Money Smart Teens - How to Teach Your Teens Proven Money Management Strategies


Activities could include questioning, discussions with students, marking work or tests with detailed feedback to students on how to improve. A contents insurance policy covering possessions even when they are away from your home. A special type of investment which can pay out a regular sum over a lifetime. Usually taken out with pensions upon retirement. The total cost of a loan, taking into account the interest you pay, any other charges and when the payments fall due. Used as a way of comparing different financial product; the higher the APR, the dearer the loan.

Advanced Subsidiary Level qualification are stand alone one year courses that provide an opportunity for young people following A level subjects to introduce breadth into their studies. Everything that a person owns that has a monetary value e. Attainment targets set out expected standards of pupils' performance at end of each key stage. Not all National Curriculum subject have attainment targets. An electronic machine that dispenses cash and other banking services using a cash withdrawal card and a personal identification number PIN. This is the amount of money a store card or credit card company will lend you immediately.

Bankers Automated Clearing System. A fast service that allows transfers of money to be done electronically from one bank to another e. The amount of money you have in your account at any particular time or which you owe on your credit or store card or on a purchase after the deposit has been paid. It will be shown on your statement.

Moving the balance from one credit card to another with a lower interest rate, in order to pay less. A bank is a government-licensed and regulated financial institution whose main activity is to lend money in order to stimulate economic growth, and, in turn, profit.

In order to lend money the bank must take a certain amount of deposits which it does in the form of current and savings accounts opened by individuals and businesses. A service from a bank or building society which lets you pay in money, get cash out and pay bills etc. The bank keeps a record of all transactions. This base rate influences the rates offered to savers and borrowers by other financial institutions such as banks. A piece of paper that shows all the money that has been paid into an account and paid out from an account.

Statements are usually sent each month. A piece of paper money, where the bank will pay the amount of money shown on the note. A court order given when someone cannot pay their debts they owe: The interest rate set by the Bank of England, which other financial institutions such as banks use for guidance when setting their rates. Used to track pupils progress. Especially used to refer to the assessments undertaken during the EYFS early years foundation stage , normally aged 3 to 5.

A government system which provides practical help and financial support for members of the public. For example benefits are available for: A piece of paper that shows how much money is owed for something eg gas, electricity etc. Sometimes called 'fixed interest securities' or simply 'stock' are loans to an organisations such as a company, a local authority or the government. Bonds are a form of investment, usually with less risk than shares. Getting money from someone else that you intend to pay back after some time.

You might borrow informally from friends and family or take out a formal loan with a written agreement from a bank or building society. A temporary loan which allows you to buy a new property before selling your old property. An amount of money set aside for something or it can also be a summary of intended expenditure and income to cover it. An organisation that is owned by its members, some or whom will be customers saving or borrowing from the society. They often offer a range of financial services and are similar to banks. Type of insurance that pays out if the structure of your home is damaged.

For example your house is damaged by fire. An ammount of money given to a student by a college or university, to pay for them to study. When a person buys a property with the intention of renting it out to someone else. The rent is often used to pay off a mortgage. Citizens Advice Bureau; a local voluntary organisation offering unbiased free advice on a range of problems including finances, legal matters etc.

The amount of money you originally have, save or invest, before any interest, other return or loss is taken into account. It could also be an amount of money that you have borrowed. The tax paid on profits from selling investments such as shares if their value is over a certain amount. A benefit for people who provide regular care to disabled people in their own home. Cash is the simplest way of buying something.

It is not a good idea to send cash payments through the post, but you can pay bills such as gas and electricity in cash by using the Giro payment system available through post offices and banks. The receipts of your business. If your receipts are bigger than your payments, you have a net cash inflow.

Payments out of your business. If your receipts are less than your payments, you have a net cash outflow. Cashcards or cashpoint cards, are the simplest type of account cards. They can usually only be used at cash machines with a personal identification number, or PIN to withdraw cash, check your balance or print out a mini-statement. A record of all the money coming in, less all the payments as they are made, measured over a particular time. Goods are shown in the pages of the catalogue. You can buy them on credit and pay in weekly or monthly instalments.

