I. Money Matters

As you cover the steps of home-buying readiness with your students, you will inevitably bump into the topic of personal finance and money management. This next set of tools includes learning activities that address basic budgeting and credit, general banking procedures, and the consumer practice of financing a home through a mortgage.

The tools addressing budgeting and credit present basic money management concepts, including methods that facilitate self-awareness about spending patterns and models of how to create spreadsheets that make it easy to track expenses.

General banking procedures are introduced through teacher reflections. The reflections illustrate how teachers have introduced their students to the services of U.S. banks and provide ideas for you to adapt. You will also find reflections on using bankers, brokers, and lawyers as resources to help answer complex housing questions.

Toward the end of this section you will find handouts, activities, and reflections that clarify the specialized vocabulary associated with obtaining a mortgage. These tools will provide your students with practice in calculating monthly mortgage costs. In addition to the tools included here you may also want to refer to the Fannie Mae Foundation’s consumer guide Choosing the Mortgage That’s Right for You. The guide contains comprehensive information about the mortgage process, the various available mortgages, and worksheets. To receive a free copy of this booklet in English call (800) 688-HOME (4663). For a free copy of the booklet in Spanish call (800) 782-2729.

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