Trial Copy. Guidelines for the Finance Coach TRAINING 3: PLANNING. Recommended for pupils in Years 7 to 9 (German school system)

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1 Guidelines for the Finance Coach TRAINING 3: PLANNING Recommended for pupils in Years 7 to 9 (German school system) Duration: Approx. 2 lessons (90 minutes) info@myfinancecoach.de Training 3: Planning/Guidelines for the Finance Coach/Page 1

2 TOPICS, LEARNING OBJECTIVES AND METHODS Training 3: Planning focuses on the following: Plans we encounter in everyday life and personal plans Planning personal finances Comparing income and expenditure Using a financial plan to decide what to do with your money This basic unit is recommended for pupils in Years 7 to 9 (German school system). It is intended to last 90 minutes. Learning objectives specific skills Pupils should: Recognise the benefits of planning Be able to work with their own plans Understand that income and expenditure are key elements in financial planning See an income and expenditure plan as a valuable tool for financial planning Recognise that long-term planning can help them to achieve their aspirations and dreams Learning objectives general skills Pupils should: Compare, evaluate and discuss Develop a critical approach Reflect on and formulate their own ideas Discuss issues as a class Summarise and present results Methods and documents The methods used aim to ensure pupils are as actively engaged in the subject matter as possible and can easily understand the concepts that are covered. Methods and learning models (individual work, class work, practical application and research) are varied at frequent intervals. Pupils should actively participate as much as possible. Training 3: Planning/Guidelines for the Finance Coach/Page 2

3 The following materials are available for Training 3: Planning Guidelines for the Finance Coach that cover content, objectives, tasks and learning models Presentation with factual information and questions that provide a starting point for activities Worksheets: mind map, handling money and Felix s income and expenditure plan Poster Feedback sheets to be used by pupils, teachers and the Finance Coach to evaluate the lesson Overview of the unit s content Glossary of the more challenging English vocabulary as an informative Worksheet, to be handed out either before or after the training, as deemed appropriate after discussion with the teacher as to the language abilities of the pupils. ON PREPARING FOR THE TRAINING Using these guidelines There are specific tips for each slide and worksheet. These tips include: An indication of how long you should spend on the slide or worksheet The objectives of the relevant unit Discussion guidelines with suggested phrases you may wish to use A handover guideline suggesting how you could link to the next unit Key concepts, which are highlighted in the discussion guidelines Icons that help you quickly identify the various methods and learning models used A space where you can write your own notes or comments when preparing for the training You will need the following materials to conduct the training: Laptop and projector Multi-socket extension lead. Before the training, please check with the teacher as to whether the school can supply a multi-socket extension lead Chalk for writing on the board Sufficient copies of the worksheets Training 3: Planning/Guidelines for the Finance Coach/Page 3

4 Poster Since worksheets will be stuck on the poster, it should be put up in a prominent position in the classroom. Before the training, please ask the teacher where would be the best place to put it. Be tactful when addressing the subject of finances Nobody really likes talking about money, so when visiting a school, you should always handle the topic with great care. You should assume that some of the children and young people you are working with will come from financially disadvantaged backgrounds and may have very little or no money of their own. Breaks The activities have been structured to fit into 45-minute lessons. There are usually fiveminute breaks between each lesson in schools, and a longer break after every two lessons. You should check whether you are expected to keep to this system during your school visit. A good alternative would be to have a break after completing a particular unit. Encouraging pupils to take part The materials have been designed so that all pupils in the class become as involved as possible and are able to participate actively. No part of the training should be taught from the front of the class or delivered in a straight lecture-style format. During group and partner work, the Finance Coach should move freely through the classroom, actively supporting pupils. In general, you should try to let the pupils speak for themselves and write on the board as much as possible. Some pupils will contribute more than others. You should therefore repeatedly encourage less-active pupils to get more involved. Name badges Name badges should be used to make communication easier. At the beginning of the class, use a page from your My Finance Coach notepad to make yourself a name badge and get the pupils to do the same. Training 3: Planning/Guidelines for the Finance Coach/Page 4

5 Language For reasons of readability, these documents use he/his/him/himself when not referring to specific individuals. In such cases, it should be assumed that the text applies equally to women. You are, of course, also free to vary the terms of reference you use during the training. No Sales Activity As explained during your training, you should under no circumstances undertake any type of marketing activity whatsoever while visiting a school. In particular, we would ask you not to use any business cards, not to advertise or promote anything and not to collect data of any sort. Many thanks in advance for supporting this initiative. key Text in green provides instructions or describes classroom activities. Text in blue indicates a phrase you may wish to use when addressing pupils. Presentation by Finance Coach Worksheet PPT slide Group work Partner work Individual work Class Film Poster Training 3: Planning/Guidelines for the Finance Coach/Page 5

