Standard 1 - Develop a plan for spending and saving.

4th Grade
student can:

Give examples of household expense categories and sources of income.

Describe how to allocate a weekly allowance among the financial goals of spending, saving, and sharing.

8th Grade
student can:

Prepare a personal spending diary.

Calculate the sales tax for a given purchase.

Discuss the components of a personal budget, including income, planned saving, taxes, and fixed and variable expenses.

Given a household case study, calculate percentages for major expense categories.

12th Grade
High school graduate can:

Describe the risks, costs, and rewards of starting a business.

Outline the main components of a business plan.

Analyze how economic, social-cultural, and political conditions can affect income and career potential.

Identify a career goal and develop a plan and timetable for achieving it, including educational/training requirements, costs, and possible debt.

Standard 2 - Develop a system for keeping and using financial records.

4th Grade
student can:

Prepare a personal property inventory, including locations and estimates of value.

8th Grade
student can:

Set up a file system for household product information and warranties and financial documents such as receipts and account statements.

12th Grade
High school graduate can:

Develop a filing system for keeping financial records, both paper and electronic.

Describe recordkeeping features that financial institutions provide for online account management.

Standard 3 - Describe how to use different payment methods.

4th Grade
student can:

Describe different types of local financial institutions and explain the differences between them.

Explain how checks and debit and credit cards work as payment methods.

8th Grade
student can:

Discuss the advantages and disadvantages of different payment methods, such as stored value cards, debit cards, and online payment systems.

Compare the features and costs of a checking account and a debit card offered by different local financial institutions.

Compare the costs of cashing third-party check at various local financial institutions, including a check-cashing service.

12th Grade
High school graduate can:

Demonstrate skill in basic financial tasks, including scheduling bill payments, writing a check, reconciling a checking/debit account statement, and monitoring printed and/or online account statements for accuracy.

Standard 4 - Apply consumer skills to purchase decisions.

4th Grade
student can:

Compare prices for the same item at two different stores.

Apply systematic decision making to a personal age appropriate purchase.

Explain how peer pressure can affect spending decisions.

8th Grade
student can:

Explain the relationship between spending practices and achieving financial goals.

Give examples of how external factors, such as marketing and advertising techniques, might influence spending decisions for different individuals.

Given an age-appropriate scenario, describe how to use systematic decision making to choose among courses of action that include a range of spending and non-spending alternatives.

12th Grade
High school graduate can:

Apply comparison shopping skills to purchasing decisions.

Given a personal finance scenario for a family of four, describe how to apply systematic decision making to choose among alternative consumer actions.

Compare the benefits and costs of owning a house versus renting housing.

Explain the elements of a standard apartment lease agreement.

Describe the effect of inflation on buying power.

Standard 5 - Consider charitable giving.

4th Grade
student can:

Identify a private charitable organization and the people it serves.

8th Grade
student can:

Determine whether charitable giving fits one’s budget and, if so, how much is appropriate.

12th Grade
High school graduate can:

Use online charity-rating organizations to compare information about specific charities, such as the percentage of money spent on programs versus salaries and fundraising.

Standard 6 - Develop a personal financial plan.

4th Grade
student can:

Give examples of household assets.

8th Grade
student can:

Explain the difference, with examples, between assets and liabilities.

Given a simplified case study, construct a net worth statement.

12th Grade
High school graduate can:

Discuss the factors that affect net worth.

Explain the difference, with examples, between cash inflows (including income) and cash outflows (including expense).

Explain the difference between a cash flow statement and a budget.

Given a simplified case study, construct a cash flow statement.

Develop, monitor, and modify a personal financial plan, including goals, net worth statement, cash flow statement, insurance plan, investing plan, and a budget.

Standard 7 - Examine the purpose and importance of a will.

4th Grade
student can:

Identify an item that a household member has inherited.

8th Grade
student can:

Research the age at which an individual can write a valid will in the state of residence.

Describe the main components of a simple will and research the typical cost of having one drafted.

12th Grade
High school graduate can:

Identify the individuals and/or charitable organizations that are potential beneficiaries of personal property.

Explain how the law in the state of residence specifies the disposition of an estate when there is no valid will.

Explain the purpose and importance of a “living will” (durable power of attorney for health care).