Basic Money Management

Planning and Budgeting

Division III: Gr. 7-9

It is important to stay in control of money and get as much from our money as we can. Youth should learn about the different ways to manage their money and the different tools and services available – including those from financial institutions. Youth should be aware of the different kinds of financial institutions and how they differ and how they compete. Youth should know why financial institutions pay interest on savings and charge interest on loans. Youth should know how to protect their personal financial information. Managing money and being able to handle spending, saving, banking, and various kinds of transactions well are important skills for youth to develop.

Please Note: Teaching Units provided are for support and consideration by teachers and are not prescriptive.

Learning Map and Supports for Instruction

The “Learning Map” identifies teaching opportunities in Alberta’s curriculum for each topic and you will find them as part of the Support Teaching Materials provided here. Teachers can, of course, integrate the target areas of financial knowledge, skills, attitudes, and behaviours anywhere they can find a fit. The Supports for Instruction provide videos, animations, and links to other resources to support teachers in their efforts to improve the financial literacy of their students.

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Knowledge

The various financial services and products available from financial institutions
Ways in which others can try and influence your money decisions
Spending uses money today, saving stores it for future use and can help achieve goals and be prepared for the unexpected
Why saving is important and the possible benefits from saving
Where and how money can be saved and the role of financial institutions
The advantages and disadvantages of credit cards
How to avoid penalties and fees when using credit cards
The different ways to pay for things
Why banks pay interest on savings and charge interest on loans

Skills

Track spending to know where their money is going
How to open and manage an account at a financial institution – including deposits and withdrawals
Use debit and credit cards safely
How and where to save money and compare options and competition
Use an ATM appropriately and safely
Protect their personal information and identity from possible access and misuse by others
Check and verify statements from their financial institutions
Develop a financial plan to achieve goals and be able to work with a budget

Attitudes/Behaviours

Avoid impulse buying, especially with a credit card
Compare fees, services, etc. of financial institutions before deciding on a financial institution
Compare features and fees when selecting a credit card
Pay bills on time and in full when possible
Use the services and products available from financial institutions wisely
Avoid use of cheque-cashing and payday loan operations and the high fees they charge
Consider whether something is needed or wanted before making a purchase
As possible, save some of their money for the future
Manages their money with a budget and plan
Take steps to keep their money and possessions safe