Category Archives: Financial Literacy

Financial Literacy Chapter 1: Money & Youth

  1. Opportunity Cost: the next best alternative given up when you make a decision.
  2. Carrying cost of a debt: the interest charges that you pay on debts that you carry on a credit card over time. That is, credit card debts that you don’t pay off right away and result in interest charges.
  3. Medium of exchange: one of the roles of money. Prices can be set in terms of money for goods and services and then money can be used to “exchange” to receive a good or service.
  4. Financial planning: setting goals for things you hope to achieve and acquire over time and making a plan for how to achieve those goals.

Did It Stick? Can you recall …?

  1. What factors may be having an influence on your money decisions?
  2. What are four things you can do to try and make a good decision?
  3. What is the purpose of having a financial plan?
  4. How can setting goals help you to make better financial decisions and find a balance in life?
  5. What is a key role of money in the economy?

Thinkabout … or discuss:

  • $ Which kind of financial decision do you find hardest to make – and why?
  • $ In your opinion, which factors have the biggest influence on money decisions
  • made by youth?
  • $ What are the advantages and disadvantages of credit cards for youth?
  • $ What are the biggest “money mistakes” youth often make?

Tips and Suggestions:

Five Steps to Saving Money

  • $Set a savings goal. Ask yourself: How much money will I need? How soon? Be realistic.
  • $ Decide how much you will save from your pay. Put aside money to save first, then spend what’s left.
  • $ Track where you spend your money.Learn more about where your money is going. This will help you find ways to cut your spending if you need to – since you will probably be surprised where some of it is going.
  • $Build a budget and try to stick to it.
  • $Reward yourself when you reach a goal. Give yourself something to look forward to if you do what you set out to do.

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Money & Youth – Free Resource

Money and Youth

Please review Part 1 at home over the December break. I am sending home pages 8 & 9 to review your money goals for 2014 with your parents.

  • What should you do with your Christmas money?
    • spend it all on clothes?
    • Put some in an RESP?
    • Buy a Canada Savings Bond?

Table of Contents

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