, wealth,

or a personal finance topic from available online lists

• Have students listen to their song and present a short description of its take-away educational message or theme

• Resource for grades K-4: It’s a Habit Company, Inc.: http://www.itsahabit.com/sammy.html

– S-A-V-E: https://www.youtube.com/watch?v=pTEy3D6oJFQ

12. In the News

• Ask students to read and summarize a financial article and make a 3-5 minute class presentation about it

• Grade on both their presentation and reaction paper

• The article can be drawn from a newspaper like The Wall Street Journal, a magazine like Money, or a financial information Web site

• Have students attach the article to their paper

13. Reality Simulations • Description of financial simulation benefits:

http://www.joe.org/joe/2008december/pdf/JOE_v46_6tot4.pdf

• University of Illinois program called Welcome to the Real World: https://pubsplus.illinois.edu/RW-03-CD.html

• CUNA program called Mad Money City: http://www.cuna.org/Marketing-And-Member-Education/Products/Mad-City-Money-workshop-and-simulation-kit/

• NJCFE program called Real Money: http://www.njcfe.org/?page=ItemsforEducators

14. Your Time, Your Money

• Learning activity that helps students understand the relationship between spending and time spent earning money to buy things

• “Anna Jones works 15 hours a week at a convenience store and earns $7.50 per hour”

• Questions about number of work hours needed to buy various items

http://www.slideshare.net/BarbaraONeill/learning-activity-your-timeyour-moneyshort

15. Value Clarification Activities

• Two-page worksheet for students to check top 10 and then top 5 values: http://www2.sfasu.edu/advising/VALUES%20CLARIFICATION%20EXERCISE.pdf

• “Process of elimination” values clarification activity: http://www.dawnfrail.com/toolkit/clarify-values

• Work Values Clarification activity: http://services.vsac.org/60Render?library=resources&name=Work_Values_Clarification_Worksheet.pdf

16. Make a Table Activity • Students create 5 row by 5 column table with

numbers from financial calculators and describe the take-away message

Example: http://rci.rutgers.edu/~boneill/assignments/sliderule1.html

17. Balancing Act • Have students form small groups to identify

–5 ways to increase household income

–5 ways to reduce expenses

• Share small group ideas with the total class

18. Financial Goal-Setting Activity Worksheets

• Goal-setting worksheet for youth: http://www.slideshare.net/BarbaraONeill/learning-activity-go-for-the-goal-2

• Goal-setting worksheet for adults: http://njaes.rutgers.edu/money/pdfs/goalsettingworksheet.pdf

• SMART Goal worksheet for adults: http://www.creditcounsellingcanada.ca/Portals/0/Smart%20Goal%20Worksheet.pdf

19. Time Value of Money Problems

• Teach students how to use a financial calculator functions (PV, FV, etc.)

• Develop time value of money problems or use problems such as those found at

– http://www2.fiu.edu/~keysj/TVM_PROBLEMS.pdf

– http://www.hfcsd.org/webpages/tnassivera/files/time_value_of-money_lesson_plan_145.pdf

20. Plug the Leaks

21. The Bean Game “Classic” activity to teach scarcity of resources and the need to set spending priorities

Downloadable game boards: http://extension.usu.edu/utah/files/uploads/Finance/THE%20BEAN%20GAME.pdf

http://extension.missouri.edu/bsf/money/BeanGame_BW.pdf

22. PowerPay Activity • Have students create a hypothetical debt repayment

scenario with at least 7 creditors.

• Then have students run a PowerPay analysis and describe the time and interest savings

• See http://rci.rutgers.edu/~boneill/assignments/powerpay.html

23. Savings Sound Bite • Can do for savings or any other financial topic

• Have students develop a motivational phrase to motivate others to improve their finances

• Sound bites must be:

– No more than 12 words

– Motivational

– Easy to understand

Savings Sound Bite

24. Money Books • http://money.usnews.com/money/personal-

finance/articles/2013/07/24/the-best-childrens-books-for-money-lessons

• http://www.amazon.com/Books-Teach-Children-About-Money/lm/RM5SZ3F1COQV7

For visual effects, as you read

this book to young children, cut

taped pennies from a piece of

tape with 100 pennies as

Alexander spends his dollar

25. Double Your Dough • Teach the “Rule of 72”:

http://www.investopedia.com/terms/r/ruleof72.asp

• Have students identify how long it would take for a sum of money to double at 1%, 3%, 5%, 7% and 9% interest rates

