๐ฆ Money Matters
Financial literacy means understanding how money works. Learning to manage money well is one of the most important life skills. These habits will serve you from pocket money to paychecks!
๐ Key Concepts
๐ต
Income
Money coming IN (pocket money, wages)
๐
Expenses
Money going OUT (spending)
๐ท
Saving
Keeping money for later
๐
Budget
A plan for your money
๐
Interest
Money you earn (or pay) on money
๐ณ
Debt
Money you owe someone
๐ Making a Budget
A simple way to budget your money:
- ๐ 50% Needs โ things you must have (food, transport, bills)
- ๐ฎ 30% Wants โ things you enjoy (games, treats, movies)
- ๐ท 20% Savings โ put away for the future
๐ง Smart Spending
Before You Buy, Ask:
- โ Do I really need this, or just want it?
- โฐ Can I wait and think about it?
- ๐ Have I compared prices?
- ๐ฐ Can I afford it without borrowing?
- ๐ Will I still want this next week?
๐ท Saving Tips
Growing Your Savings
- โ Save FIRST โ put money aside before spending
- ๐ฏ Set a goal โ something to save towards
- ๐ฆ Keep it separate โ savings account just for saving
- โ Compound interest โ money earns money!
- ๐ซ Avoid impulse buys โ wait 24 hours
โ ๏ธ Traps to Avoid
Be Careful Of:
- ๐ณ Credit cards โ high interest if not paid off
- ๐ฑ In-app purchases โ they add up fast!
- ๐ท๏ธ "Sale" traps โ buying things you don't need just because they're on sale
- ๐ฐ Gambling โ the house always wins
- ๐ค Get-rich-quick schemes โ if it sounds too good to be true, it is
โ๏ธ Activities
If you received $20, how would you split it using the 50/30/20 rule?
- Needs (50%): $___
- Wants (30%): $___
- Savings (20%): $___
My savings goal:
How much do I need to save each week?
๐ฉโ๐ซ Teacher Notes
Curriculum Links
- Mathematics: Number โ money, percentages
- Social Studies: Economics, decision-making