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The Giving Tree. My Money Mummy. My money Mummy, She is so lovely, I nag for things and she says no, So I scream and yell And even say I’ll wash the dishes, After that she grants my wishes! She gives me food and drinks, But I rather my mobile phone and treats, I have plenty of money,
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My Money Mummy My money Mummy, She is so lovely, I nag for things and she says no, So I scream and yell And even say I’ll wash the dishes, After that she grants my wishes! She gives me food and drinks, But I rather my mobile phone and treats, I have plenty of money, But I don’t need to save it, I’m a kid! My Mum does all the paying, While I do all the playing! Leah ,Year 6
I Love Money! I love nice things, Like mobile phones and lots of sweets, Computer games, pocket money! Do I pay for this? No way! My mother does as I wish, She does it every day. When she refuses, I scream and shout! And always go into a pout! Is money important? Of course it is! To pay for treats – all for me! I always do my chores, Sometimes I do extra, To get much more! Josh, Year 6
I Work For Money! I think money is necessary, To pay for all you need. From little things like snacks and pens, To others like food, drink and clothes. My Mother is like an ATM, Paying for the things I need, I so want to give her a surprise, As a son like me will save and my money pot will rise. I look after my cash for the future, So I can get a degree, Material things like games and toys make me happy, Important also, is to give to charity. I don’t nag if I don’t get what I want, I appreciate what I’ve got now, But this is something to remember, we are lucky. As there are children far away with no shelter, food or love. APPRECIATE WHAT WE HAVE NOW..........BE HAPPY!! Kai, Year 6
Money! Money! Money! My Mum gives me everything I want! Everything I ask for! I nag for a mobile phone or a computer game, She gives in soon and I get my prize. Money is very important! Money makes the world go round! I need EVERYTHING I have! If my Mum refuses, I scream and shout... I want it right here, right NOW! I don’t have to look after my money. I just spend, spend, SPEND! But, I don’t pay for any of this, NO WAY JOSĖ! Money makes me soooooo happy! When I grow up, I want a mansion, A pool, a solid gold lake....and MORE!! I’ll be so rich they will have to make a new number! Money! Money! MONEY!!! Samantha, Year 6
My Money Mum! Money, money is so important, We need it to survive, Money is full of worth, I have all these I don’t really need. I love my Mum so much, She gives me food, water, treats and clothes, So, in return, I do the chores, I am so grateful for her support. Sam, Year 5
My Mum is My ATM!! I really need money, Money, money, money! I know I should save, But who cares? I’m only nine! Mum pays for me, If I don’t get my wish, I scream and shout, All about! No Mum, I’m not wasteful, All my needs are tasteful! Tiegan, Year 4
Responsibility If I want to be a responsible adult, I need to make a pension plan. I don’t want to be poor when I’m elderly. When I have spare money, I should “save it for a rainy day”, so if something goes wrong, I will have the money to pay. If I want money, I will have to work hard. I need to have good education and save money for things like holidays and nights out. I need to pay my bills, such as electricity, water and household bills, so I won’t have a debt. I need to show I care, by respecting and looking after my parents and friends. When I’m older, if I have a family, I will have to help them and feed them. I need to save up for things and not have interest on my credit card. I should save money so I can pay immediately using my debit card. By Samantha Wyllie
Growing up to be a responsible adult I need to save up to pay for all the household bills. I don’t want to live in a house with no heat, comfort, water or/and power. Saving up is important, prepare yourself and expect the unexpected. If I don’t save or pay I may lose my house, family and food. I also need to pay for my car repair bills, car tax and SORN, insurance and other stuff or the DVLA may decide to scrap my car!!! I need to pay insurance of all types to keep me safe just in case... If I get a bank account I must choose wisely what card I should get. If I choose a debit card I have to pay straight away but if I choose a credit card I can get time to save, pay later but I’ll have to pay interest, say if I bought an item costing £150 then I might have to pay £175! There are also luxuries out there such as holidays and meals out. I must try my best to save and get some space. I must learn to be responsible and be sure that I look into my future. Do I really need all that I have now? Is it important? I need money to look after myself for the future and not leave it to the last minute. I must get enough for a pension plan, retire happily and live a full, active life. I must change my life and save. Save your money for a rainy day! By Kai
Chip and pin *Introduction Introduction for teachers Children are accustomed to seeing credit and debit cards in use. It’s easy for them to lose a sense of the value of money – measured, that is, in terms of the effort that’s put into earning it and then using it carefully. Introduction for children (Hold up your debit/credit card.) Can anyone tell me what this is? (Take suggestions.) Yes, it’s a debit/credit card. What is it for? (Take suggestions.) Yes, I can use it to buy things from shops – it means I don’t have to carry a lot of money around with me when I do my shopping. When I want to buy something, I give my card to the shopkeeper and they put it into their computer. I put in my PIN number. It’s an acronym that stands for ‘personal identification number’. No one else has that number, so it means that it’s safer than a signature that can be copied. You should never write down your PIN number but memorise it – I’ve picked a number that I’ll never forget – someone’s birthday in my family. When I type in my PIN number, the computer sends electronic information down the telephone lines to my bank.
