WalletPrep

Life events: lesson plans

The money steps for moving out, partnering up, kids, college, loss and windfalls. 10 lessons, about 45 minutes each, in the order students should take them.

  1. 1

    How much money do you need to move out for the first time?

    Save move-in costs (often 2 to 3 times the rent) plus a $1,000 buffer before you sign a lease.

    Students will be able to

    • Move-in cash is often 2 to 3 times rent.
    • Add a $1,000 buffer on top.
    • Budget the monthly bills before you sign.

    45-minute plan

    1. Warm-up (5 min): is this true? "If I can afford the rent each month, I can afford to move out."
    2. Read the lesson together (10 min)
    3. Work the example on the worksheet (10 min)
    4. Practice questions (10 min)
    5. Exit task (10 min): Pick a target rent and add up your move-in list: first month, deposit, fees, moving and basics, plus $1,000. Subtract what you have saved, divide by the months until your move, and set that monthly transfer.

    Worksheet and answer keyOpen the lessonRent affordability calculator

  2. 2

    How should couples combine finances?

    Use a joint account for shared bills, keep personal accounts, and split costs by each person's share of income.

    Students will be able to

    • There are three common ways to combine money.
    • Split shared bills by share of income.
    • Joint debt belongs to both of you.

    45-minute plan

    1. Warm-up (5 min): is this true? "If we split every bill 50/50, that's the fairest way."
    2. Read the lesson together (10 min)
    3. Work the example on the worksheet (10 min)
    4. Practice questions (10 min)
    5. Exit task (10 min): Each of you writes down your take-home pay, debts and savings. Total your shared monthly bills, then work out each person's share of income and the dollar amount each would send to a joint account.

    Worksheet and answer keyOpen the lesson

  3. 3

    How to make a wedding budget you can actually afford

    Start from what you can save by the date, split it by your top priorities, add a 10% buffer and avoid debt.

    Students will be able to

    • Your savings set the total.
    • Guest count drives most of the cost.
    • Keep a 10% buffer.

    45-minute plan

    1. Warm-up (5 min): is this true? "We have to spend what everyone else spends on a wedding."
    2. Read the lesson together (10 min)
    3. Work the example on the worksheet (10 min)
    4. Practice questions (10 min)
    5. Exit task (10 min): Each of you write down your savings, what you can save each month, and your top three wedding priorities. Compare lists, agree on a total, and open a separate savings account with an automatic monthly transfer.

    Worksheet and answer keyOpen the lessonSavings goal calculator

  4. 4

    How much does it cost to have a baby?

    Add your plan's birth costs, one-time gear and new monthly costs. Childcare, if you need it, is often the biggest line.

    Students will be able to

    • Your health plan sets the birth bill.
    • Add your baby to insurance fast.
    • Childcare is usually the biggest line.

    45-minute plan

    1. Warm-up (5 min): is this true? "Nobody can really afford a baby, so there's no point planning the numbers."
    2. Read the lesson together (10 min)
    3. Work the example on the worksheet (10 min)
    4. Practice questions (10 min)
    5. Exit task (10 min): Find your health plan's deductible, coinsurance and out-of-pocket maximum, and write down the deadline to add a newborn. Then list your gear and monthly costs with real prices and add them up.

    Worksheet and answer keyOpen the lesson

  5. 5

    What is a 529 plan and how does it work?

    A 529 plan is a tax-free investment account for school costs, from kindergarten tuition to college and apprenticeships.

    Students will be able to

    • Growth is tax-free when spent on school.
    • It covers more than college tuition.
    • Leftover money has a way out.

    45-minute plan

    1. Warm-up (5 min): is this true? "If my kid doesn't go to college, the 529 money is wasted."
    2. Read the lesson together (10 min)
    3. Work the example on the worksheet (10 min)
    4. Practice questions (10 min)
    5. Exit task (10 min): Look up your state's direct-sold 529 plan and check two things: whether contributions get a state tax break, and the total yearly fee for the age-based portfolio. If your emergency fund and retirement match are covered, open it with an automatic $25 to $50 a month.

    Worksheet and answer keyOpen the lessonCompound growth calculator

  6. 6

    How does the FAFSA and financial aid work?

    File the free FAFSA early each year, then judge every aid offer by net price: cost minus grants and scholarships.

    Students will be able to

    • The FAFSA is free and opens October 1.
    • Net price is what really matters.
    • Accept aid in the right order.

