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Finance & Business

Lesson Plan Originally Created By: Judy St.Denis

Financial Planning NEFE Lesson 4 - Roadblocks and Your Financial Plan

Part of Unit: Personal Finance

Lesson Plan Overview / Details

Goals can be set, but without proper planning, roadblocks can put a damper on any well made plan. This lesson gives students tools to use to overcome those roadblocks. Students will also create their first financial plan which will help them to begin thinking about budgeting their money in order to get what they want.

To the Instructor

Lesson 4 is the fourth lesson in a series of 4 lessons for Unit One, "Your Financial Plan: Where It All Begins." There are 7 units to this course.  The National Endowment for Financial Education (NEFE) has a student guide workbook as well as an Instructors Manual (IM) that you need to download which is free of charge.  Go to http://hsfpp.nefe.org/  for this free program, then click on Instructor at the top of the page and register to use this Financial Planning Program for high schools. You can also request free workbooks for your students to use and take home as well. You will have access to the IM which is online.  There are chapter assessments at your fingertips for each unit as well. The NEFE website has videos, PowerPoint presentations, copy of the entire IM and student workbooks, and much more. This unit will take 4 to 6 class periods to complete depending on class schedules and added activities for student retention.

Lesson Time

Time
50 Minutes

Student Objectives / Goals

Students will:ยท- Identify potential roadblocks that will hinder a person's ability to carry out a financial plan- Do a "Quick Write on the value of restraint and self-control

Activities in this Lesson

  • Roadblocks - Check Understanding

    Time: 15 minutes including video

    “Read page 12 in your workbook and then, on a piece of paper, list some roadblocks that might pop up in trying to accomplish a goal of yours in Assignment 1-1 that you might not have thought about.”

  • What Would You Do? - Group Work

    Time: 1 and 1/2 class periods

    Have students pair up to create a skit on handling roadblocks that might come up. Each student is to tell their partner a possible roadblock that they have thought of.  Their partner is to come up with solutions or changes that the other could/should make and together create a skit (not less than 1 minute or more than 2 minutes each) on how they would explain their ideas and/or solution to their partner.

    Teachers can put roadblocks on pieces of paper and put them in a container for those students that have a hard time thinking of one. Give student teams 5 to 8 minutes minutes to discuss the situation and then begin.

  • My Financial Plan - Assessment

    Take home as homework.

    After reading page 13, it's time for students to create their financial plan. Copy and hand out the document below which contains student directions (rubric). Go over the entire sheet with them so that they understand the criteria. Notice that #4 has them include their spending record/log.

Materials/Resources

  • Teachers Manual - Unit 1 Teachers Manual - Unit 1 [ Download ]
  • Teachers Resource - Unit 1 Teachers Resource - Unit 1 [ Download ]
  • Unit One - Student Guide Unit One - Student Guide [ Download ] This is the student guide workbook and has all the pages to complete unit one.
  • Unit 1 PowerPoint Unit 1 PowerPoint [ Download ] Use as a review of Unit One

Conclusion

Reinforcement:

  • Students talk about what creating a financial plan is all about
  • Students discuss why it is important to stick to a plan

What next:

  • Students will hand in their Financial Plan which will be returned with a grade. (Rubric is on page 14 in the student workbook which students will have followed to complete their plan)
  • Unit Two, Budgeting: Making the Most of Your Money