The goods will usually be delivered by post. The price of the goods in the catalogue may be more than the price in a shop. An order made by a judge to settle a claim brought in the county court. Clearing House Automated Payment System — a method for transferring money from one bank account to another on the same day.

There is usually a charge for this service.

Fees and interest which you have to pay, for example, when you borrow money or buy on credit. Cheques are a paper based payment method often used for buying goods, paying bills and as gifts. However the use of cheques has declined over past 20 years and fewer retailers accept cheques, as other payment methods are more efficient and effective. A plastic card issued by a bank or building society that guarantees the amount of money on any cheque you write will be paid whether or not there is enough money in the account.

Children under 18 years of age who have been provided with care by children's services, often with foster parents. Usually used with primary school children; where children may sit in a circle to discuss social and emotional topics such as bullying or money. Supports the development of children? Used by teachers throughout the age range for personal, social, health and economic education.

Clearing is the time it takes for the bank to complete a transaction, for example, transfer money from one account to another. Things you own of value that can be used to secure a loan; for example a property. This sets out how Ofsted inspects maintained schools, academies, free schools in England. Introduced in September , the framework outlines a four point grading system that will be used by inspectors to make the judgement: The usual type of interest paid on savings and loans, based on the capital plus the interest already paid so far, so the savings or the loan will grow by increasing amounts unless money is taken out or the loan paid off.

A comprehensive insurance policy is more expensive than a third party insuance only policy because it provides cover for accidental damage to your own car in addition to the third party cover. Secondary schools which educates all local children regardless of their ability. A schools intake can vary dependent on popularity and location. A loan which combines all your credit card payments, housing arrears, loan repayments and household bills into one monthly payment. A society in which people place a high value on possessions and in which they are encouraged to purchase more. You buy contents insurance to cover your possessions.

Some policies will pay for damaged items to be replaced as new — although the insurer may send you a voucher for a set value for you to replace the item at a certain store rather than give money. The amount you pay will depend on where you live, how big your house is and whether you have a lot of valuables.

Tax paid to the local council for local services such as libraries, police, waste collection etc. Continuing professional development - involves activities that develops teachers? A small plastic card available from most banks, and allow you to borrow money up to a certain limit. When you buy something with your credit card, the amount you spend is added to your total borrowing.

Every month you are sent a statement to show how much you have borrowed and how much you need to repay. If you don't repay the full amount, you will start paying interest. A record of loans you have taken out or credit card payments made or missed. The maximum amount the store card or credit company will lend you altogether at any time. An agency that holds information on adults. This information includes public records e. Electoral Roll entries , credit account information e.

Companies offering, for a charge, to advise you how to erase bad credit from your credit record. A score given by a shop or credit agency based on your personal and financial circumstances. It helps them to decide whether you are likely to repay the loan you are asking for. A non-profit making co-operative savings association that lends money to its members at low interest and encourages saving.

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A creditor is someone to whom a debt is due. This word is often used to describe the person that lends you money. Child Support Agency; responsible for ensuring that parents who live apart meet their financial responsibilities for their children. Child Tax Credit; a means-tested benefit for people with children.

Introduced to combat child poverty. Money in any form which is used as a way of buying goods and services e. Different countries use different currencies. A low-interest bank or building society account which helps you to manage your day-to-day money; pay bills, receive money and keep money secure. A small plastic card used to buy things without using cash or a cheque; when paying in shops, shopping by phone or on the internet. When you make a payment or withdraw cash with your debit card, the money is taken straight out of your account electronically.

You cannot borrow money on a debit card. Dependents are people who depend on you financially because they have no income. This is usually children who live with you, but it could be elderly relatives you care for. Money that you pay into an account or a deposit is an initial payment which secures the purchase of something, normally a percentage of the total amount. The way in which the currculum and teaching methods are ammended to meet the learning needs of individual students. A qualification for 14 to 19 year-olds, offering a practical way of gaining skills for employment and university.

