Budgeting, salary, taxes and other financial lessons being taught online. The online financial literacy program Banzai, helps teachers teach real-world financial literacy lessons for free.
Middle School students in Ohio are learning how to spend and save wisely.
As part of the lesson, students are given mock paychecks and shown the amount taken out for taxes and how much money must be set aside to pay for expenses, such as food and rent. Students also are taught about the risks of online scams and about the safe use of social-networking websites.
Call it a virtual paycheck. That’s because it was part of an online personal finance course called Banzai that technology teacher Amy Sweet is conducting. The idea is to introduce the youngsters to how a checking account works and the importance of not spending more than you earn.
“There is no real money involved,” Ms. Sweet, Fassett’s technology teacher, explained before class. “But but the lesson gives the students a lesson about what to expect when they begin to work for a living.”
When last week’s class began, she told the students, “Today we get paid.”
Banzai then showed the students a mock paycheck and stub from “Roland’s Corner Bookstore.” The stub included such essentials as the hourly rate of pay, hours worked, and myriad deductions. Ms. Sweet explained other things associated with the world of employment such as holiday and overtime pay.
“This is what you are making,” she explained, as she moved around the classroom. “However, it is not what you are getting paid,” she continued, as she then moved on to the topic of deductions — taxes, medical insurance, and Social Security and Medicare — and explained what each one was.
Continue reading about online financial lessons.