Course Title: Money Management I Term: Fall 2015

Course Title: Money Management I Term: Fall 2015 Instructor: Ms. Shy E-mail: sshy@nl.edu Phone: Office Hours: by appointment Course Description: Money Management 1 is the first of a three part series designed for the P.A.C.E. at NLU students. The fall quarter will focus on budgeting and discusses the process of developing and maintaining a budget. The students will also be exposed to an in-depth look at banking and helps to develop banking skills such as filling out deposit and withdrawal slips, using a check register, understanding how apps can assist in tracking financial transactions, and a general understanding of how the banking system functions. Prerequisite(s): None Co-requisite(s): None Required Instructional Materials: Week 1: Syllabus POLL assessment Accordions for students to use in the budgeting process Week 2: Check writing practice sheet for homework Week 3: Week 4: Budget Scenario 1

Week 5: Tour of a bank Week 6: YouTube video Word and definition cards Week 7: Week 8: Large check for each group Parts of check identification for each group Week 9: Different ways checks are process power point Week 10: Monopoly electronic game Established Course Goals: Daily Living Skills 1. Managing personal finances Sub Competencies: 2. Making responsible expenditures 3. Keeping Financial Records 6. Using banking services Self determination and interpersonal skills 10. Understanding self-determination Sub competencies: 44. Anticipating the consequences of choices 14. Making good decisions Sub- competencies: 62. Developing plans and attaining goals. Course Understandings: The students will understand the importance of a budget. 2

The students will understand how to use their money management accordion. The students will understand the 8 individual categories for budgeting at P.A.C.E. at NLU. The students will understand how to properly fill out a blank check. The students will have a basic understanding of the difference between a want and a need in relationship to budgeting. The students will understand that they need to have a weekly budget as well as follow the budget. The students will understand that they have to use self control when faced with spending choices. The students will have a basic understanding of how a bank functions. The students will have a basic understanding of how a check is processed by a bank. The students will understand the differences between a savings and a checking account. Essential Questions: Why does P.A.C.E. at NLU students have a weekly budget? How much is your weekly budget? What is the difference between a personal want and a personal need? How can having a budget help you to become more independent? What is the difference between a savings and a checking account? What are some of the services that a bank has to offer their consumers? Why do students have to use self-control when working within a budget? What happens if you do not fill out your check correctly when your write it out? What does it mean when you deposit money into your account? What does it mean when you withdraw money from your account? What happens if you write a check for more than you have in your account? Expected Outcomes: At the end of the quarter you will be able to: Properly fill out a check for CASH to NLU. Identify the checking account number on their personal check. Identify where on a check you write the number amount of your purchase. Identify where on a check you write the number amount in words on a check. Identify the check number on a check. Students will be able to use the MINT app to check their daily balance. Students will be able to properly fill out a deposit form for their checking account. Students will be able to access the weekly budget on the Weebly site. Students will be able to discuss the basic wants and needs of a P.A.C.E. student. Grading Criteria: 3

Attendance Participation Assignment Completion Skill Competency/ Portfolio Presentation 25% 25% 25% 25% May only miss 2 class sessions per quarter. A = 90-100% B = 80-89% C = 70-79% D = 60-69% F = 0-59% Is respectful, raises hand, joins discussions, does not use personal devices w/out permission All graded class & athome assignments Portfolio evidence, weekly instructor observation & rating (1-5) Student Expectations: Each student is expected to come to class on time and prepared. Each student is expected to participate in class activities and discussions to the best of their ability. Students are expected to attend all scheduled classes. If you are ill, then it is your responsibility to contact the instructor by phone, e-mail or by stopping by their office. Students are required to make up all work that is missed due to illness. Incomplete work throughout the quarter will need to be made up. A specific plan to make up work must be approved by the instructor. Students may NOT bring food or drinks near the computers in the lab. Students will ONLY use cell phones, laptops, tablets, or other electronics in class when it is approved as a needed tool by the instructor. Week Topic Assignment Due 1 Week 1: Objective: The students will understand the purpose and expectations of Money Management 1 class. Lesson: The instructor will distribute the Money Management 1 syllabus and discuss the expectations for the class. Instructor will ensure that all students have checking accounts and have brought their checks with them to school and class. Instructor will discuss the basic concept that each student will be writing one check a week to NLU to cover their expenses. Students are 9/28 4