6 Training 3: Planning/Basic/Presentation/Page 2 Slide 1 WELCOME Training 3: Planning/Basic/Presentation/Page 1 The Finance Coach welcomes the class and introduces himself My name is... I have worked at... (Allianz/McKinsey/Grey) for... years I enjoy... (hobbies/interests) I m here today to introduce a number of important and interesting topics and I m looking forward to exploring them with you Get financially fit! Training 3: Planning Handover to slide 2/Worksheet 1 As you can see, today s training is all about planning. To welcome the pupils to the training Mind map Planning 2 mins Training 3: Planning/Guidelines for the Finance Coach/Page 6

7 Training 3: Planning/Basic/Worksheet 1 Training 3: Planning/Basic/Presentation/Page 3 Slide 2 MIND MAP Mind map Training 3: Planning/Basic/Presentation/Page 2 The Finance Coach hands out Worksheet 1 and draws the mind map on the board. What does planning mean to you? What do you think of when you hear the word planning? The pupils provide suggestions. The Finance Coach and the pupils add to the mind map on the board or on Worksheet 1. If necessary, the Finance Coach should give the pupils a few ideas: What sort of things do you plan? What kind of plans are you familiar with? Worksheet 1 Worksheet 1 Leave the mind map on the board. You will need to use it again at the end of the lesson (slide 11). Planning Planning Handover to slide 3 Mind map This is what we re going to be looking at today: Tip: Some graphical elements are animated and the slide builds up step by step. To activate and consolidate previous knowledge To inspire interest in the topic What you ll be looking at today: What sort of plans can you think of? What do you plan? Why do you plan? Why plan how you handle money? 5 mins Money: Getting it and spending it Felix and his dream Why avoid debt? Help Felix to plan Training 3: Planning/Guidelines for the Finance Coach/Page 7

8 Training 3: Planning/Basic/Presentation/Page 4 Slide 3 WHAT you LL BE LOOkING AT TODAy What you ll be looking at today: Training 3: Planning/Basic/Presentation/Page 3 Step 1: This is what we ll be looking at in more detail today. Next steps: Who would like to read out the first line on the slide? A pupil reads out the first line then another volunteer carries on with the next line. Handover to slide 4 There are lots of things that we can plan. What sort of plans Money: Getting it can you think of? and spending it What do you plan? Why do you plan? Why plan how you handle money? Why avoid debt? Felix and his dream Help Felix to plan Tip: Some graphical elements are animated and the slide builds up step by step. To outline the content of the training What goes together? A bus timetable... A school timetable... The football fixtures... A map... The school menu... Money? 2 mins... helps me plan how to get somewhere.... helps me plan what I m having for lunch.... helps me plan what books I need for the next day.... helps me plan when the crucial matches are going to happen.... helps me plan how to get where I m going on time. Training 3: Planning/Guidelines for the Finance Coach/Page 8

9 Training 3: Planning/Basic/Presentation/Page 5 Slide 4 WHAT GOES TOGETHER? What goes together? A bus timetable... A school timetable... The football fixtures... A map... The school menu... Money? Training 3: Planning/Basic/Presentation/Page 4 Handover to slide 5/Worksheet 2 What does money have to do with planning? Tip: Some graphical elements are animated and the slide builds up step by step.... helps me plan how to get somewhere.... helps me plan what I m having for lunch.... helps me plan what books I need for the next day.... helps me plan when the crucial matches are going to happen.... helps me plan how to get where I m going on time. To identify the benefits of planning To create a link between the topics of money and planning I ve put together a list of a few different types of plans that you should all be familiar with. Step 1: The Finance Coach fades in the examples of plans. How do these plans help us? The pupils think about the question and offer their suggestions. Step 2: The Finance Coach fades in the answers. Which description belongs to which plan? The pupils match up the slide elements. Step 3: At the end, the Finance Coach fades in the term Money. Why plan how you handle money?... so that I can pay for all the essentials in life.... so that I have enough money set aside in case something unexpected happens.... so that I can do all the things I really want to do.... so that I don t spend more money than I have. 3 mins Training 3: Planning/Guidelines for the Finance Coach/Page 9

