Middle School

Personal Finance Workbook

2024—2025
1 Middle School Personal Finance

Lending, Credit, & Financial Services

Assign each financial service to the most appropriate situation.

FINANCIAL SERVICES

401(k)  An employer-sponsored retirement savings account where

employees contribute part of their paycheck and contributions
may be matched by the employer.

Auto Loan A loan specifically to buy a car.

CD/ Share An agreement to leave money in a specific account for a set

Certificate amount of time. CDs and share certificates usually earn a
higher interest rate than an average savings account.

Checking Account An account at a bank or credit union meant for everyday

transactions. The account can be connected to checks or a
debit card so it’s easy to move money in or out. Checking
accounts don’t earn interest.

Credit Card A card you use to borrow money for everyday purchases and
pay it back, with interest, later. Using a credit card responsibly
can help you improve your credit score.

Debit Card A card that directly accesses money in a checking account to

pay for things.

IRA A savings account specifically dedicated to retirement,

meaning there are rules about when money is withdrawn.
The account can be set up at most financial institutions.

Mortgage A long-term loan, usually 15 to 30 years, used to purchase

a home.

Savings Account An account at a financial institution dedicated to saving and

growing money. The account earns interest, has no card
linked to it, and there are often limits to how often money
can be moved in or out of it in a month.

Student Loan Money borrowed by a student to finance their education.

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S I T U AT I O N S

AUTO LOAN
1. Emma applies for an so that she can afford to buy a new car for her
commute to work.

SAVINGS ACCOUNT
2. Dan wants to start earning interest on his money so he opens a .

DEBIT CARD
3. Maleah uses her at the grocery store so that she doesn’t have to worry
about paying the money back later.

4. Randy’s new employer explains that a 401(K) is a part of his benefits, so

he’ll need to decide how much of his paycheck he wants to contribute.

STUDENT LOAN
5. Lara is headed to the college of her dreams, but she’ll be using a to
help pay for tuition.

6. Maya tells her employer to put her paycheck directly into her CHECKING ACCOUNT so
that she can keep it safe but still access it easily for everyday purchases.

7. JK wants to start saving for his retirement, but his employer doesn’t offer any retirement
IRA
benefits, so he opens an at his financial institution.

CD/SHARE CERTIFICATE from his financial institution because he’s saved up

8. David gets a
some money he won’t need for a while and wants to earn as much interest on it as he can.

9. Jerome decides to use his CREDIT CARD for small purchases every once in a while
so that he can start building up his credit score.

10. Sam and Jen talk to their financial institution about what they need to do to qualify for a
MORTGAGE
and start looking for homes.

Pick a financial service from the list and give an example of how it can be used responsibly
and irresponsibly.

ANSWERS WILL VARY.

11. Financial service:
ANSWERS WILL VARY.
12. Responsible example:
ANSWERS WILL VARY.
13. Irresponsible example:
3 Middle School Personal Finance

Supply, Demand, and You

Changes in either supply or demand impact the economy, and in turn, your everyday
interactions. For each scenario, decide how supply and demand changed and how that
impacts other economic factors by circling the appropriate symbol (up arrow if it rose,
down arrow if it fell, equal sign if it stayed the same).

E C O N O M I C FA C T O R S
Supply: The amount of a resource that’s available.
Demand: The amount of a resource that’s wanted or needed.

W H I C H I M PA C T. . .
Competition: How much companies compete with each other to get the same resources
(materials, employees, etc.). When supply is lower than demand, competition
usually goes up.

Price: How much something costs. When demand is higher than supply, prices may go up
because people are willing to pay more.

Wages: How much someone is paid for their work. If competition is high, employers
typically pay more to get and keep workers.

Sample Problem:
A sports store didn’t sell as many coats 1. Oliver set up his usual lemonade stand
during the winter as they expected and at the park, but it’s a rainy day and not
are now trying to get rid of them during many people come to visit.
the summer. How has the supply and demand of
How has the supply and demand of lemonade at this park changed?
winter coats at this store changed?

Supply
↑ ↓ = Supply
↑ ↓ =
Demand
↑ ↓ = Demand
↑ ↓ =
That means... Price ↑ ↓ = That means... Price ↑ ↓ =
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2. Flooding in Florida destroyed crops, 3. One of the two rival pasta-and-bowling

so grocery stores in Michigan only got restaurants downtown closed after they
about half of their expected shipment of failed a health inspection.
oranges. How has the supply and demand of this
How has the supply and demand of type of restaurant changed?
oranges at these stores changed?

Supply
↑ ↓ = Supply
↑ ↓ =
Demand
↑ ↓ = Demand
↑ ↓ =
That means... Price ↑ ↓ = That means... Competition ↑ ↓ =
4. Three new theater companies all open 5. A popular singer is performing at a local
in the same city around the same time, venue. Tina and many others are looking
each one looking to get dancers, actors, for tickets the day before the concert, but
and performers on their payroll. discover they are nearly sold out.
How has the supply and demand of How has the supply and demand of concert
performers in this city changed? tickets changed?