2 not permitted to write additional checks throughout the week. Instructor will ask students that have brought their debit cards to school with them to voluntarily turn them in for the fall quarter. Instructor will conduct a POLL Assessment regarding current banking system knowledge. (upload POLL assessment) If time permits, Instructor will have the students download the MINT app so that the students will have it available for the next class session. Assignment:Students will write a reminder in their calendar/assignment notebook to bring their checkbook to class next week. Week 2: Objective: The students will understand how they will manage their money while enrolled in P.A.C.E. at NLU. Lesson: Instructor will share the weekly budget with the students. Instructor will use the check writing visual to assist the students in filling out their check correctly. Students will write their weekly check for $85. Instructor will take the class to the NLU registrar so they can cash their weekly check. Instructor will have each student place the properly budgeted amount in each section of their money management accordion. Instructor will review with students each individual money category in their accordion and what that money will be used for during the week. Example = Laundry money can only be used to launder their clothes. If the student uses this allocated money to purchase other items, they will not have money to wash their clothes this week. If the student cannot do their laundry this week, then they might not receive a successful grade in life skills. Categories in Money Management accordion: Laundry money used to wash clothes Weekend activity money used to attend weekend activity 10/5 5

Weekend meal evening meal on Saturday night Emergency Money money to be used in an emergency, lost U-PASS, sick and had to take a cab back to dorm, needed cold medicine. Supplies you are stocked up with supplies right now, you will run out of things like shampoo, cream rinse, toothpaste, toilet bowl cleaner, birthday card for friend Transportation at times the U-PASS will not cover your transportation if you travel outside of the city of Chicago. You need to have some cash on your Venture card Savings - P.A.C.E. students learn to save for more expensive activities. You will usually be saving each quarter for a more expensive event. Pocket Money money not in accounted for in your weekly budget that you can save or spend. Instructor will discuss with students how their budgeting needs at P.A.C.E. Will be different than when they were living at home. P.A.C.E. students will be writing one check per week. Even if you run out of money, you cannot write another check. It is also expected that you follow the weekly budget. Leaning to live on a budget will enable you to take a step toward independence. 3 Assignment: Students will complete the check writing practice sheet for their out of class assignment this week. Week 3: Objective: The students will understand the importance of managing their money. Lesson: Instructor will write the word PLANNING on the white board. Instructor will give the students a few minutes to jot down what they think planning means. Instructor will ask the student to share what they jotted down about the word planning. As the students share their ideas the instructor will write their responses on the white board. 10/12 6

The instructor will next ask the students to connect their ideas on the board to the concept of budgeting. How do their ideas of planning apply to budgeting? The instructor should be able to link the planning for a budget to just planning in general. At P.A.C.E. We plan how we are going to spend our money. This helps us to be responsible without money and spend it mostly on our needs, not our wants. Instructor will give the example that we need our laundry money to wash our clothes so we look and smell professional. At the same time we want to go out with our friends to have a smoothie, but the only money we have available is our weekly laundry money. If we use our laundry money for the smoothie, we will not be making responsible choices with our money. Instructor will ask the students to discuss with the group the difference between needs and wants. In this situation, items listed on the P.A.C.E. Budgets are needs. They are needs because if we are not responsible with our money and follow our budget, we will not be successful in the program. Assignment: Students will make a list of what they think their wants and needs will be while they are at P.A.C.E. They need to list at least 5 wants and 5 needs. 4 Week 4: Objective: The students will understand how a following a budget can help them be financially responsible. Lesson: Instructor will review with the students that a BUDGET is a plan for managing money. Instructor will distribute the budget scenarios. As a group the instructor will review the scenario of Mark at P.A.C.E. The group will discuss the concept that if you don t have a plan for your money, it is possible that you will not have the money you need for all your responsibilities. 10/19 7

Instructor will write the following terms on the white board. Responsibility Self-Control The instructor will ask the students to brainstorm how these words can affect a person s budget. The instructor will ask the students the following question: Is having a budget good enough to ensure you have enough money for all your commitments? Answer: No, you have to follow the budget as well. You have to be responsible and exercise self control. The instructor will share the following information with the students. Having control means that you will be able to stop yourself from overspending. Having selfcontrol means that you will stop yourself from ordering a pizza when you do not have the money in your budget. A person who cannot live on a budget will struggle to be independent. Being able to manage a budget is hard work. But it is a good step toward independence. Assignment: The students will document a situation where they had to exercise self control in regard to their budget the last month. Week 5: Objective: The students will receive a tour of a bank to broaden their knowledge of the banking system. Lesson: The instructor will arrange for the students to tour one of the many local banks in the loop. 5 Assignment: Students will create a review of at least two concepts they learned on their bank tour. Students can choose to create visual review using clip art or any other electronic applications, they can illustrate their ideas or create a video of information they learned to be shared with the class. 10/26 8