Subject areas are available including; business administration and finance. An instruction to your bank to release money from your account to pay bills and other amounts automatically. The billing company requests the money from the bank directly. You are told in advance in writing how much will be taken and the date it will be taken out of your account. A tax-free benefit for people under 65 who have personal care needs or mobility problems. Money which is taken off the price of something.

You may need to collect coupons or vouchers before claiming the discount. Sometimes shops give a discount to their employees. Most shares pay an interim and final dividend. Money transfers made electronically or over the internet; for example direct debits. The time before statutory school age and including the year children start school, usually age 3 to 5. The curriculum is less formal and relies heavily on play.

There is a framework of learning for teachers to follow and learning about money is part of that framework. The UKs economy refers to its production and sale of goods and services and the way the government manages its money.

8 money skills teens are eager to learn

Someone who is paid to work for an organisation, company or someone else. The person who you work for is your employer. Employee National Insurance Contributions; is a form of additional taxation that is taken off your pay before you get it. You usually need to make contributions before you can claim certain state benefits, such as State Pension when you retire. A life insurance policy that pays out a lump sum at the end of a set period or on death, whichever comes first.

The EBacc is a school performance measure, allowing parents and others to see how many pupils in a school get a grade C or above in core academic subjects English; mathematics; history or geography; a science; and a language in any government-funded school in England. An entrepreneur is someone who starts their own business and makes money through risk and initiative. The value of a property over the amount of the mortgage secured against it; if property prices go up, your equity increases.

Negative equity is where the value of your property is less than the amount of the mortgage still to be paid off. An estimate is an educated guess. An electricity or gas company will work out an estimate on the basis of how much electricity or gas you have used at this time of year in the past.

A bank that uses its investments and loans to support projects that benefit society or the environment. Someone who thinks before they buy a product or service about how it has been produced and the costs to the environment or other people e. By boycotting such goods we send a signal that we do not approve of how the product has been made, packaged or distributed. The companies responsible for preparing and marking exam papers for GCSE, A Levels and other externally moderated qualifications. Some insurance policies require you to pay an agreed amount of the cost of any damage if you make a claim.

The insurer will then pay for anything more than this. Agreeing to a higher excess generally reduces premiums.

The exchange rate tells you how much you get when exchanging one currency for another e. These describe a possible event or circumstance not covered by an insurance policy. Almost all insurance policies have exclusions. Schools offering services out of normal school hours to support the needs of local families and their communities; such as breakfast clubs or after school clubs. The fair-trade movement aims to make sure that workers and producers get paid fairly. A sum of money you pay, for example, to have a loan or credit arranged for you. A pension where the amount you get is worked out on the basis of how much you earn in the last or last few years of service and your length of service.

A company which makes money by lending to people who want to buy goods on credit. Most shops use finance companies for their credit deals. A financial adviser is a person or company who can assess your financial needs and give advice about money and suitable financial products. Some advisers can also manage investments for you.

An independent financial adviser IFA is one not working for specific bank or other seller of financial products, and can in theory therefore offer a wider range of options. Teaching and learning leading to financial capability. Lessons planned separately or as part of another subject to help learners understand money. Documents that show information about money earned, spent or owed, including statements, bills, receipts etc.

Some financial products, such as shares in new businesses, are risky because their value can vary rise or fall over time. It also includes how much money you owe and any financial arrangements you have made for the future, such as a pension. Sometimes people will also ask you about your regular outgoings, such as the amount you pay in rent. The month period a business uses for recording its accounts. It is often the same as the calendar year or the tax year, but does not have to be.

An interest rate guaranteed to stay the same for an agreed period, regardless of whether bank rates go up or down. The right to sell the products or services of an existing business , independently of that business, in a particular location. A crime where people have tricked or lied to other people, or to an organisation, in order to get money.

Some bank or building society accounts have a free buffer zone; a temporary overdraft for which you will not be charged for being slightly overdrawn. Schools that have been set by parents and others in a local community where it is believed there is not already a school which meets their needs.

Each school becomes an independent state school, funded by the Department for Education. Qualifications aimed to improve the level of competence of pupils in the literacy, numeracy and ICT needed for life skills. Functional Skills assessments consist of the application of skills within real life contexts, eg; learning mathematics skills through money.