10 Training 3: Planning/Basic/Presentation/Page 6 Slide 5 / Worksheet 2 WHy PLAN HOW you HANDLE MONEy? Why plan how you handle money? Training 3: Planning/Basic/Presentation/Page 5... so that I can pay for all the essentials in life.... so that I have enough money set aside in case something unexpected happens. Step 1: We re going to do a quick exercise now. I d like you to work in pairs with the person sitting next to you. The Finance Coach hands out Worksheet 2. The pupils work on the worksheet with their neighbour. After three minutes, the Finance Coach calls an end to the partner work. Step 2: I m interested to know what reasons you ve come up with. The pupils read out their ideas to the class. The Finance Coach then fades in four possible answers on the slide. The pupils read the answers out loud and have the opportunity to add to their worksheet. Handover to slide 6 Money grows on trees, doesn t it?... so that I can do all the things I really want to do.... so that I don t spend more money than I have. Tip: Some graphical elements are animated and the slide builds up step by step. To illustrate why it makes sense to plan what you do with your money Money: Getting it and spending it Where do you get money from? How do you spend your money? Pocket money Birthday money Christmas money Working... your income Computer games Magazines Mobile phone Make-up Clothes New bike... your expenditure 8 mins Training 3: Planning/Guidelines for the Finance Coach/Page 10

11 Training 3: Planning/Basic/Presentation/Page 7 Slide 6 MONEy: GETTING IT AND SPENDING IT Money: Getting it and spending it Training 3: Planning/Basic/Presentation/Page 6 Step 1: Where or who do you get money from? The pupils call out suggestions. The Finance Coach fades in examples of income for young people. Step 2: So you get money for certain things or on certain occasions. That is your income. The Finance Coach fades in the word income. Step 3: And what do you do with your money? The pupils call out suggestions. The Finance Coach fades in examples of how young people spend their money. Step 4: This is your expenditure. The Finance Coach fades in the word expenditure. Handover to slide 7 Where do you get money from? How do you spend your money? Pocket money Birthday money Christmas money Working... your income Computer games Magazines Mobile phone Make-up Clothes New bike... your expenditure Now I d like to introduce you to Felix Tip: Some graphical elements are animated and the slide builds up step by step. To familiarise the pupils with the key concepts of income and expenditure Felix and his dream What does Felix need to ride his scooter? Scooter... Scooter license... Helmet... Fuel... Insurance badge... 5 mins Training 3: Planning/Guidelines for the Finance Coach/Page 11

12 Training 3: Planning/Basic/Presentation/Page 8 Slide 7 FELIX AND HIS DREAM Felix and his dream What does Felix need to ride his scooter? Scooter... Scooter license... Helmet... Fuel... Insurance badge... Training 3: Planning/Basic/Presentation/Page 7 To provide an overview of expenditure To prepare for group work Step 1: Felix is going to be 15 soon. He s wanted a scooter for ages. What are all the things he needs to have before he can set out on his scooter for the first time? The pupils call out suggestions. The Finance Coach writes them up on the board. If necessary, the Finance Coach can drop hints during the discussion about a helmet, scooter licence, insurance badge, Step 2: The Finance Coach reveals the various expenses. Handover to slide 8/ Worksheets 3 and 4 Now let s take a look at whether Felix can really make his dream come true. Help Felix to plan! 5 mins Training 3: Planning/Guidelines for the Finance Coach/Page 12

13 Training 3: Planning/Basic/Presentation/Page 8 Training 3: Planning/Basic/Presentation/Page 9 Slide 8 / Worksheets 3 and 4 HELP FELIX TO PLAN! Help Felix to plan! To create a list of income and expenditure during a written exercise The Finance Coach splits the class into two groups. Group 1 focuses on income, Group 2 focuses on expenditure. He then hands out Worksheets 3 and 4. Important: Group 1 should work on the text for income only and Group 2 on the text for expenditure only. I d like everyone to read the text in silence and then depending on which group you re in write down either Felix s income or expenditure for the year on Worksheet 4. You ll find all the information you need in the text. The pupils have 10 minutes to read the text and complete Worksheet 4. Afterwards, they should confer with their neighbour briefly. Compare your answer with your neighbour s and check your totals. Handover to slide 9 Now let s work out the answer together. Help Felix to plan! 15 mins Income Expenditure Scooter Birthday (grandma and grandpa) 75,00 450,00 Pocket money (12 x 25 ) 300,00 Helmet 80,00 Delivering magazines (4 x 50 ) 200,00 Scooter license 100,00 Tutoring other pupils (12 x ,00 Insurance badge 30,00 ) Christmas (mum and dad) 100,00 Fuel (12 x 20 ) 240,00 Mobile phone 210,00 Going out 210,00 Total 1.035,00 Total 1.320,00 Training 3: Planning/Guidelines for the Finance Coach/Page 13