26. Stop, Thief! • Show the FTC videos

https://www.youtube.com/watch?v=-IEBVIh7bzc and https://www.youtube.com/watch?v=OoPJImjP1ZQ

• Have students form groups to discuss the following topics:

– How identity thieves steal personal data

– What identity thieves do with personal data

– How to reduce the risk of becoming an identity theft victim

27. Loan Calculation Activities

• Develop “real world” problems and direct students to online loan calculators such as http://www.bankrate.com/calculators/mortgages/loan-calculator.aspx and http://apps.finra.org/Calcs/1/Loan

• Financial Fitness For Life Theme 4, Lesson 17: Shopping for an Auto Loan: http://www.ccms.clay.kyschools.us/textbooks/cte/facs/fffl/data/papers/9-12/978-1-56183-696-3_17.pdf

28. JA Finance Park and BizTown

• Sponsored by Junior Achievement (JA)

• Finance Park: Reality-based immersive personal finance and career exploration simulation following a 4-week course for middle and high school students (on site and online): http://janj.org/programs/ja_finance_park

• BizTown: Teaches financial literacy , entrepreneurship, and work readiness to 5th and 6th graders: http://janj.org/programs/ja_biztown

29. Community Resources

• Guest speakers

• Job shadowing

• Bank or credit union tours

• Community financial fairs, conferences, and lectures

• Field trips: http://www.accountingdegree.com/blog/2011/10-incredible-field-trips-for-finance-nerds/

– Federal Reserve Banks (12 cities including NYC)

– U.S. Mint (Denver & Philadelphia)

– New York Stock Exchange; Chicago Mercantile Exchange

– Museum of American Finance (NYC)

30. Other Personal Finance Learning Activities

• Check-Writing Activity (Practical Money Skills): http://www.practicalmoneyskills.com/spanish/pdf/teachers/specialneeds/lev_3/lesson_06/6_3activity.pdf

• Insurance Simulation

• Peer-to-peer financial education and counseling

• Piggy bank pageants (grades K-3)

• Essay, poster, and video contests

• Other?

20 Technology

Tools

1. PowerPoint Jeopardy! Game

See http://rci.rutgers.edu/~boneill/review/index.html and

http://www.slideshare.net/BarbaraONeill/jeopardy-game-young-adults-moneycolor-

changesyellow for sample games

See http://www.slideshare.net/BarbaraONeill/rutgers-hybrid-online-confpower-point-

gamesanimated-videosoneill0114 for PowerPoint tutorial

2. PowerPoint Millionaire Game

Sample Game:

https://docs.google.com/viewer?a=v&pid=sites&srcid=bnlwbC5vcmd8bW9uZXktbW

F0dGVyc3xneDoyZGI2OTE0OGFjNjY5MTVh

3. Microsoft Excel Templates

• Asset Allocation Spreadsheet

• Asset Allocation Spreadsheet With Pie Chart

• Net Worth Calculation Spreadsheet

• Spending Plan Worksheet

Source: http://njaes.rutgers.edu/money/

4. Online Financial Quizzes

Rutgers Cooperative Extension Assessment Tools:

• Financial Fitness Quiz

• Identity Theft Risk Assessment Quiz

• Investment Risk Tolerance Quiz

• Personal Health and Finance Quiz

• Personal Resiliency Resources Assessment Quiz

• Wise Credit Management Quiz

5. IGNITE Presentations

• 5 minute PowerPoint presentations

• 20 slides advance automatically every 15 seconds

• Students or teacher can create a presentation using a template with automated slides

• Template master: http://www.ignitephoenix.com/tips/

• IGNITE Presentation: How to Buy a New Car: http://igniteshow.com/videos/how-buy-new-car-ignite-seattle-2007

6. Future Me Web Site • Schedule an e-mail to yourself at a future date

• Can make it public, but anonymous

• Message starts with “Dear Future Me”

• Can use to have students send themselves “reminders”

– Action steps

– Financial goals

– Assignments and due dates

• Good accountability tool for those who use e-mail

http://www.futureme.org/

7. Online Financial Calculators

Literally thousands…on all personal finance topics

• ASEC Ballpark Estimate (retirement savings calculator): www.asec.org

• PowerPay© (debt payment calculator): www.powerpay.org

• HSH Associates Mortgage Amortization Calculator: www.hsh.com/calc-amort.html

• Loan Calculator: http://www.bankrate.com/calculators/mortgages/loan-calculator.aspx

• Others?