Supply
↑ ↓ = Supply
↑ ↓ =
Demand
↑ ↓ = Demand
↑ ↓ =
That means... Competition ↑ ↓ = That means... Price ↑ ↓ =
And... Wages ↑ ↓ =
6. Jason wants to sell his collectible 7. The Panama Canal faced a major
stuffed lamb from the 90s. While obstruction that caused a three-week delay
researching, he finds thousands of in an oil delivery to California.
listings, all with no bids, for the same toy. How has the supply and demand of
How has the supply and demand for gasoline in California changed?
Jason’s collectible lamb toy changed?

Supply
↑ ↓ = Supply
↑ ↓ =
Demand
↑ ↓ = Demand
↑ ↓ =
That means... Price ↑ ↓ = That means... Price ↑ ↓ =
5 Middle School Personal Finance

S.M.A.R.T. Savings Goals

Learn to set goals that turn your wants into reality. Start by brainstroming both a
short and long-term goal.

Short-Term Goal (achieved in under a year): This could be a new video game, concert tickets, or
a new pair of headphones.
ANSWERS WILL VARY.
1.

Long-term Goal (achieved in a year or more): Save for a dream vacation, the latest tech gadget,
or even a car! Think big and write down a long-term financial goal.
ANSWERS WILL VARY.
2.

S.M.A.R.T. Goal Machine

Let’s turn those regular goals into S.M.A.R.T. goals. Revise and improve your goals based on each
of the aspects of a S.M.A.R.T. goal below.

S — S P E C I F I C : Research your goals to find a specific dollar amount you’ll need to save and
write them below. For example, “save $150 for a new skateboard.” The more specific, the better!
ANSWERS WILL VARY.
3. Short-Term:
ANSWERS WILL VARY.
4. Long-Term:

M — M E A S U R A B L E : How will you know you’re getting closer to your goal? You could use a
piggy bank, a savings tracker app, or a progress chart. Write down what you will use to measure
and keep track of your goal.
ANSWERS WILL VARY.
5. Short-Term:
ANSWERS WILL VARY.
6. Long-term:
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A — A C H I E VA B L E : Be honest with yourself. Can you realistically save the amount you set?
Write yes or no if you think it is achievable. If you write no, adjust the amount.
ANSWERS WILL VARY.
7. Short-Term:
ANSWERS WILL VARY.
8. Long-Term:

R — R E L E VA N T : Does this goal fit with your bigger dreams? For example, a new game might
be excellent, but is saving for a bike more critical? Write down how these goals will benefit you, or
a new goal if you think of one more relevant.
ANSWERS WILL VARY.
9. Short-Term:
ANSWERS WILL VARY.
10. Long-Term:

T - T I M E - B O U N D : Set a deadline! When do you want to achieve this goal? This creates a
sense of urgency and keeps you focused.
ANSWERS WILL VARY.
11. Short-Term:
ANSWERS WILL VARY.
12. Long-Term:

Now that you have S.M.A.R.T. goals, let’s plan to reach them! Here are some ideas...

Earn More:
Can you offer to do chores for family or neighbors? Or mow lawns in the summer? Get creative
and make a plan to increase your income.

ANSWERS WILL VARY.

13. What are two things you can do to earn more?

14. How much do you think that could earn you per month?
ANSWERS WILL VARY.

Spend Less:
Where can you cut your expenses? Consider the things you’re paying for that you don’t actually
need. Can you cut down on eating out with friends? Going to the movies? Events you attend?

ANSWERS WILL VARY.

15. What are two ways to spend less?

16. If you do those two things, how much could you save in a month?
ANSWERS WILL VARY.

R E M E M B E R you can achieve these goals with a plan and a positive attitude, but you might run
into some bumps along the way. Turn to an adult for help reaching all your goals!
7 Middle School Personal Finance

Budgeting Practice
Carlos really wants to move into a brand new apartment complex nearby. Rent for a one
bedroom is $1,600 a month. Go through Carlos’ finances to see if he can afford it with his
current budget. Subtract each monthly expense from the running total.

Carlos makes $3,200 after taxes each month.

1. $200 car payment $ 3,000 left over

2. $80 on gas $ 2,920 left over

3. $400 on food and restaurant expenses $ 2,520 left over

4. 10% of his total income into an emergency fund $ 2,200 left over

5. 10% of his total income toward his vacation fund $ 1,880 left over

6. $40 on a gym membership $ 1,840 left over

7. $30 for streaming subscriptions $ 1,810 left over

8. $300 for remaining expenses $ 1,510 total remaining

9. Can Carlos afford to move into the new apartment complex?

 NO

10. If he can’t afford it or if he wanted more money left over, what would you recommend he
change in his budget? Why?
 ANSWERS WILL VARY.




