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Session 4 Study Guide: Saving and Goals

Money, Values & You — A Financial Literacy Course for 6th Graders

Key Topics

TopicDetails
Why saving mattersWhy saving matters: preparing for the unexpected
What is an emergency fund and What is an emergency fund and why you need one
The difference between saving The difference between saving and hoarding
Starting smallStarting small: the power of consistency
Short-term goalsShort-term goals: things you want within weeks or months
Long-term goalsLong-term goals: things that take months or years
SMART goalsSMART goals: Specific, Measurable, Achievable, Relevant, Time-bound
Setting your first real savingSetting your first real savings goal
The savings formulaThe savings formula: Goal รท Weekly savings = Weeks needed
Cutting wants to save fasterCutting wants to save faster
Real math examples with real gReal math examples with real goals
The savings trackerThe savings tracker: making progress visible
The Islamic approachThe Islamic approach: save before you buy
Why avoiding debt is a core IsWhy avoiding debt is a core Islamic financial principle
Patience and discipline with mPatience and discipline with money
Delayed gratificationDelayed gratification: the marshmallow test for money

Lesson Summaries

Lesson 1: Why Saving Matters

Discover why saving is one of the most powerful financial habits. Learn what an emergency fund is and why everyone needs one.

Lesson 2: Goals: Short and Long

Learn the difference between short-term and long-term goals. Set a SMART savings goal you can actually achieve.

Lesson 3: The Math of Saving

Calculate how long it takes to save for a goal. Learn how cutting one want can speed up your timeline.

Lesson 4: Save Before You Buy

Explore the Islamic approach to money: save first, then buy. Learn why patience with money builds a better life.

Review Questions

  1. Why does saving matter?
  2. What is an emergency fund?
  3. What is the difference between saving and hoarding?
  4. How can a 6th grader start saving?
  5. What is a short-term goal?
  6. What is a long-term goal?
  7. What does SMART stand for in goal-setting?
  8. Give an example of a SMART savings goal.
  9. How do you calculate how long it takes to save for something?
  10. How can cutting one want help you save faster?
  11. What is a savings tracker?
  12. If you want to save $45 and can save $5/week, how many weeks will it take?
  13. What does 'save before you buy' mean?
  14. Why does Islam discourage debt?
  15. What is delayed gratification?
  16. How is saving a form of self-respect?