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Financially Savvy

Summary List of Descriptors

  • Individuals know how to budget and manage money responsibly; students are aware of budget constraints and basic budgeting best practices. 
  • Individuals allocate money within own budget for savings and investments; students understand the importance of planning for the future and saving/investing early in their lives.

Individuals set financial goals; students find, evaluate, and apply knowledge of financial information in order to make sound decisions. 

  • Individuals understand the differences between financial institutions, (banks, credit unions, etc.)  
  • Individuals understand interest rates, amortization, and compounding; students understand how these features affect and impact financial accounts
  • Individuals understand credit scores, credit worthiness, credit reporting, and credit checks; students understand how credit is established and what impacts it, both positively and adversely.  Students also understand the need to establish credit and why it is important to maintain high credit scores.
  • Individuals understand basic taxes and tax liabilities/requirements at the state and federal levels.
  • Individuals understand the role and status of the economy; students are aware of economical conditions that influence financial options and choices.
  • Individuals use understanding of economical conditions (such as inflation) to make appropriate financial choices.
  • Individuals know how to distinguish between needs and wants; students plan and budget accordingly.