April is National Financial Literacy Month. The basics of teaching students about money and finance starts with a budget. Having a budget helps you keep track of money you earn and money you spend. Planning your spending will allow you to maintain healthy finances. It will also allow you to start growing those finances. This can be done through saving and investing.
Saving helps you meet your life goals. Most big goals need you to save some money. Do you want to buy a house? Do you want to go on a trip? Then you will need to save money. Count how much time you have to get the money. For example, a trip will cost $2000. You leave in one year. You will need to save about $165 a month. This amount seems more doable than $2000! Anyone can save! It just takes some planning and some new habits.
Use this free 5-Year Plan graphic organizer to help you change your saving habits. Having a five-year plan is a good way to sort your goals. It will outline what you want to achieve each year. They can be fun goals or work goals. Do you want to go to college? When do you want to buy a car? These are all examples of what you can put on your plan. Pick two of the goals to find more information on. Decide how much they will cost and how much you will need to save over five years. Chart your savings for each part of the year. You can also add other goals you have. Make it your own! The future is bright! Where will you go in the next five years?
If you want to get started with the basics, read our March 29, 2021 blog to create your own custom budget and download a Create Your Own Budget graphic organizer.
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