Betting money in the hope of making more money; for example through the lottery, fruit machines or casino games. General Certificate of Secondary Education - national academic examinations of basic secondary education usually taken by year-olds. Gilts are issued by the government to help fund its spending.

It is a fairly secure way to invest your money. Also known as government bond. A giro is a banking term for a method of payment.

An Annotated Reading List

A giro is given by the payer to his or her bank, which transfers funds into the payee's bank account. An total amount of money before any deductions, such as tax or National Insurance. Your wages before anything is taken away from it such as income tax and National Insurance Contributions. In a business - the money you make from selling your goods and services less the cost of materials or making the goods. In secondary schools they have the main responsibility to monitor, guide and support pupils? You would not own the car until you have completed the hire purchase agreement.

Her Majesty's Revenue and Customs - the government department responsible for tax collection and benefit payments. Head of Department or Head of faculty. In secondary schools they have the main responsibilty to raise the standards of pupil attainment and achievement within their curriculum area, to monitor and support pupil progress and lead, manage and develop their curriculum area.

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A bank honours a cheque by paying out the money as you have requested. A cheque will only be honoured when it has been guaranteed or there is enough money in the account, or you have an agreed overdraft. Identity theft is a crime of fraud where somebody elses personal details are used to open bank accounts, get credit cards, take out loans, claim benefits etc.

An adviser offering advice on investment products from all companies in the marketplace, instead of being limited to selling those of just one firm. Income is the total money you have coming in, such as; wages, benefits like income support or child benefit and child maintenance payments and investments. Income Support is a government benefit paid to people on very low incomes tp support them with living costs. A tax which is payable on almost all types of income, at various rates depending on the level of income. Learning that supports students to think for themselves; when a student gains knowledge by their own effort and develops the ability for enquiry and critical evaluation.

Index-linked means that the value of the financial product or service e. A continual increase in the general level of prices. This means over time a given amount of money will buy fewer goods and services. Paid employment that is hidden or not declared for tax purposes, also known as the hidden economy or cash in hand work. A subject that is part of the National Curriculum which deals with teaching about technology. The passing on of money or assets when someone dies. It can also include gifts given while the person is still alive.

Tax on the value of a deceased person's assets. Tax may also be imposed on any gifts made during the seven years before death. In-service education and training - training for teachers to support with the development of their skills in teaching and learning. Also referred to as CPD. Weekly or monthly repayments made to pay off a loan or goods bought on credit.

A savings account where you can get your money back without needing to give any notice; they generally attract lower rates of interest than accounts where notice is required. Insurance involves regular payments to a company so that you can claim money to cover the cost of a possible event such as an accident. Insurance cover describes the situations you are insured against. For example, if you have a car you might have comprehensive cover or only be covered for third party, fire and theft.

The money you pay to the insurance company to make sure you are covered. Premiums are paid monthly, quarterly or annually. The reward you get for lending your money to say, a bank or a building society. Also the cost you pay when you borrow money through a loan or credit agreement. It is usually worked out as a percentage the interest rate of the money you have borrowed.

Financial Principle

This is the percentage that is paid on savings or loans. A mortgage where only the interest due is paid off regularly. The original sum is paid off in full at the end of the term of the loan. Dying without a valid will, in which case the law decides how assets will be distributed. To use money to buy something that may increase in value over time, for example jewellery, property or shares in a company. Products that sometimes involve some risk of losing your original money but give you the opportunity of better returns than you get from savings.

There is a set limit of how much you can save in an ISA each tax year. Information Technology - a computing, telecommunications and broadcasting subject that is part of the National Curriculum. This can take place in a variety of settings, including Universities and Training Schools. This enables them to teach in schools. A benefit paid by the government to people who are unemployed but available and actively looking for employment.

General Topic

Tax on the value of a deceased person's assets. Budget An amount of money set aside for something or it can also be a summary of intended expenditure and income to cover it. How can you teach your kids to value money when they don't work for a living? There is a framework of learning for teachers to follow and learning about money is part of that framework. A lump sum is a one-off payment. Statutory sick pay SSP SSP is the minimum amount employers must pay any employees unable to attend work due to illness. A mortgage where only the interest due is paid off regularly.

