Financial Literacy for Careers

Diana Lopez

Tier 1

Lesson Plan

Financial Literacy for Careers

Learn financial management for careers

This lesson will introduce students to essential financial literacy topics within the context of their future careers. Students will learn about budgeting, saving, and understanding benefits packages. This lesson is important as it prepares students with practical skills for managing their finances efficiently and making informed decisions about future employment opportunities.

Audience

9th-12th Grade Students

Time

1 hour

Approach

Learn financial management for careers

Materials

Whiteboard and markers, Printed budgeting worksheet, and Discussion guide on benefits packages

Step 1

Introduction

5 mins

Welcome the students and explain the importance of financial literacy in their future careers.
Briefly outline the topics: budgeting, saving, and understanding benefits packages.

Step 2

Budgeting Basics

15 mins

Explain the concept of budgeting.
Discuss the importance of tracking income and expenses.
Introduce different types of budgets (e.g., fixed, variable, discretionary).
Provide an example of a simple budget and explain how to create one.

Step 3

Budgeting Activity

15 mins

Hand out the printed budgeting worksheet.
Ask students to fill out the worksheet based on a hypothetical monthly income and list of expenses.
Circulate to assist and answer questions as needed.

Step 4

Saving Strategies

10 mins

Discuss the importance of saving money for both short-term and long-term goals.
Explain different saving strategies (e.g., emergency fund, retirement savings, investing).
Provide tips on how to save money effectively.

Step 5

Understanding Benefits Packages

10 mins

Introduce the concept of benefits packages and why they are important.
Discuss common components of benefits packages (e.g., health insurance, retirement plans, paid time off).
Provide an example benefits package and explain the different components.

Step 6

Discussion on Benefits Packages

10 mins

Use the discussion guide to facilitate a conversation about evaluating benefits packages.
Encourage students to ask questions and share their thoughts on what they would prioritize in a benefits package.

Step 7

Conclusion

5 mins

Recap the key points covered in the lesson: budgeting, saving, and understanding benefits packages.
Emphasize the importance of applying these skills in their future careers.
Answer any final questions from the students.

Worksheet

Budgeting Basics Worksheet

A worksheet to help students practice creating a budget based on a hypothetical monthly income and list of expenses.

List your hypothetical monthly income.

Consider net income after taxes.

List your fixed expenses (e.g., rent, utilities, car payment).

List your variable expenses (e.g., groceries, entertainment, transportation).

List your discretionary expenses (e.g., eating out, hobbies).

Calculate your total monthly expenses and compare it to your monthly income. Are you over or under budget? By how much?

Discussion

Understanding Benefits Packages Discussion

A discussion guide to help students understand and evaluate different components of benefits packages.

What are the most important components of a benefits package to you, and why?

Encourage students to think about their own priorities and future needs.

How can you compare different benefits packages when evaluating job offers?

Discuss the importance of considering both the financial and non-financial aspects of benefits.

Why might a job with a lower salary but better benefits package be more attractive?

Guide students to consider long-term perks such as health insurance, retirement plans, and paid time off.