6 Week 6: Objective: The students will understand the banking industry and the basic services it offers. Lesson: Instructor will start class with the banking video. https://www.youtube.com/watch?v=ha8voavn1jk Instructor will write the word BANKING on the white board. Instructor will put the word cards on the table and the definition cards on the table. The students will work together to match the word card with the definition card. Once the whole group feels they have the information correct the instructor can check their work. If the students have a few matches incorrect, the instructor can un-match that pair of cards and ask the students to keep trying. WORD CARDS: ( put the word cards on a color index card) (write the word definitions on a white index card) Minimum balance the lowest amount of money you can keep in your account without being charged a fee. Individual Account an account for only one person Joint Account an account for two or more people Account number a special number assigned to you so the bank can identify your account Service Fee money that banks charge their customers for banking services. Deposit to put money into an account Withdrawal to take money out of an account. Once the students have matched the word with the correct definition the instructor will review each pair. Students will be encouraged to ask questions about any of the terms. Assignment: Students will take two of the terms and their definitions from class and create a picture representation of the concept. 11/2 9

Students can use clips art, illustrate their terms, or create a video using the show me app for their visual representation. 7 8 Week 7: Objective: The students will understand the difference between a checking account and a savings account. Lesson: Instructor will ask the students to jot down an a scrap of paper the answer to the question: What is a check? Instructor should give the students about 3-5 minutes to brainstorm their answer to the question. Instructor will have the students share their responses with the class and write the responses on the white board. Instructor may have to ask additional questions in order to elicit the correct response. Additional questions might be: When you write a check, what are you promising? What does your check tell the bank? Is a paper check worth anything? ANSWER: A check is a promise. It is the bank s promise to pay the person who cashes the check and it is your promise that you have enough money in your account so the bank can withdraw the money to pay the person you wrote the check to. Instructor will ask the students who has a savings account. Instructor will ask the students what is the difference between a saving account and a checking account? ANSWER: A checking account is a place to hold money that we use on a regular basis. A savings account is a place to hold money that we want to save. Assignment: No out of class assignment. Catch up on missing assignments. Week 8: Objective: The students will have a working knowledge of all the individual components of a check. 11/9 11/16 10

Lesson: Instructor will have a large check available for each group of two students. Instructor will have parts of check identification available for each group. Students will use the core number on the check identification list and locate the corresponding parts of the check. Students will fill in the number on the large check to correctly identify the part of the check. After all groups have completed the exercise, the instructor will review with the students the correct answers. Instructor will encourage students to correctly label the parts of the check that they may have incorrectly identified. Areas of identification on the check are: 1. Name and address of the person who owns the checking account. 2. The check number 3. A place to write the date your cashing the check 4. Name of the person or place to whom you are giving the check 5. The amount of the check written in numbers. 6. The amount of the check written in words 7. The name of the bank 8. A place to write what the check if for 9. A place to sign the check in pen 10. Your account number 11. Another place on the check that has your check number Instructor will introduce the concepts of deposit and withdrawal. Deposit: To put money INTO your account. You can deposit into your checking or savings account. Withdrawal: To take money OUT of your account. Every time you write a check you are actually taking money out of your account. You can withdraw money from your checking or savings account. Some savings account have limit to how many withdrawals you can complete each month. 11

9 10 Assignment: Make a list of 4 purchases/activities you would like to possible create a saving plan for the winter quarter. Week 9: Objective: The students will understand the banking process used to process checks. Lesson: Instructor will ask the students the following question. Once you write a check, how long does it take before the money is withdrawn from your account? Answer: It can happen immediately or it can take a few days. It all depends on the banking process used by the person/establishment you wrote the check to. Instructor will use the power point Different Ways Checks are processed to assist the students in understanding how a check can be processed. Instructor will asks the students the following question: What happens if you write a check and you don t have the money in your account to cover the check? Answer: A number of things can happen. 1. The bank will charge you an extra fee because you over drew your account. In many situations the fee can be anywhere from $20.00 to $50.00. 2. The person s bank /merchant/establishment will also charge you a fee for bouncing a check to them. 3. If you write to many checks that you do not have money in your account to cover you can be in trouble with the law. 4. It can affect your credit rating. It is important to make sure you if you are writing a check that you have the money in the bank to cover the amount of the check. Assignment: No out of class assignment. Prepare for portfolio presentations. Week 10: Objective: Students will demonstrate their knowledge of concepts learned during the fall quarter. 11/30 12

Lesson: Students will participate in a review game of electronic monopoly. The game will provide the students with the opportunity to demonstrate the knowledge they have acquired in the money management class during the fall quarter. Game to be provided by Suzanne Shy Assignment: No out class assignment. Enjoy the winter break. 13