FINANCIAL LITERACY INDIVIDUAL RECOGNITION PROJECT
As Future Business Leaders of America, it is essential to learn how to make smart monetary decisions and master the basics of financial literacy. Finance is an enormous sector of the business economy, and also impacts our daily lives. It is important for high school students to become fiscally aware and to master the skills of efficient money management that are imperative as they transition from school to work.
Complete THREE required activities and ONE activity from either “Getting Started with Credit and Debit Cards” OR “Money Management,” for a total of FOUR activities. You may refer to the Financial Literacy Project Guide for samples of completed activities that may be helpful in completing this project.
TO COMPLETE FINANCIAL LITERACY
• Write down two financial goals in each of the following areas: 1) Short term (less than two months) 2) Medium term (two months to one year) 3) Long term (more than one year) • Include a dollar amount to each goal such as specifics on how much it will cost and where the money will come from. The more detailed you can be, the more motivated you will be to achieve your goals!
Create a Budget
Set Financial Goals
Step 1: Planning Financial Goals | Complete the following required two activities.
• Create a one month budget mapping out where your money is coming from and where it will go. Include all income and expenses. If there is a deficit, brainstorm and list three ways to earn more money or cut expenses.
Step 2: Financial Reflection | Complete the following required activity.
Write a 200-word essay on the importance of fiscal responsibility. Discuss what you have learned from achieving this project, the impact of money management on your life, and the importance of financial responsibility from a national perspective.
Step 3: Complete ONE of the following activities in either “Getting Started with Credit and Debit Cards” or “Money Management.”
GETTING STARTED WITH CREDIT AND DEBIT CARDS Activity 1:
Credit vs. Debit
1. Create a 5-10 minute PowerPoint presentation to your chapter comparing and contrasting credit and debit cards. 2. Attach an outline of your presentation with your adviser’s signature on the bottom-right corner. 3. Have three chapter members fill out the “Credit vs. Debit Rubric” on page 3 of the Financial Literacy Project Guide to evaluate your presentation. Attach these three completed rubrics to your outline.
The Basics of Credit
Research three different credit card brands and create a spreadsheet comparing the following:
Annual Percentage Rate Billing Cycle Are there membership fees? Do you receive anything in return? (Membership points, a percentage of money back, etc.) When is your payment considered late? How much are late fees?
Refer to the Financial Literacy Project Guide for the chart format for this activity.
Understanding a Credit Score
Write a 200-word essay addressing the following:
What is a credit score? Why is it important? How is it determined? How do you boost your score?
MONEY MANAGEMENT Activity 4:
How to Rent an Apartment
1) Research an apartment and schedule a visit with the landlord. Take a picture of yourself with the landlord inside the apartment. 2) Create a one month plan for living expenses. (Include rent, utilities, food, clothing, etc.) Refer to the Financial Literacy Project Guide for a sample.
Creating a Savings Plan
Create a 5-10 minute presentation to your chapter on three different types of savings plans (i.e. bank savings account, money market fund, certificate of deposit, checking account.) Include the following:
Return on Investment Liquidity Safety Ease of Use Federal Deposit Insurance Corporation (FDIC) Coverage
Attach an outline of your presentation with your adviser’s signature on the bottom-right corner.
Write a 200 word essay comparing and contrasting two types of student loans (i.e. federal subsidized, federal non-subsidized, institutional, bank provided)
Research and list the names of three college scholarships that you would like to apply to. Include steps you will need to take in order to apply for the scholarship. In these steps, consider deadlines, essays you may need to write, and other materials you will need to submit.
FINANCIAL LITERACY PROJECT PARTICIPANTS SUMMARY Chapter: _________________________
No. Names of Members (Please Type) 1.
Adviser: ________________________ Adviser’s Email Address: ___________________________ School Address: _________________________________________________________________ Date Please submit this Financial Literacy State Project Participants Summary along with each participant’s materials to the State Projects drop box on cafbla.org. The deadline for this project is December 22, 2011.
QUESTIONS: Please contact Jennifer Stalley at firstname.lastname@example.org.