How can we pay for things?
I can explain the main payment types and how to budget effectively.
- Year 9
How can we pay for things?
I can explain the main payment types and how to budget effectively.
Lesson details
Key learning points
- There are multiple ways to pay, including cash, debit cards, credit cards and digital payments.
- A debit card allows you to spend directly from your bank account, while a credit card lets you repay money later.
- A budget is a plan that helps track income and expenses, making sure spending is controlled and savings are a priority.
- Budgeting means regularly checking and adjusting spending to avoid debt, cover bills and prepare for future costs.
- Successful budgeting involves spending within your means and using different payment methods wisely.
Keywords
Debit - money taken from a bank account and used for payment
Credit - money that can be used for payment but it is borrowed from a lender so interest might be charged
Budget - a plan for how to spend money and track income and expenditure
Budgeting - the process and plan of sticking to a budget
Common misconception
You only have to pay the minimum payment each month on a credit card to not pay any interest.
Unless your credit card is interest-free for an amount of time, if you pay the minimum payment each month, you will be charged interest. Some credit cards can charge up to 30% or more in interest, so it is best to pay it off in full each month.
Equipment
Content guidance
- Depiction or discussion of sensitive content
Supervision
Adult supervision recommended
Licence
Lesson video
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Prior knowledge starter quiz
6 Questions
Q1.Learning about money management prepares individuals for future financial stability.
Q2.Match the type of bank account to its purpose.
Q3.Which of the following are ways to bank ethically?
Q4.Which type of bank account is typically used for everyday spending?
Q5.An ethical person focuses on doing what is right, fair and good for people, society and the environment.
Q6.Which of the following would not be considered an ethical thing to invest in?
Assessment exit quiz
6 Questions
Q1.Which of these is not a way to pay?
Q2.Match the words to the correct definition.
