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As a parent, you understand the importance of having an education that will serve you well throughout your life. That's why you've chosen St. Margaret's for your daughter.
You are not alone. In fact, a recent survey revealed that 87% of SMS parents believe the school's mission of educating young women for life is important. Furthermore, 88% of parents believe St. Margaret's is effective in fulfilling this mission.
So, what does it mean to educate young women for life and how does it impact our students in a concrete way? For some, it has come in the form of the school's personal finance class, which covers a wide range of topics related to fiscal responsibility.
It's important for students to learn practical ways to make responsible financial decisions while they are still in school, said Director of Studies ViAnn Farmer. These lessons will serve them well when they begin making those decisions for themselves in college and even further into their adult years.
As young women who will soon be responsible for their own finances, it is so important for them to prepare for the challenges that come with managing money, said Ashley Swandby, who teaches the class. By focusing on the issues that they will soon face, we are teaching them how to make smart financial decisions once those issues arise.
The course allows students to build upon the foundation they already have. According to Miss Swandby, since this class is offered through the math department, students are able to incorporate skills that help them make wise decisions by calculating the true cost of those decisions.
Students also value the information they are learning in the class. This class has provided me with the knowledge necessary for managing my finances, said senior Michka Sharpe. I have learned the basics as well as some key tips on how to get the jump start I will need to survive the rigors of today's highly competitive society! I've even been able to converse with my mum about various topics that I have learned in class like filing taxes and how to calculate debt load.
Indeed, the class completes a variety of tasks that students will have to perform either as young adults, later in life, or both. These include:
• Conducting a job search, complete with composing a cover letter and resume, scheduling and attending a job interview, and writing a follow-up thank you note.
• Filing taxes based on a mock W-2, filling out a W-4 form, and receiving a pay check with several deductions taken out.
• Reconciling a month's worth of checking account transactions based on the typical month of a recent college graduate. Transactions range from paying rent to an evening at the movies.
• Applying for a credit card and discussing the importance of good credit, what goes into a credit score, and how to calculate interest and finance charges.
Additional topics throughout the trimester will include borrowing, debt, budgeting, loans, insurance, risk management, buying a car, finding housing, investing, giving, and consumer protection laws.
Most of these topics will be investigated on their own through a project in which students will put together a financial plan.
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Senior Mishka Sharpe discusses
her budget wit6h Miss Swandby
One class lesson encouraged students to limit their
overall consumer debt to 20% of their annual income.
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