Psychology of Money - Project Packet
The resources below are part of the Taxes for Teens Project which you can find here.
Interactive Calendar
□ Compounding Calculator — Lesson 4
See how small, consistent savings grow over time with compound interest.
Lesson 4 prompt: "If you saved $50 every month for 10 years, how much would you have? How would compounding change that amount if it earned interest?" — Use this calculator, then write your response.
$50
5.0%
10 yrs
Saved (no interest)
$6,000
Just your deposits
With compounding
$7,764
Your money + growth
Interest earned
$1,764
Free money from patience
Emergency Fund Calculator
□️ Emergency Fund Calculator — Lessons 10 & 13
Find out how much of a safety cushion you need — and how long it takes to build it.
Lessons 10 & 13 prompts: "Write one way you could start saving money right now" and "Write one example of how you could leave 'room for error' in your personal finances." — See what a real emergency fund looks like, then write your response.
$1,500/mo
3 months
$100/mo
Emergency fund goal
$4,500
Your "room for error" target
Time to reach it
45 months
~3 yrs 9 mo at $100/mo
□ Most financial experts recommend saving 3–6 months of expenses. At your current savings rate, you'll reach your goal in about 3 years 9 months. Small increases in your monthly savings make a big difference — try moving the slider!
Hidden Costs Calculator
□ Hidden Costs Calculator — Lesson 15
Discover what things really cost beyond the price tag.
Lesson 15 prompt: "Think of something you really want (a car, trip, or phone). Besides money, what 'hidden costs' might come with it?" — Pick a purchase below and see the full picture.
Choose a purchase:
Select a purchase above to see its hidden costs.