Teaching Youth About Money | Part 1
What is money and how do we get it, and the difference between ‘need’ vs ‘want’.
What is money?
Money is something we need to live. It is used as a payment for goods and services such as food and rent and to pay bills such as electricity, phone and internet.
Watch this video to learn about how money is made:
How do you get money?
By working in a job so you can earn money
By receiving money from the government such as Centrelink payments
Walking a pet or pet sitting
Washing the car
Doing household chores
Work around the yard such as mowing the lawn, weeding or planting plants
Rounding up and down
In Australia our smallest coin amount is 5 cents. This means that cash prices for things you want to buy are rounded up or down to the nearest 5 cents.
Use this worksheet to practice rounding up and down.
Working out change
If you were to buy something that includes 11 or 12 cents in the price, the amount you would have to pay would be rounded down to 10 cents.
If you were to buy something that includes 13 or 14 cents in the price it would be rounded up to 15 cents.
Needs vs Wants
A need is something that you must have. It is something you can’t live without.
A want is something you would like to have.
Use this worksheet to write down your needs and wants.
What is Saving?
Saving means not spending your money straight away, but putting it away so you can spend it later.
How do you save?
What are you saving for?
Watch this video about savings:
You can download this presentation here.
