SMART Money:
Why it Pays to be Financially Responsible

Essential Question: “What does it mean to be financially responsible?”

Investigate: Our Current Money Skills

 [Time Required: 15 minutes]

1. Begin by asking yourself about the last big purchase you made. What was the purchase? What decisions and research went into it? Are you still happy with the purchase?
2. What other strategies could you use before making other big purchases (e.g., comparing cell phone plans across carriers or weighing the short-term and long-term happiness of buying a new video game system)? What could happen if you didn’t have a spending strategy? Not having a purchase strategy can lead to spending more than you need to on certain items and spending beyond your means.
3. What do you think is meant by financial responsibility. Why is it important?

Student Preparation: Understanding Financial Lingo

[Time Required: 15 minutes] 

1. Take a look at the SMART Money: Know the Lingo activity sheet.
2. Have you heard of the terms on the activity sheet before. If so, where? Were any of the concepts addressed in the discussion about purchases? How do these strategies connect to the idea of financial responsibility? 

Challenge: What Would You Do?

[Time Required: 30 minutes] 

1. Look at the SMART MONEY: What Do You Do? activity sheet and think about how you would approach the financial scenarios presented.
2. What challenges did you face in addressing the scenarios and how did you overcome these challenges. What websites did you find the most helpful and why?

Reflection

[Time Required: 10 minutes] 

Journal in your notebook about how making responsible financial decisions can lead to financial well-being over a lifetime. What other financial decisions will you likely be faced with? Consider the importance of making decisions that take into account financial information like income, expenses, budgets and goals.