View All Pages

Lesson 4 - Overview

Lesson 4 -  Financial Services: Savings Plans and Payment Accounts

 Objectives

Upon successful completion of this lesson, students will be able to:

 LO4.1 Identify commonly used financial services.
 LO4.2 Compare the types of financial institutions.
 LO4.3 Assess various types of savings plans.
 LO4.4 Evaluate different types of payment methods.

 

Overview

Lending practices, foreclosures, higher fees, and tougher account requirements have created a different environment for financial services. Today, you will find more emphasis on consolidation of accounts and online electronic banking while you encounter lower savings rates and higher loan rates.
 
More than 20,000 banks, savings and loan associations, credit unions, and other financial institutions provide payment, savings, and credit services. Today,  “banking” may mean a credit union, an ATM, or a phone app to transfer funds. While some financial decisions relate directly to goals, your daily activities  require other financial services. 
 
Buying groceries, paying the rent, and completing other routine spending activities require a cash management plan. Cash, check, credit card, debit card, and online/mobile transfer are the common payment choices. Mistakes made frequently when managing current cash needs include (1) overspending as a result of impulse buying and using credit; (2) having insufficient liquid assets to pay current bills; (3) using savings or borrowing to pay for current expenses; (4) failing to put unneeded funds in an interest-earning savings account or investment plan.

Read:

Chapter 4 (LearnSmart)

 

View:

Chapter 4 Narrated Slides Links to an external site.

Download Chapter 4 PowerPoint

Chapter 4 Videos

Discuss:

Download PF Ch 4 Discussion Outline.docx

 

 

Helpful file(s) and information:

Reconciliation.png

Submit:

Connect and LearnSmart

  • LearnSmart (estimated 45 minutes, but will vary by user)
  • Chapter 4 Homework (5 questions, You may want to wait until after math lesson in class.)