14 Training 3: Planning/Basic/Presentation/Page 9 Training 3: Planning/Basic/Presentation/Page 10 Slide 9 HELP FELIX TO PLAN! Income Help Felix to plan! Expenditure Birthday (grandma and grandpa) 75,00 Scooter 450,00 Pocket money (12 x 25 ) 300,00 Helmet 80,00 Delivering magazines (4 x 50 ) 200,00 Scooter license 100,00 Tutoring other pupils (12 x 30 ) 360,00 Insurance badge 30,00 Christmas (mum and dad) 100,00 Fuel (12 x 20 ) 240,00 Mobile phone 210,00 Going out 210,00 Total 1.035,00 Total 1.320,00 To show pupils how to use an income and expenditure plan as a valuable tool for financial planning The pupils read out their results to the class. If the pupils have arrived at different results, the Finance Coach works out the correct result on the board, with the pupils help. I ve added it all up myself too, of course, and this is the result I came up with! The Finance Coach fades in the result and gives the pupils the opportunity to add the missing figures to Worksheet 4. What do these totals mean for Felix? Can he achieve his dream of owning that scooter? The pupils offer their suggestions. As we ve just worked out together, Felix s income is lower than his expenditure. So he can t afford the scooter. Handover to slide 10/Poster So what now? Is that the end of Felix s dream? 3 mins Training 3: Planning/Guidelines for the Finance Coach/Page 14

15 Training 3: Planning/Basic/Presentation/Page 10 Training 3: Planning/Basic/Presentation/Page 11 Slide 10 / Poster LET S HELP FELIX Let s see if we can help Felix out. To work out ways to balance income and expenditure The Finance Coach puts the poster up on the wall where it can be easily seen and hands out Worksheet 5. I d like you to work with the person sitting next to you and think of at least three ways that Felix might be able to achieve his dream. Please bear in mind that Felix does not want to run up any debts whatsoever! The suggestions must take account of both income and expenditure. Please write your ideas on Worksheet 5. The pupils now spend around 10 minutes discussing possible solutions. So let s see what suggestions you ve come up with. The Finance Coach asks a number of pupils to present their results to the class. Please expand on the suggestions in greater detail and use sample figures to justify them. Give the other pupils a chance to say what they think about the solutions, too. The Finance Coach then takes an example of a successful solution and writes out all the relevant sums on the board with the pupils help. You ve all come up with some great ideas for how Felix can achieve his dream. As you ve seen, there are a number of ways that Felix can increase his income and reduce his expenditure. The Finance Coach gets each group to put their worksheet on the poster. Handover to slide 11 Let s have another look at Felix s financial plan. Help Felix to plan! Expenditure Scooter 450,00 Helmet 80,00 Scooter license 100,00 Insurance badge 30,00 Fuel (12 x 20 ) 240,00 Mobile phone 210,00 Going out 210,00 Total 1.320,00 20 mins Training 3: Planning/Guidelines for the Finance Coach/Page 15

16 Training 3: Planning/Basic/Presentation/Page 11 Training 3: Planning/Basic/Presentation/Page 12 Slide 11 WHAT IS FELIX S EXPENDITURE? Help Felix to plan! Expenditure Scooter 450,00 Helmet 80,00 Scooter license 100,00 Insurance badge 30,00 Fuel (12 x 20 ) 240,00 Mobile phone 210,00 Going out 210,00 Total 1.320,00 To identify that there are both ongoing expenses and one-off expenses 3 mins We ve already worked out what Felix s scooter is going to cost him over the first year that he owns it. Thanks to your help, he s been able to buy the scooter. It s now sitting proudly outside his front door. Are these all the expenses associated with the scooter, or are there any more costs to take into account? What will the scooter cost Felix in the second year that he owns it? The pupils offer their suggestions. Let s take a closer look at two items of expenditure. For example, the helmet and the fuel. What s the difference between these two items of expenditure, apart from their prices? The pupils offer their suggestions. Which items of expenditure are one-off expenses and which are ongoing expenses? The pupils divide the items of expenditure into one-off and ongoing expenses. The Finance Coach fades in the right answer in two stages. The Finance Coach recaps the correct answer: There is an important distinction between some of these items of expenditure: some are one-off expenses, while others are ongoing expenses. Is there anything else we haven t considered? The pupils offer their suggestions. The Finance Coach gives the pupils a few ideas: What happens if you get caught driving too fast? What happens if you get a flat tyre? The Finance Coach points out that it is important to ensure you have a financial cushion for any unexpected eventualities. Handover to slide 12 There s one very important thing that we still haven t discussed. Tip: Some graphical elements are animated and the slide builds up step by step. Why does Felix want to avoid getting into debt? Getting into debt is when you spend money that you don t actually have. you will always have to pay the money back later. And you ll end up paying back more than you got, because you ll have to pay interest on the money you borrowed. Paying for something in instalments is also a type of loan. Although it looks like a cheaper option, it usually works out as more expensive than paying the whole sum at once, e.g. flatscreen TV: Lump sum of 449 or 36 payments of 15 each. Training 3: Planning/Guidelines for the Finance Coach/Page 16