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Mia is required to pay at least $250 a month toward her student loans, but she’s made
a goal to pay them off as quickly as possible by paying more. Go through her budget to
find the max she can afford to pay each month. Subtract each monthly expense from the
running total.

Mia makes $2,300 after taxes each month.

11. $1,800 in rent that she splits with a roommate $ 1,400 left over

12. $280 on groceries and restaurants $ 1,120 left over

13. $100 toward an emergency fund $ 1,020 left over

14. $160 on gas $ 860 left over

15. $70 for medical debt $ 790 left over

16. $200 on classes and food for her new puppy $ 590 left over

17. $80 in income for nannying her sister’s kids $ 670 left over

18. $250 for her remaining expenses $ 420 total remaining

19. How much more can Mia afford to pay toward student loans on top of the required $250?
 $170 ADDITIONAL, A TOTAL OF $420

20. Once Mia pays off her student loans, what would you recommend she do with that extra
money each month? Why?
 ANSWERS WILL VARY.




9 Middle School Personal Finance

Reading Challenge
Credit Cards

Successfully using credit can help someone achieve their financial goals, but it requires walking
a thin line. Taking on too much debt can be damaging. One way to see this play out is through
credit cards. When you use a credit card to buy something, you’re borrowing money rather than
taking it straight from a checking account. You can borrow up to a specific amount, called your
credit limit. Once the money is paid back, you can borrow it again. If you only make the minimum
payment and don’t pay off your credit card in full every month, the money left over accrues
interest. Borrowing money on a credit card gives you more time to pay off bigger purchases
and paying it back shows lenders that you are responsible. But if you borrow more than you can
quickly afford to pay back, it hurts your ability to borrow in the future and you’ll end up owing far
more than you borrowed.

1. Describe the full cycle of borrowing and paying back money with a credit card.
 YOU CAN BORROW MONEY UP TO YOUR CREDIT LIMIT AND THEN PAY IT BACK. YOU HAVE TO PAY
 BACK THE FULL AMOUNT EVERY MONTH OR YOU’LL OWE INTEREST.

2. Based on context clues, what’s a minimum payment?

THE
 LOWEST AMOUNT OF MONEY YOU CAN RE-PAY TO YOUR CREDIT CARD COMPANY EACH MONTH.

3. How can using a credit card be helpful?

 YOU’LL HAVE MORE TIME TO PAY OFF BIGGER PURHASES AND USING CREDIT RESPONSIBLY

 SHOWS LENDERS THAT YOU CAN PAY IT BACK.

4. How can using a credit card be hurtful?

 YOU MAY HAVE TO PAY BACK A LOT MORE THAN YOU BORROWED AND IT MAY BE HARDER TO

 BORROW IN THE FUTURE IF YOU DON’T PAY IT BACK ON TIME.

5. The paragraph cautions against borrowing more than you can afford to pay back. How could
someone figure out what they can afford?
 ANSWERS WILL VARY, BUT COULD TOUCH ON CREATING A BUDGET, ALWAYS PAYING BACK

 BEFORE YOU OWE INTEREST, ETC.

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Saving With a Purpose

It’s best to use the most efficient saving methods to help your money grow. A regular savings
account has a nominal interest rate, but a high-yield savings account or certificate of deposit/
share certificate can help you earn much more. These accounts are usually available at any
bank or credit union. It’s best to think of your savings not just as a stockpile of extra money,
but as an account with a specific purpose. You could be building an emergency fund, saving
toward a vacation, earning the down payment for a house, or anything else that’s important to
you. A specific savings goal motivates you and makes it easier to part with money now to focus
on the future. And while it may feel like it, it’s never too early to start thinking about retirement.
The sooner you start contributing to something like a 401(k) (an investment account through an
employer) or an IRA, the more time that money has to grow.

1. What two savings options does the paragraph list that could help you save more than a
regular savings account?
 A HIGH YIELD SAVINGS ACCOUNT OR CD/SHARE CERTIFICATE.

2. Why is it beneficial to save with a purpose?

SAVING WITH A PURPOSE GIVES YOU A SPECIFIC GOAL TO WORK TOWARDS, WHICH WILL MAKE IT
 EASIER TO GIVE UP THE MONEY NOW AND MORE LIKELY FOR YOU TO REACH YOUR GOAL.

3. The paragraph describes several specific purposes you could be saving for. What’s another
option that you would add to this list?
 ANSWERS WILL VARY.

4. When does the paragraph recommend you start saving for retirement?
 AS SOON AS POSSIBLE.

5. Using your own words and the context of the description in the paragraph, describe what a
401(k) is.
 SOME VARIATION ON “AN INVESTMENT ACCOUNT THROUGH AN EMPLOYER.”


