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Learning Intention: Examine ways to save.
Learning Intention: Examine ways to save.
Success Criteria
Success Criteria
12. I have investigated different savings plans and identified one that works for me.
Do Now
Do Now
Disney Plus offers two ways of payment. Either $14.99/month or $149.99/year. Answer the following questions on page 21.
Which offer is better?
In what situation might you want to use the other offer?
Learning Tasks
Learning Tasks
Watch the videos on What is KiwiSaver, the Types of KiwiSaver Funds and Frances Cook (NZ Finance Journalist) Kiwisaver Advice.
Make some observations and inferences looking at Ms Garlick's Bank Account on pages 30-32.
Copy down the notes that that Ms Garlick writes on her Bank Account to learn about the different ways to save and invest.
Spend some time finishing up your "My Budget" on page 35-37. The goal is to determine what is your net expenses and how much money you have left over to contribute to savings. Remember, this budget is how Ms Garlick is going to determine your grade for Futures and Finance. Below is the list of things that should be completed in your budget and where to find the numbers. If you missed a lesson, I have provided example numbers that you can use instead. Remember the insurance costs are optional, but if you choose not to get insurance, you should then budget for it under "emergency money" on page 36.
Extension - Mahi Choice: If you finish early, here are some things to work on...
Complete the Risk Profile Questionnaire on ANZ to determine which investment fund is right for you.
Research ways you can save on your "fun money" expenses. Where can you get deals on the things you enjoy? Some examples include First Table, Food Print or Wonky Box.
Research ways to your hobby into income. Is there a way to turn your hobby into a side hustle?
Explore Instagram Accounts that five financial advice: @francescooknz, @the.hiddenfigures, @whanauwhutures, @your.richbff, @lowwhaley, @erikankullberg, @ecommjess
Teacher Notes
Teacher Notes
I unfortunately don't have a copy of the notes I refer to in Task 4 as I was in a rush teaching this lesson and didn't have a chance to write anything down. But here are the key things I wanted them to take away.
The difference in the interest rate for my emergency fund vs rainy day and requirements to get that interest rate.
The higher return on using an investment fund instead of just a savings account. Use this to talk about what is compound interest.
Mention that both the KiwiSaver and a investment fund act in the same way to return profits and risk, but the investment fund allows more flexibility with withdrawing the money. KiwiSaver can only be withdrawn for a deposit for a first home, retirement, or financial hardship.
Lastly, talk about of KiwiSaver is Aotearoa New Zealand's retirement fund (also known as a pension). It's the money you use when you're older and no longer working. KiwiSaver does have an automatic contribution rate which comes out of your paycheck and you can choose what percentage to set it as. Your employer will match up to 3% and the government gives a annual bonus for contributing.
Remember to have discussions after Task 5. If you do a quick Google, the advice is to save 20% of your income. But honestly, that is not aggressive enough. Anything leftover after you do your budget is money you should be saving, and saving in the form of an investment fund. The other thing is that if you don't have enough money leftover, you need to rethink some of your lifestyle choices. You can also use this as a jumping ground to talk about the cost of living crisis, why people are moving out of Auckland, and even politics because the policies that are made affects your wallet.
If you do/use the extension task (Task 6, "Interest and Savings" Worksheet), that this program hasn't gone over the calculations for how to do simple interest and compound interest. As a teacher, you will need to work through a few examples so students know what to do. It's probably also worth providing the answers while they're working so they can work backwards/see the process.
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