Now that you have learned about occupations and the incomes they provide, how are you going to make the most of the money that you make? Answer that question by completing the activities below.
Once you start earning money, you'll need to choose a bank, credit union, or other financial institution. To read more about banking, take a look at the site Teens Guide to Money to learn about different types of financial institutions and accounts. Create a web identifying the different types of financial institutions and their characteristics. You can use an online tool like bubbl.us or the What I Learned in My Research template (in Templates below). (1-2 hours)
Checking accounts are one tool to help you manage your money. They are used for everyday expenses and function much like cash. Read more about checks and the checking systems in World Book Student.
Choose a bank or credit union in your area to research on the Internet, in person, or on the phone. Use the “Picking a Bank” questionnaire from PBS to gather information about the financial institution. (1-2 hours)
After reading about banks and different kinds of accounts, create a chart that identifies each type of account along with the advantages and disadvantages of each type. (30-60 minutes)
Watch the video “Economics at Work/Why Save?” found in the INFOhio Digital Video Collection. This short video explores saving, spending, and buying on credit. (20-30 minutes)
Saving money is an important step for financial well-being. Use ISearch to locate and read the article, “Earn More on Your Savings.” Create a list of 10-15 facts that you learned while reading the article. (30-45 minutes)
Contact a local bank (or two) to learn more about current interest rates they have on their different types of checking and savings accounts. Make a chart that shows each type of account, the interest rate, minimum amount needed in the account, time required to maintain the account, and other types of information. (1-2 hours)
At some point in your life you will need to borrow money, either short or long term. Long-term credit can be used to buy a car, purchase a house, or pay for further education. You can use a credit card for a short-term loan. Both types of credit incur interest which varies from one institution to another. Read the short article: “Credit Basics for Young Adults”. Make a list of 5 ways to use credit responsibly. (30-60 minutes)
There are three types of credit cards: bank cards, travel and entertainment cards, and merchant cards. Use World Book Student to learn more about credit cards. Research at least two of the different types of credit cards and compare their costs and features, including different types of fees, interest rates, grace periods, and any other information that you discover. Present your results on a chart or poster. (60-90 minutes)