Over the past two terms, we mastered important financial skills, from quick calculations to long-term planning. We learned that being financially literate means being a detective (spotting deals), a planner (making budgets), and a critical thinker(avoiding money traps)!
We improved our ability to handle complex transactions and calculate costs and change accurately. We became Discount Detectives, learning how to apply percentages to find the sale price, and even how to work backward to find the original price!
- Precision Tip: When calculating the total cost of multiple items, I found it most helpful to just use goog;le, because although I could find it myself, it would waste less time and would be faster for our group.
- Discount Strategy: If a jacket is 40% off, one way to find the sale price is to find 10% of the original sale price, then multiply that by four, then take that price that you got and take that off the original price. In math terms, if “Original price” equals O, then “O – ((O ÷ 10) x 4) = Remaining after discount.” Depending on the tenth digit of the percentage number, that is how much you have to multiply that by.
Budgeting Check: If my expenses are consistently higher than my income, I have a bad income, my income being in the negatives, meaning I’m not really earning anything. This means I must ensure and find a way in which the sale price is more than the price I bought the product or made the product for, efficiently earning us profit.
BNPL Danger: The biggest financial risk of using BNPL services is that it makes it very easy to overcommit to too many payments, which you might forget about and end up spending more than you actually needed to.
Our group project required us to plan a significant financial event example; Small Business
Project Summary
- Our Project Goal Was: to earn a total of 2000$ and find out how many days it would take to do that.
- The Biggest Expense We Budgeted For Was: Just a simple lemonade, which costs only 2$
- The Most Important Math Skill We Used Was: Total cost and change.