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In an age when teen spending approaches $200 billion each year, financial education is a desperate need--a need that math teacher Carole Stackpole is delighted to fill.
In Ms. Stackpole's Finance and Math class at Sacred Heart Academy in Hamden, Conn., high-school seniors spend a full semester creating a budget, tracking their spending, and exploring essential personal finance topics. The curriculum is based on Practical Money Skills for Life's college lessons, modified by Ms. Stackpole.
"The class starts with an assignment to keep track of every penny they spend and earn for two weeks," she says. Once they have a clear picture of where their money is going, they start to construct a fully personalized budget using Practical Money Skills' budget calculator. "I also share with them how I track my income and expenses, and what my categories are. I tell them that all our categories could be very different. Their budgets have to be real for them."
The students use an Excel spreadsheet to maintain their budget for the rest of the semester, updating it and handing it in once a month. The assignment is so popular that some students choose to update their sheet every week or every other week instead.
"As we work on this, they often tell me that they're becoming more aware of their spending. And they gradually change their habits, like buying coffee every morning before school," Ms. Stackpole observes. "They're always amazed at how much they spend on food."
Wise spending habits are arguably the most valuable lesson to be learned--the bedrock of good money management. The class builds on this foundation with lessons about the most common financial issues faced by adults: using a checking account and credit cards, buying for a home or car, and saving for the future. Ms. Stackpole integrates online educational videos and guest speakers to make the course even more well-rounded and engaging.
The lessons learned extend far beyond the classroom. Parents notice the effect it has on their kids. "They're very happy with the discussions they have with their children after we talk about something in class," says Ms. Stackpole. Many parents ask to take the class themselves as a result.
Most important, the awareness students gain doesn't fade once school ends. "Many of my students have told me that after the class was over, they still kept track of their spending and used the ideas we discussed to make smart decisions with their money."
Finance & Mathematics Class Webpage
Course Syllabus
Daily Topics & Assignments
Budget Template (Excel)
Sample Student Budget #1 (Excel)
Sample Student Budget #2 (Excel)
Sample Goal-setting Worksheet Using SMART Method
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