Category: Budgeting

Question of the Day: What's the average annual car insurance rates for a 16 year-old driver with their own policy?

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Sep 18, 2018
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Insurance, Question of the Day, Budgeting, Research
Answer: $6,930 Questions: Why do you think that 16 year olds have such high car insurance premiums?  What other factors, other than age, do you think that car insurance companies take into account when setting premiums?  If you currently drive and have your own insurance or are on your parent's/guardian's policy, do you know what the cost is?  Click here for the ready-to-go slides for this Question of the Day that you can use in your classroom. Behind the...

NGPF Podcast: Tim Talks to Author Brandon Brumage

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Sep 14, 2018
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Podcasts, Personal Finance, Budgeting
  Brandon Brumage came into personal finance the way most people do: he made a few mistakes before having that “aha” moment and wondering, “Why didn’t I learn this stuff sooner?” That question inspired his inner journalist to write a book about the financial trials and triumphs he learned growing up. With his book, Brandon hopes that his words of wisdom will help students prepare for the rest of their financial lives. From discovering how to be mindful about...

Question of the Day: How much do millennials spend annually on coffee?

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Sep 09, 2018
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Budgeting, Behavioral Finance, Retirement, Question of the Day, Investing
Answer: $2,008 Thanks to Lynn Fischer of Kimberly High School (WI) for recommending this Question of the Day!  Questions: Assuming that they buy a coffee every day of the year (365 days in a year), what would be the daily cost of a cup of coffee?  What are ways that millennials could reduce their cost of coffee without going "cold turkey" and not drinking it anymore?  Are there things that you buy on a daily basis that would add up to hundreds of dollars spent on an annual basis?...

FinCap Friday: Famous and Frugal

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Sep 06, 2018
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Budgeting, FinCap Fridays, Current Events, Savings
With the U.S. Open tennis tournament in full swing and the NFL season about to start, we thought students would enjoy learning about athletes and other celebrities who DO manage their money well. Learn more in the fourth installment of FinCap Friday, Famous and Frugal: New to NGPF's FinCap Friday? It's a fun way to engage your students with current events and includes: A five question Kahoot! A 90 second video providing details about the current event and explaining why it matters to students...

Activity idea: The Effect of Peer Pressure on Your College Finances

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Sep 05, 2018
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Behavioral Finance, Activities, Budgeting, Parent Conversations
During the college application process, students are told over and over again by family members and teachers that there are clear steps to follow: 1. Maintain a competitive GPA2. Take plenty of AP courses3. Score well on the SAT4. Partake in lots of extracurriculars It’s easy to see why so many students obsess over GPA, sign up for SAT prep courses, and take on extra AP classes during their junior and senior year. Perhaps it’s because money is such a taboo that students are rarely...

Question of the Day: What percent of American households have a pet?

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Aug 29, 2018
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Budgeting, Research, Question of the Day
Answer: 68%. Questions: Do you have a pet currently? Have you ever had a pet?  What do you think are the annual costs to have a pet, such as a cat or dog?  Would you ever consider buying pet insurance to help cover potential vet expenses for a pet? Click here for the ready-to-go slides for this Question of the Day that you can use in your classroom. Behind the numbers (National Pet Owners Survey): Sixty-eight percent of U.S. households, or about...

Question of the Day: What is the average cost of school supplies and fees for a high school student?

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Aug 19, 2018
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Budgeting, Question of the Day, Chart of the Week
Answer: $1,355 (here's a list of the required supplies and common fees that go into the index) Questions: What do you think are the largest back-to-school costs for high school students (required supplies and common fees only)? How much do you think you/your parents spent on required supplies and common fees (e.g., sport participation and college prep. fees)?  What has been the trend over the past few years for high school students when it comes to back-to-school costs?   ...

What We're Reading This Weekend (August 18-19)

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Aug 17, 2018
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Behavioral Finance, Investing, Checking Accounts, Chart of the Week, Budgeting, Paying for College
Quote of the week: In today’s world, information is cheap; meaning is expensive. [Bob Seawright] On the issue of sustainability front, Starbucks looking to save 6 billion cups from the waste stream. Their current to-go cup is difficult to recycle (audio from PRI). Yes, at some point, all good things must come to an end and we will have a recession again. Vanguard attaches some probabilities to it coming in 2020 in this NY Times piece.  Ever wonder why your students (and maybe you...

