Budgeting- Creating an Emergency/Reserve Fund Activity
When doing a unit on budgeting, students should learn that everyone needs to save/plan for the unexpected. Part of a budget/saving one's money should include the creation of an emergency/reserve fund. It is recommended that this fund contain enough money to cover at least 3-6 months of living expenses/monthly expenses in case one has an interruption of income.
Since students are not living on their own yet, they luckily don't have to worry about creating an emergency fund. In this activity, students will learn about what an emergency/reserve fund is and the importance of creating one. Students will then interview a parent/guardian, etc. and create a list of their monthly expenses and estimates of those totals. They will then calculate how much that person would need to have set aside for 3 and 6 months. This is a great activity for students do in a Personal Finance course when learning about budgeting. In example is given for students.
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