    45-minute plan

    1. Warm-up (5 min): is this true? "My parents make too much money, so filling out the FAFSA is pointless."
    2. Read the lesson together (10 min)
    3. Work the example on the worksheet (10 min)
    4. Practice questions (10 min)
    5. Exit task (10 min): Create StudentAid.gov accounts for the student and any parent who has to take part. Then find the FAFSA deadline for your state and for each school on your list, and put the earliest one on your calendar.

    Worksheet and answer keyOpen the lessonLoan payment calculator

  7. 7

    How to talk to aging parents about money

    Talk early, ask where things are, get a power of attorney in place, and check how long their savings last.

    Students will be able to

    • Talk while everyone is healthy.
    • A power of attorney comes first.
    • Medicare does not cover long-term care.

    45-minute plan

    1. Warm-up (5 min): is this true? "Medicare will pay for a nursing home or help at home if my parents need it."
    2. Read the lesson together (10 min)
    3. Work the example on the worksheet (10 min)
    4. Practice questions (10 min)
    5. Exit task (10 min): Write three questions you want to ask your parents, starting with what they'd want if they ever needed help. Then put a date on the calendar to ask them, in person or on a call.

    Worksheet and answer keyOpen the lessonNet worth calculator

  8. 8

    What to do with a windfall

    Park it in insured savings, check the tax, keep a small slice for fun, then pay debt, fill savings and invest.

    Students will be able to

    • Park it first, decide later.
    • Know whether it's taxed.
    • Use it in order.

    45-minute plan

    1. Warm-up (5 min): is this true? "I have to decide what to do with this money right away."
    2. Read the lesson together (10 min)
    3. Work the example on the worksheet (10 min)
    4. Practice questions (10 min)
    5. Exit task (10 min): Open a separate insured savings account and move the windfall into it. Write down your debts with their rates and your monthly essentials, and put a date 30 days out on your calendar to decide.

    Worksheet and answer keyOpen the lessonCredit card payoff calculator

  9. 9

    What to do with your money during a divorce

    List every asset and debt, open your own accounts, build a one-income budget and get state-specific legal help.

    Students will be able to

    • State law decides the split.
    • Joint debts follow both names.
    • Budget for one income now.

    45-minute plan

    1. Warm-up (5 min): is this true? "The divorce decree takes my name off our joint debts."
    2. Read the lesson together (10 min)
    3. Work the example on the worksheet (10 min)
    4. Practice questions (10 min)
    5. Exit task (10 min): Pull your free credit reports at AnnualCreditReport.com and write down every account in your name. Then list the bills you'd pay on your own next month and subtract them from your take-home pay.

    Worksheet and answer keyOpen the lessonEmergency fund calculator

  10. 10

    What to do with money when someone dies

    Get death certificates, find the will and executor, notify key places, and let the estate, not you, pay the debts.

    Students will be able to

    • Most money tasks can wait a few weeks.
    • Debts are paid by the estate.
    • Accounts with beneficiaries skip the estate.

    45-minute plan

    1. Warm-up (5 min): is this true? "When a parent dies, their kids have to pay off the parent's debts."
    2. Read the lesson together (10 min)
    3. Work the example on the worksheet (10 min)
    4. Practice questions (10 min)
    5. Exit task (10 min): If you're handling this now, ask the funeral home for 10 to 12 certified death certificates and start one notebook for every call. If not, write down where your own will, insurance and account information are kept, and tell one person you trust.

    Worksheet and answer keyOpen the lessonNet worth calculator

Unit vocabulary

Security depositEmergency fundTenant screening reportTake-home payCredit reportSpecial Enrollment PeriodBeneficiaryAuthorized userFDIC insuranceCredit scoreForm W-4Sinking fundTax withholdingHigh-yield savings accountChild tax creditQualifying childInsurance deductibleExplanation of benefitsFlexible spending account529 planMutual fundETFStockBondRolloverRoth IRAIRARate capRebalancingNet priceStudent Aid IndexPell Grant401(k)Grace periodPower of attorneyAssetsBrokerage accountWindfallCredit unionCost basisDown paymentCertificate of depositNet worthRefinancingQDROCOBRAExecutorProbateCredit bureauPayable on death

Free to print, copy and share for non-commercial classroom use. General education, not personalized financial, tax or legal advice. Figures are examples. Check current rates and limits before you act.