11 Middle School Personal Finance

Check and Deposit Slip

Although technology has changed how people pay for things and deposit money, there
are still circumstances where you may need to write a check or fill out a deposit slip.

Choose a partner in class and pretend you are each selling something to one another.

1. Ask your partner what they’re selling and how much it costs.
2. Fill out the S A M P L E C H E C K using that info (reference the C H E C K I N S T R U C T I O N S
if needed).
3. Cut out the Sample Check and give it to your partner.
4. Sign the back of the check your partner gives you to endorse it.
Next you’ll deposit the check you received into your account using the D E P O S I T S L I P .
5. Fill out the date and your account number as written on the check.
6. Write the amount of the check next to Checks and next to Subtotal.
7. You’re going to take 50% out as cash, so write 50% of the check amount in Less Cash.
8. Subtract Less Cash from the Subtotal and write that amount next to the bottom $ to show
how much you plan to deposit.

DEPOSIT SLIP

ANSWERS WILL VARY.

YOUR NAME
123 Your Street Cash 0 0 0
Your City, State, Zip
Checks
(123) 456-7890
Checks
123456789
Account Number
ANSWERS WILL VARY.
Checks
Date

ANSWERS WILL VARY.

Subtotal
SIGN HERE FOR CASH RECEIVED (IF REQUIRED)
Less Cash

$
FINANCIAL , USA
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CH ECK I NSTR UCTIO NS

YOUR NAME CHECK NUMBER

123 Your Street
Your City, State, Zip DATE
(123) 456-7890

PAY TO THE
NAME OF PERSON RECEIVING THE CHECK
ORDER OF $ AMOUNT

AMOUNT OF CHECK WRITTEN OUT IN WORDS

DOLLARS

FINANCIAL , USA

WHAT IS THIS PAYMENT FOR?

MEMO SIGNATURE

ROUTING NUMBER ACCOUNT NUMBER CHECK NUMBER

SAMPLE CHECK

NAME
1025
123 Your Street
Your City, State, Zip DATE ANSWERS
WILL VARY.
(123) 456-7890
ANSWERS WILL VARY.
PAY TO THE
ORDER OF
NAME $

ANSWERS WILL VARY. DOLLARS

FINANCIAL , USA

ANSWERS WILL VARY.

MEMO SIGNATURE

123456789 123456789 1025

13 Middle School Personal Finance

Saving or Investing
Do you know the difference between saving and investing? The financial strategies have
some important similarities and differences. Read the scenarios below and identify if
they represent saving or investing.

Saving: Money you set aside for future goals. This is commonly put into an account that
earns low interest and has low or no risk.

Investing: Money you put toward a purchase you hope will increase in value over time.
Investments carry higher risk but can earn a greater return over time

H I N T: for each scenario, consider whether the person is guaranteed to get their money back +
earned interest (saving) or if they are taking a risk and may lose their money + what they earned
(investing).

1. Putting money into a CD. Saving or Investing

2. Putting money aside for a down payment on a home. Saving or Investing

3. Buying stocks with hopes of a potential return. Saving or Investing

4. Buying real estate to sell after the value increases. Saving or Investing

5. Starting a business. Saving or Investing

line reserved for financial institution use.
Do not write, stamp, or sign below this
SIGNATURE
Endorse Here
banzai.org 14

The Power of Interest

The way interest is calculated can make all the difference to your savings.
Understanding the difference between simple and compound interest can help you
make wise decisions. Use the formula at the top of the chart to fill in the blanks for
a $200 deposit over 5 years at a 3% interest rate with both simple and compound
interest.

Interest: the price you pay to borrow money or the money you earn on saved money.
Simple interest is calculated as a percentage of the principal (original) amount borrowed.
Compound interest is calculated on the principal and the accumulated interest—it’s
interest on interest.

Amount Interest Previous New

Interest
That Earns Rate Account Account
Earned
Interest Total Total
$
Simple Interest
After 1 year $200.00 0.03 $6.00 $200.00 $206.00

After 2 years $200.00 0.03 $6.00 $206.00 $212.00

After 3 years $200.00 0.03 $6.00 $212.00 $218.00

After 4 years $200.00 0.03 $6.00 $218.00 $224.00

After 5 years $200.00 0.03 $6.00 $224.00 $230.00

Total Interest Earned: $ 30.00

Compound Interest
After 1 year $200.00 0.03 $6.00 $200.00 $206.00

After 2 years $206.00 0.03 $6.18 $206.00 $212.18

After 3 years $212.18 0.03 $6.36 $212.18 $218.54

After 4 years $218.54 0.03 $6.55 $218.54 $225.09

After 5 years $225.09 0.03 $6.75 $229.09 $231.84

Total Interest Earned: $ 31.84

banzai.org Middle School Personal Finance Workbook
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