Term Planner: Financial Future for a 16-Year-Old Student

Term Planner: Financial Future for a 16-Year-Old

Week 1: Introduction to Financial Literacy

• Objectives:

  • Understand what financial literacy is and why it matters.
  • Explore the importance of managing money.

• Activities:

  • Group discussion on financial concepts.
  • Introduction to key terms: income, expenses, savings, investment, debt, credit.

Week 2: Budgeting Basics

• Objectives:

  • Learn how to create a budget and track expenses.

• Activities:

  • Workshop on setting up a personal budget.
  • Use of budgeting apps or spreadsheets.

• Assignment:

  • Create a weekly budget for yourself.

Week 3: Understanding Income

• Objectives:

  • Explore different sources of income (e.g., allowances, part-time jobs).

• Activities:

  • Guest speaker from a local business to discuss job opportunities for teens.
  • Role-play scenarios for job interviews.

Week 4: Saving Strategies

• Objectives:

  • Learn the importance of saving for short-term and long-term goals.

• Activities:

  • Discussion about savings accounts vs. checking accounts.
  • Setting personal savings goals.

• Assignment:

  • Choose a short-term and long-term saving goal.

Week 5: Introduction to Banking

• Objectives:

  • Understand how banks work and the types of accounts available.

• Activities:

  • Visit a local bank (if possible) to learn about services.
  • Demonstration on how to open a bank account.

Week 6: Introduction to Investing

• Objectives:

  • Learn the basics of investing and the types of investments (stocks, bonds, mutual funds).

• Activities:

  • Simplified stock market simulation game.
  • Discussion on the importance of starting early with investing.

Week 7: Credit and Debt

• Objectives:

  • Understand credit scores, loans, and interest rates.

• Activities:

  • Scenario-based discussion on credit card usage.
  • Role-play on making informed financial decisions.

Week 8: Smart Spending

• Objectives:

  • Learn to differentiate between needs and wants.

• Activities:

  • Group exercise on prioritizing spending.
  • Explore strategies for smart shopping (e.g., discounts, online shopping tips).

Week 9: Future Financial Planning

• Objectives:

  • Understand the importance of planning for future financial goals (college, cars, etc.).

• Activities:

  • Create a vision board for future financial goals.
  • Discuss education and career choices and their impact on finances.

Week 10: Review and Reflection

• Objectives:

  • Review key concepts from the course and reflect on learning.

• Activities:

  • Group discussions about lessons learned and how students plan to apply them.
  • Create a personal action plan for financial management moving forward.

Additional Resources:

• Recommended books on financial literacy for teens.
• Online resources and financial tools (like apps) for budgeting and investing.

Assessment:

• Weekly reflections on assignments.
• Final personal action plan for future financial management.

This term planner provides a structured approach for a 16-year-old to understand and manage their financial future effectively. Engage students with interactive activities and real-world applications to reinforce learning.