8. Online Games and Simulations

• Financial Football (Visa): http://www.practicalmoneyskills.com/games/trainingcamp/

• Reality Check (Jump$tart Coalition): http://www.jumpstartcoalition.org/reality-check.html

• The Stock Market Game™ (SIFMA Foundation): http://www.stockmarketgame.org/

• Gen i Revolution (Council for Economic Education): http://www.genirevolution.org/

• Others?

9. Animated Videos • Use platforms such as http://goanimate.com/ and

http://www.creazaeducation.com/ and http://www.moovly.com/ and http://digitalfilms.com/ and http://www.dvolver.com/moviemaker/index.html

– Article: 5 Best Sites to Make Animated Video Trouble-Free:

http://www.freemake.com/blog/5-best-sites-to-make-animated-video-trouble-free/

• Personal Finance Animated Videos (O’Neill): https://www.youtube.com/user/moneytalkBMO

• Co-Signing a Loan: https://www.youtube.com/watch?v=yte4MBtoAqg

10. “Whiteboard” Videos

• Health Insurance Terminology: https://www.youtube.com/watch?v=MjRAgZ6DbZ0 and https://www.youtube.com/watch?v=QLjRGmm08pY

• Phishing (Identity Theft): https://www.youtube.com/watch?v=K8lWLwuiDwk

• Saving and Investing: https://www.youtube.com/watch?v=2DBdWeTxXeU

11. Online Personal Finance Courses

• High School Age: Money Skill http://www.moneyskill.org/

• College Age: Money U https://moneyu.com/

and University of Florida Personal & Family Financial Planning MOOC: https://www.coursera.org/course/uffinancialplanning

• Other online courses?

12. Pinterest Boards • Students create new board or view existing boards

• Article: “5 Personal Finance Pinterest Boards to Follow”: http://www.mnn.com/money/personal-finance/blogs/5-

personal-finance-pinterest-boards-to-follow

13. Twitter Chats • Students create a unique chat hashtag and

designate a date/time, topic, and questions

OR

• View a regularly scheduled personal finance Twitter chat

• List of personal finance Twitter chats: http://www.slideshare.net/BarbaraONeill/social-media-resources-for-financial-education-0414

14. Facebook Posts • Have students write Facebook messages

about personal finance topics

• Set up a class Facebook page

• Teacher serves as administrator of the page

• NJCFE grant project found increase in student knowledge after class lessons involving written social media messages

15. Google+ Hangouts • Free video chatting: video + voice

• Can involve up to 10 people

• Great way for students to collaborate on studying, group projects, club activities, etc.

• Great way for teachers to reach out to students too ill to come to class

16. Financial Fitness for Life Curriculum

• Developed by the Council for Economic Education: http://fffl.councilforeconed.org/

• “No Hassle” access

• 4 grade levels: K-2, 3-5, 6-8, and 9-12

• Can download visuals and activities online

• Web site also has links to related lessons

• Can also purchase materials (CD or book)

17. Learning, Earning, and Investing Curriculum

• Developed by the Council for Economic Education: http://lei.councilforeconed.org/

• “No Hassle” access

• 21 lessons related to investing and wealth accumulation

• Can download visuals and activities online

• Can also purchase materials (book)

18. Money Smart for Youth (FDIC)

• Two FDIC Money Smart curricula: ages 5-8 and ages 12-20

• “No Hassle” access

• Download modules at https://www.fdic.gov/consumers/consumer/moneysmart/young.html

19. Curricula Requiring

Teacher Accounts and Logins

• NEFE High School Financial Planning Program: http://www.hsfpp.org/

• Take Charge Today (U of Arizona): https://takechargetoday.arizona.edu/

• Others?

20. Online Financial Knowledge Quizzes

• Credit Scores (CFA): http://www.creditscorequiz.org/

• National Financial Capability Study (FINRA): http://www.usfinancialcapability.org/quiz.php

• Student Financial Dollars and Sense (CUNY): http://www.cuny.edu/about/administration/offices/sa/flep/quiz.html

• Health Insurance Quiz (Kaiser Foundation): http://kff.org/quiz/health-insurance-quiz/

Comments? Questions? Additional Resources?