Tag Archives: saving money

Sep 30 2023

MUSEUM OF SAVING

With an increasing influence of finance, credit, and business on our lives, the Museum of Saving is an innovative, entertaining location. Families, adults, teens, and children are provided with a clear-and-simple approach to saving and investing for improved financial literacy. The museum’s mission is “to contribute to spreading financial education to help people make rational and informed decisions and act in ways to achieve the priorities of their lives.”

Through a combination of education and entertainment, the learning through play approach of the museum uses technology and interactivity to offer:

  • An introduction to economic history that includes the role of money, trade, loans, early banking activities, and major financial crises.
  • An overview of the most common financial instruments. 
  • Themed tours with audio-visual and interactive labs.
  • A multidisciplinary (economics, literature, cinema) view of famous people.
  • Gamification videos and apps to test and reward money management knowledge and skills.

While the Museum of Saving is based in Italy, you can access the exhibits online.

For additional information on the Museum of Saving, click here.

Virtual Tour:  

Teaching Suggestions

  • Have students talk to others to obtain advice on how to best learn about saving and investing.
  • Have students take a virtual tour of the Museum of Saving. What features do students consider to be most interesting and informative?

Discussion Questions 

  1. What actions do you recommend for a person to learn more about successful saving and investing?
  2. Describe factors a person might consider when evaluating different savings and investing alternatives.
Apr 15 2023

BEING A SUCCESSFUL SAVER

If you desire to create/expand your emergency fund or to save for a financial goal, consider these actions:

1. Identify a specific goal. You should have both a why and a what for your savings goal. A specific amount should be determined. Too general of a goal often results in failing to follow through.

2. Track your progress. Start by budgeting an amount each month (or week) for your savings goal. This will help you move forward. Next, use a chart or a graph (or a money jar for young people) to see your progress.

3. Visualize the result.  Photos or other visuals showing your vacation location, new furniture, or other item can help keep you focused. Or write down the importance of an emergency fund, and read it out loud each day.

4. Obtain help from others. Sharing your goals with a family member or friend can help you stay accountable. Talk about the excitement when you reach your goal.  Others can offer encouragement, savings tips, or information on buying an item at a discount.

For additional information on successful saving, click here.

Teaching Suggestions

  • Have students talk to others to obtain suggestions for identifying and achieving a savings goal.
  • Have students create a visual that might be used to monitor progress toward a savings goal.

Discussion Questions 

  1. Which actions in this article would be most beneficial to you for achieving your savings goals.
  2. Describe your experiences related to achieving a savings goal.   
Jul 29 2017

Could usage-based car insurance save you money?

  1. How does it work?

Most usage-based car insurance policies have you plug a small device into your car’s diagnostic port, which is usually under the dashboard.  Others use cell phone connections or apps.  All of them send information about your driving to your insurer.

  1. Is it a good deal?

It could lower your premium if you drive safely and don’t drive lots of miles.

  1. How about my privacy?

There are many privacy issues to consider related to these types of policies.

For more information click here.

Teaching Suggestions

  1. Ask students to find out if their car insurer offers usage-based insurance.
  2. Under what circumstance will you consider purchasing usage-based car insurance?

Discussion Questions

  • What might be the purpose of using global positioning systems and other technology in determining the car insurance premiums?
  • Will younger drivers embrace the monitoring devices, especially when car chips allow parents to monitor the speed and braking habits of young drivers?
Apr 2 2016

Want to save money on gas?

Gas prices have been low for a few years but, it is always good to save a few more dollars!

What if you are in a new city?  Gas prices can vary by 10-15 cents per gallon in a matter of a few blocks.  How would you know where to find the cheapest gas?  Good news!  The GasBuddy app can help you find the best prices on the go.

Use this article to help you save gas money near home or away.

Did you know that you can?

  1. Use apps to find the best prices no matter where you are.
  2. Get cheaper gas by buying at certain times of day.
  3. Improve your driving and save gas money.
  4. Maintain your vehicle and save gas money.
  5. Get more rewards with your gas prices.

Teaching Suggestions

You may want to use the information in this blog post and the original article to

  • Stress the importance of saving small and large amounts of money.
  • Calculate the miles a sample of students have driven in the past year and multiply by varying amounts saved (5-15 cents per gallon) to demonstrate the dollar savings potential.

 

 

Discussion Questions

  1. How important is choosing a car with good gas mileage?
  2. Ask how many students use these techniques.  Allow them to share their stories as well as any other techniques to save gas money.
  3. Discuss the pros and cons between gas powered, hybrid, and electric vehicles.
Jan 31 2015

What is your Personal Savings Rate?

The average personal savings, as a percentage of income, in the United States, has averaged about five percent.  To calculate your own personal savings rate, take these steps:

  1.  Total your savings for the year, including non-retirement savings, personal retirement contributions, and employer retirement contributions. The amount could be negative if you took on more debt than the total of your savings.
  1. Determine your total income by adding your take-home pay (after subtracting income taxes) to the amount your employer contributed to your retirement account.
  1. Calculate the personal savings rate by dividing (1) by (2).

For additional information on personal savings rates, click here.

Also, to see information about savings rates and other statistics, click here.

Teaching Suggestions

  • Have students calculate their person savings rate.
  • Have students interview several people to determine actions that are commonly taken to increase a person’s savings rate. 

Discussion Questions 

  1. What actions might be taken to increase savings?
  2. Describe financial difficulties that may occur when a person has inadequate savings.
Oct 1 2014

Creating a Low-Cost Food Plan

Spending on food can represent as much as one-third of a household budget.  Despite careful shopping many consumers are able to reduce this expenditure since they want to buy organic, eat a lot of produce, and buy high quality ingredients for cooking at home.

For better shopping (and healthier eating), especially with the possibility of higher food costs in the future (due to rising oil prices, drought, and massive food shortages), consider these suggestions:

  • reduce the variety of foods eaten; focus on 20 items or less
  • limit portions
  • buy seasonal produce
  • find substitutes for foods with the largest price increases
  • simplify your meal planning
  • reduce use of expensive herbs, spices, and other seasonings
  • avoid caffeine, alcohol, over-processed foods, fad-diet foods, and pricey meats

For additional information on creating a low-cost food plan go to:

The 17-Item Grocery Challenge: Creating A Low-Cost Food Plan

Teaching Suggestions

  • Have students interview some friends and family members about their food buying activities.
  • Have students create a video presentation with wise food buying strategies.

Discussion Questions 

  1. What are short-term and long-term benefits (financial and others) of wise food buying and eating healthier?
  2. What are some wise food buying techniques that may be commonly overlooked?