17 Training 3: Planning/Basic/Presentation/Page 12 Training 3: Planning/Basic/Presentation/Page 13 Slide 12 WHy DOES FELIX WANT TO AVOID GETTING INTO DEBT? Why does Felix want to avoid getting into debt? Getting into debt is when you spend money that you don t actually have. you will always have to pay the money back later. And you ll end up paying back more than you got, because you ll have to pay interest on the money you borrowed. Paying for something in instalments is also a type of loan. Although it looks like a cheaper option, it usually works out as more expensive than paying the whole sum at once, e.g. flatscreen TV: Lump sum of 449 or 36 payments of 15 each. To rule out the option of getting into debt in order to buy something Step 1: When we were looking into how Felix can achieve his dream, there was one option that Felix himself ruled out at the start: He does not want to get into debt! Why do you think he ruled out that option? I d like you and the person sitting next to you to have a quick think about what reasons Felix might have. The pupils discuss the issue briefly. They then provide their suggestions. A class discussion should take place. The Finance Coach should also introduce the issue of paying for items in instalments. Step 2: The Finance Coach fades Felix s arguments into the slide one by one. Who would like to read out Felix s arguments against getting into debt? One pupil reads out Felix s arguments. Afterwards, give the pupils an opportunity to comment on debt and paying for things in instalments. Handover to slide 13 To round off, here are the key points we ve covered today. Tip: Some graphical elements are animated and the slide builds up step by step. Get financially fit! Tips 5 mins you can plan a lot in your life. Including how to handle money. Work out what your income A plan will help you and expenditure are. fulfil your wishes. Don t spend money One-off purchases often lead that you don t have. to ongoing expenses. What else...? Training 3: Planning/Guidelines for the Finance Coach/Page 17

18 Training 3: Planning/Basic/Presentation/Page 13 Training 3: Planning/Basic/Presentation/Page 14 Slide 13 GET FINANCIALLy FIT! TIPS Get financially fit! Tips Work out what your income and expenditure are. Don t spend money that you don t have. Handover to slide 14/Feedback Sheet Now that we ve reached the end of the training, I d like to know what you thought about it. you can plan a lot in your life. Including how to handle money. A plan will help you fulfil your wishes. One-off purchases often lead to ongoing expenses. What else...? To work together to draw conclusions for planning Is there anything that you can or will do differently when you re planning things in the future? The pupils answer. Step 1: The Finance Coach fades in the Get financially fit! Tips. Who would like to read out the first tip? A pupil reads out the first line then another volunteer carries on with the next line. Step 2: We ve heard a lot of interesting things about planning. There are a number of words that we should add to our mind map. Can anyone think of any? New words are added to the mind map on the board as part of a final exercise. Playmobil Planning School Coffee cup Station The board Pupils expand their own mind map on Worksheet 1. Step 3: Hand out the My Finance Coach folders for the worksheets. What do you think? 5 mins Training 3: Planning/Guidelines for the Finance Coach/Page 18

19 Training 3: Planning/Basic/Presentation/Page 14 Training 3: Planning/Basic/Presentation/Page 15 Slide 14 / Feedback Sheet WHAT DO YOU THINK? Handover to slide 15 Thank you very much for all your work. Point out the web address of My Finance Coach: Mention the other training units on the following topics: > Shopping > Saving What do you think? To gather feedback To evaluate training units The Finance Coach goes through the feedback sheet with the pupils and answers any questions they have. The pupils complete the feedback sheet and hand it back to the Finance Coach. Thanks for listening! 5 mins Training 3: Planning/Guidelines for the Finance Coach/Page 19

20 Training 3: Planning/Basic/Presentation/Page 15 Slide 15 CLOSING REMARKS Thanks for listening! To say goodbye I hope you ve all enjoyed today s training as much as I have. I hope that we see each other again very soon. Tips for concluding the lesson Thank the teacher on behalf of the My Finance Coach initiative and present him with the mug. If you haven t already done so, give the teacher the teacher s folder and teaching materials for the Extension and Consolidation training units and point out that he is welcome to give these presentations himself or ask a Finance Coach to come into the class again. Talk to the teacher about whether he or any of his colleagues might be interested in further training units. If applicable, note this down on the registration fax form. 5 mins Training 3: Planning/Guidelines for the Finance Coach/Page 20