Gives the terms and conditions of a financial product such as a mortgage or pension in a standard format so that simple comparisons can be made between products. In a secondary school Key Stage 3 is taught during Years 7, 8 and 9 ages and Key Stage 4 in Years 10 and 11 ages Lastly, Key Stage 5 covers ages A pfeg project which ran in secondary schools from A type of insurance that pays out a lump sum to your family if you die.

Some mortgage lenders oblige borrowers to have this kind of cover; the insurer will pay off the mortgage with a lump sum if you die. You can insure for more than the cost of the mortgage to make sure that your family has some additional funds to live off. A registered business, run by private individuals, entitled to employ other people. It can sell shares to private individuals to raise capital and the amount of these, limits any financial liability it has.

A sum of money which you borrow from a person or organisation, usually with interest. They charge extremely high rates of interest and often use threats to get money if payments are missed. The statutory body responsible for many aspects of state funded education within a locality sometimes refered to as local education authority. Academies and Free Schools have significant freedoms from Las. Cards offered by some shops to encourage people to shop there. Every time you spend money at that shop you will be given 'points' on your card, which can be saved and later used to obtain discounts on shopping or other benefits such as air-miles.

A lump sum is a one-off payment. Some people have insurance policies that pay a lump sum if they have an accident or are ill. Other people prefer to have a policy that provides an income over a long period of time. Most cash machines check your bank account and will not give you any more than there is in your account. The minimum amount you must pay each month off your debt on credit or store card payments. We want to change the paradigm around money in many different ways: Financial freedom is your choice.

You are the CEO of your life; financial freedom is your responsibility. Your thoughts, beliefs and attitudes determine your wealth potential. Being broke is a temporary financial condition, being poor is a state of mind. See it, say it, write it down. Life is an adventure; let passion be your guide. To be financially successful, learn the language of money. Money is a tool to reach your dream. Money buys you stuff, not happiness.

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Make money grow by putting it to work for you. To create financial freedom, invest the energy of money wisely. Save early, save often. Financial success comes from managing risk, not avoiding it. Invest with your head, not your heart. Assets feed you, liabilities eat you. It is better to tell your money where to go than to ask where it went. Creating Financial Freedom is simply a matter of developing the right habits.

Make more money than you spend and spend less money than you make. Your money habits always add up in the end. Helping others is helping yourself. Leverage turns an ounce of effort into a ton of results. Earning money creates an income; making money creates a life. Belief systems, stereotypes, judgments.

Most important money habit. Interest — simple and compound. Budgets and financial habits. Credit, debt, credit and debit cards. Importance of good money habits. Donating and doing good in the world. Camp Millionaire gives kids the financial education foundation they need to meet and exceed their financial goals when they grow up. Some questions for you… Do you want your kids or students to be excited about learning how to manage and invest their money? Do you want them to learn what it takes to experience the best that life has to offer? With Camp Millionaire, kids and students learn the critical financial habits, beliefs, information, principles and concepts they need to grow into financially responsible adults.

It is a "Wealthy Barber Chilton for juniors. This is a page booklet, available free of charge, that focuses on educational, career, and financial success. AGF also has a good web site and sponsors an excellent scholarship program. Refer to the Links section. The Generation Y Money Book: Money-smart ways to think about money.

Alpha Books Macmillan , This is a parent-and-child primer on the basics of financial management, spanning from when they're barely old enough to reach the piggy bank to their college years. Canadian Securities Institute, This information-packed book is the essential financial reference for the everyday Canadian family.

It covers everything from credit cards to old age security, mortgages to education savings plans, and it will help you gain confidence and control over your family's finances. Wyatt, Elaine and Stan Hinden. The Money Book and Hideaway Bank: A smart kid's guide to savvy saving and spending. Somerville House Publishing, This page book is highly readable and comes shrinkwrapped with an actual bank disguised as a book that can be used for saving coins. It is geared to kids and has a wealth of tips and helpful hints about earning, budgeting, banking, spending, and saving money.