Create a lesson on saving while in college - a must as young people head off to college this fall!

Are your high school students financially ready to head off to college? Do they possess the knowledge and skills to save money that will help them through the next few years? Do they know the tricks needed to keep from going broke before they graduate? You can equip your students with a great deal of information that can benefit them for years to come, putting financial literacy first!

I was inspired to write today's post by an article on AOL Daily Finance entitled "Help Your Kids Save While They're Still in School" (Link: http://www.dailyfinance.com/2011/11/02/help-your-kids-save-while-theyre-still-in-school/). In this article, the author gives several helpful hints on how a college student can save incrementally and overcome several financial woes that can be thrown at him or her. I have put a few of these helpful hints together here to help spark some teaching ideas for personal finance educators:

• Students need to open a savings account early and regular make contributions, even if only a few dollars
• Set short-term savings goals (i.e., How much would you like to have saved in six months? In one year?)
• While studying is important, students should take a part-time job where possible to help supplement their income and also allow them to regularly contribute to their savings
• Find other ways to earn a little extra money, like tutoring other students, giving lessons, or even selling all those unneeded items randomly collected on eBay
• Find ways to avoid the common money pitfalls. For example, instead of buying Starbucks every morning before class, buy an inexpensive coffee pot and make coffee in the dorm every morning - a student can save hundreds (if not thousands) of dollars a year just from this one tip!
• Set limits on spending. For examples, avoid overspending on clothes, shoes, or other such items - although it may feel like it, a young person does not need every dress, pair of shoes, sunglasses, or outfit that he or she just "absolutely loves" - impulse buying can drain one's savings very quickly

These are just a few of things college students can do to navigate their college years and come out financially sound. Be sure you are equipping your personal finance students with these necessary tips--although they may not fully understand them now, they will thank you later for helping them become financially savvy!

Do you have additional college savings tips you share with your students? If so, share them here today so everyone can gain new ideas!

Financial literacy and politics - making a meaningful marriage!

Financial literacy education and politics have not always made a productive marriage. Educators and politicians often have differing views of what is and isn't important to our nation's children, especially in areas outside the common core of English language arts (reading and writing), mathematics, social studies, and science. Teachers of elective subjects, including personal finance, have been fighting this battle for several years now as they lobby for their state and for the federal government to recognize personal finance education as a required core learning component.

On Tuesday, September 4, 2012, in conjunction with the Council on Economic Education, politicians, educators, business professionals, and members of the larger community will come together in Charlotte, NC at the Democratic National Convention at a Financial Literacy Policy Luncheon to discuss which states are closing the gap in financial literacy and which states yet have a ways to go (Link: http://www.councilforeconed.org/events/financial-literacy-policy-luncheons/). A similar program took place at the Republican National Convention in Tampa, FL on Monday, August 27, 2012 as well.

Events such as this are critical to the success and future growth of financial literacy initiatives. All educators must lobby their state and U.S. representatives and senators to ensure the voice of financial literacy and personal finance education is heard loud and clear. Organizations such as the Council for Economic Education (http://www.councilforeconed.org/) and the National Business Education Association (http://www.nbea.org/), plus numerous other content area teaching professional organizations are investing tirelessly in ensuring that personal finance education becomes a required educational component for all American children.

I encourage each and every one of you to contact your representatives and urge their support on this national issue. Plus, if you happen to be in the Charlotte area on Tuesday, September 4th, register to attend the Financial Literacy Policy Luncheon. The more of us that push for political support of financial literacy and personal finance education, the greater chance we have to positively affect the lives of children for generations to come!

A conversation with teachers on personal finance education and the economy...

Recently, Federal Reserve Chairman Ben Bernanke conducted a Teacher Town Hall meeting where he met with approximately 60 teachers from around the nation who teach economics or personal finance. Here is a video recap of the town hall meeting:

As an educator, I believe such interactions with key political and government officials are of utmost importance if we are to ensure key educational programs receive the proper support and funding and lead to better educational outcomes for all Americans.

A special congratulations to Brian Page (@FinEdChat), a fellow blogger and financial literacy educator, who had the distinct honor of attending this town hall meeting and sitting just three seats from Chairman Bernanke to his left! Thank you, Brian, for representing Ohio and all financial literacy educators at this important event.

Stay tuned to Personal Finance and Social Media in Education as we embark on a new school year! I am committed to bringing my followers another year of news, tips, ideas, and professional development opportunities.

Are young people today really prepared for the financial challenges that go along with a college education?

Being involved in administration at an institution of higher education, I frequently find myself observing just how unprepared or underprepared young people really are about the financial challenges that will face them when they head off to college.

Students often find themselves overborrowing on college loans and living off the excess funding they receive. In career college settings where the average student age is approximately 26 years old, students even go so far as using excess student loan funding as a source of income to pay living expenses and to take care of everyday needs. To make the picture even more bleak, these sames students see nothing wrong with overextending themselves financially and even hopping school to school to try and increase the availability of funding available to them. Is this really what these young people should be doing? What, if anything, did these young people learn about personal finance education in their younger years?

This is an all too common phenomenon occurring every day in colleges and universities across the country. As educators, we simply must do better to help students better understand the financial challenges ahead. Default rates on student loans are at an all-time high and starting salaries of recent graduates are less and less commensurate with the accumulation of debt with which many graduates embark on their new chosen careers.

With back to school time just around the corner, be sure you build your lesson plans for next school year to include lessons and activities that present college funding options, explain the cost of education, and also prepare young people to deal with the student loan payments that are sure to come upon graduation.

I hope everyone is having a terrific summer thus far and hope you are energizing yourself in preparation for a new year of learning in personal finance education and social media in the classroom!