Question of the Day: What is the average cost of an emergency room visit?

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Aug 15, 2018
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Question of the Day, Budgeting, Research
Answer: $1,917 Question: Have you ever made a visit to an emergency room? How much do you think an emergency room visit costs if you have health insurance? Does knowing the cost of an emergency room visit make you more likely to get health insurance? Click here for the ready-to-go slides for this Question of the Day that you can use in your classroom. Behind the numbers (Becker Hospital Review): Between 2012 and 2016, the average price for an outpatient emergency room visit...

Digging Deeper: Tying the Knot--Millennials Tie Up the Financials First

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Aug 06, 2018
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Personal Finance, Budgeting, Behavioral Finance, Podcasts
A recent New York Times article went into depth as to why millennials are postponing marriage. The median age for marriage is now at 29 for men and 27.4 for women, up from 23 and 20.8 in 1970.  For those interviewed for the article, financial stability, being established in careers, and enjoying a variety of life experiences were important milestones to reach before marrying.  “People are not postponing marriage because they care about marriage less, but because they care about...

When Do You Hope To Achieve These Financial Milestones?

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Jul 31, 2018
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Budgeting, Credit Cards, Current Events, Research
Financial milestones present amazing opportunities to get young people to pay attention. I often get asked by parents about how they can engage their children when it comes to money. Milestones present these opportunities: On trips to the supermarket...let's make a shopping list, compare prices (brand vs. generic) and discuss all the traps that have been set (great video from PBS 2 Cents about this) Opening that first bank account...review the fee schedule for the account, described differences...

Is Your Car Buying Decision Hijacking Your Retirement Savings Plans?

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Jul 22, 2018
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Purchase Decisions, Budgeting
We know that your students love talking/thinking/dreaming about cars (even if data suggests it's less than previous generations). In fact, our Buying a Used Car activity in our Bonus Unit is a  student favorite. This activity can be used to pivot into a conversation about retirement savings also. How? The Wealth of Common Sense blog makes that connection between car buying and retirement savings. From a Ben Carlson tweet: Looking at prices for new SUVs and came to the realization this...

NGPF Podcast: Tim Talks To Canada's Youngest Retirees Bryce Leung and Kristy Shen

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Jul 20, 2018
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Podcasts, Investing, Budgeting, Behavioral Finance
  What is Bryce Leung and Kristy Shen's claim to fame? This couple holds the Canadian record in for retiring at the ripe, young age of 31! A few years into their careers as engineers, they reconsidered their lifestyle and strategically saved more so they could "live the dream" and retire early. So what are they doing now? Fulfilling their dreams in lands less traveled while living off their nest egg. Oh and their blog, Millennial Revolution, is spreading like fire among the F.I.R.E....

NGPF Podcast: Tim Talks to Banksgiving Founder Chris Banks

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Jul 13, 2018
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Podcasts, Budgeting
  Chris Banks transformed his struggle into a full-time passion project, and so Banksgiving was founded. His non-profit focuses on providing meaningful and comprehensive financial education to youth in Philadelphia. Listening to Chris in this podcast will make clear how he connects with kids and brings his unique life experiences to hook them. While still in its early years, Banksgiving has already made significant progress in providing young people with financial skills they need to...

Interactive: Do you have a designer's eye? OR Can you tell which item costs a $1,000 more?

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Jul 08, 2018
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Interactive, Budgeting, Behavioral Finance, Purchase Decisions
Ok, I have never been accused of having a designer's eye and answering the five questions in this Marketplace quiz provided further proof of that. I thought this short interactive might lead to interesting conversations about why we buy the things we do and all the psychological factors that play into purchasing decisions (e.g., status vs. function) From Marketplace:  Questions: Did you do better or worse than you expected picking out the higher-end furniture?  What surprised...