Starter quiz
- Learning about ______ money management prepares individuals for future financial stability.
- 'responsible' ✓
- Match the type of bank account to its purpose.
- savings⇔stores money with interest ✓
- children's⇔helps teach money management to young people ✓
- joint⇔share your account with someone ✓
- Which of the following are ways to bank ethically?
- researching your bank’s policies ✓
- choosing a bank that will make you the most money
- exploring ways to use your money to support causes you believe in ✓
- investing in fossil fuel extraction
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- Which type of bank account is typically used for everyday spending?
- current account ✓
- business account
- fixed deposit account
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- An ethical person focuses on doing what is ______ right, fair and good for people, society and the environment.
- 'morally' ✓
- Which of the following would not be considered an ethical thing to invest in?
- fossil fuels ✓
- affordable homes
- Fairtrade companies
- water conservation
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Exit quiz
- Which of these is not a way to pay?
- cash
- debit card
- post-it notes ✓
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- Match the words to the correct definition.
- debit⇔money taken from a bank account and used for payment ✓
- budget⇔a plan for how to spend money and track income and expenditure ✓
- credit⇔money that can be used for payment but it is borrowed from a lender ✓
- Budgeting means regularly checking and adjusting spending to avoid ______, cover bills and prepare for future costs.
- 'debt' ✓
- Successful budgeting involves spending within your means and using different ______ methods wisely.
- 'payment' ✓
- Why is it important to budget?
- to keep track of all the places you shop
- to ensure spending is controlled ✓
- to impress your friends
- to make sure that savings are a priority ✓
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- What should you do to avoid paying interest on your credit card?
- pay the minimum payment each month to avoid interest
- only pay a small amount once a year to avoid interest
- make a late payment to reduce your interest charges
- pay off the full balance by the end of the month ✓
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Worksheet
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Lesson Details
Key learning points
- There are multiple ways to pay, including cash, debit cards, credit cards and digital payments.
- A debit card allows you to spend directly from your bank account, while a credit card lets you repay money later.
- A budget is a plan that helps track income and expenses, making sure spending is controlled and savings are a priority.
- Budgeting means regularly checking and adjusting spending to avoid debt, cover bills and prepare for future costs.
- Successful budgeting involves spending within your means and using different payment methods wisely.
Common misconception
You only have to pay the minimum payment each month on a credit card to not pay any interest.
Unless your credit card is interest-free for an amount of time, if you pay the minimum payment each month, you will be charged interest. Some credit cards can charge up to 30% or more in interest, so it is best to pay it off in full each month.
Keywords
Debit - money taken from a bank account and used for payment
Credit - money that can be used for payment but it is borrowed from a lender so interest might be charged
Budget - a plan for how to spend money and track income and expenditure
Budgeting - the process and plan of sticking to a budget
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