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September 2022 M T W T F S S 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 26 27 28 29 30
Category Archives: Financial Literacy
CHAPTER ONE |MONEY AND YOUTH
- Opportunity Cost: the next best alternative given up when you make a decision.
- 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.
- 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.
- 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 …?
- What factors may be having an influence on your money decisions?
- What are four things you can do to try and make a good decision?
- What is the purpose of having a financial plan?
- How can setting goals help you to make better financial decisions and find a balance in life?
- 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.
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
- Part I: Goals, Values and Decision-making
- Part II: Getting and Earning Money
- Part III: Spending Money and Taking Control
- Part IV: Borrowing Money and Using Credit
- Part V: Saving and Investing Money
- Part VI: Protecting Assets and Planning for the Future