The computer checks that I have enough money in my account to pay for what I want and authorises the shopkeeper to make the sale. I take my shopping home and the money from my account is sent electronically to the shop’s bank account. It sounds very simple, but it used to be very easy for thieves to use stolen credit cards by forging the signature on the back of the card. Now cards have chip and pin - instead of singing my name, I put a four-digit code into the shop’s computer. Now, if my card is lost or stolen, the thief can’t use it without knowing my PIN number. So that makes it a lot safer for me and for shop keepers.
Story The supermarket was crowded and Ben and Kelly were bored. They trailed behind their mum as she went up aisles and down aisles, peered at her shopping list and frowned. ‘Everything is so expensive,’ she said. ‘Do we really need all this? We seem to get through so much food – you kids will have to stop eating.’ Ben and Kelly weren’t worried – their mum said the same thing every time they went food shopping. ‘Can we have some ice cream, Mum?’ said Kelly. She knew ice cream was her mum’s weakness. ‘Oh, I suppose we can have one small tub of ice cream,’ said Mum. It’s a good thing you weren’t a boy, Kelly, or I’d have called you Jerry and you and Ben would have been named after my favourite ice cream.’ ‘Some girls are called “Jerry”,’ said Ben. ‘Like Jerry Hall, the model.’ Kelly rolled her eyes and ignored him. Having an older brother like Ben was so annoying.
They stood in a long queue at the checkout and waited for their turn. ‘Doesn’t anyone pay with money any more?’ asked Kelly. ‘Some people do,’ said her mum. ‘I do sometimes if it’s for small amounts – less than five pounds.’ ‘What’s the difference between a credit card and a debit card?’ asked Ben. ‘My debit card takes money straight from my bank account,’ said their mum. ‘If I don’t have the money in the account, I can’t buy whatever it is. A credit card is where you have an agreed limit with the bank and you borrow the money, then pay it back at the end of each month.’ ‘I think that sounds loads better,’ said Ben, ‘then you can spend as much as you want. Can I have a TV in my bedroom? You could buy it on your credit card.’ ‘No, you’re not having a TV in your room. They’re expensive......’ ‘But you could put it on a credit card and not pay till later,’ said Ben. ‘”Later” doesn’t mean “never”,’ said their mum. ‘The trouble with credit cards is that you have to pay extra for whatever you borrow. If I borrow twenty pounds from them, I would have to pay back twenty one pounds.
That doesn’t sound a lot, but the more you borrow, the more interest the bank charges you. Don’t forget that banks are businesses – they make their money from loaning people money and charging them extra to pay it back. Some people get into terrible debts by using credit cards and not having enough money to pay back the banks. I don’t want you two to get into bad money habits.’ Ben looked a bit cross, but they could see their mum was serious. ‘Money doesn’t just magically arrive in our bank account. The money in our bank account is from what me and your dad earn, from the hours that we work. That money has to pay the mortgage on our house, food for us all, the phone bill, the electricity bill, the gas bill, the water bill, school trips, clothes, books, DVDs – everything.’ Ben yawned. It looked like they were going to get another lecture about ‘when I was your age’. Instead his mum surprised him by saying, ‘OK, Ben. You can have a TV in your bedroom.’ Ben smiled triumphantly and Kelly scowled with annoyance.
‘The TV you want costs seventy nine pounds,’ Mum went on. ‘Your pocket money is three pounds fifty per week. If we suspend your pocket money for thirty weeks, you can have the TV.’ Ben frowned. He was good at maths and he knew that didn’t add up correctly. He got out a scrap of paper from his pocket and the stub of a pencil and worked it out. ‘But that’s one hundred and five pounds,’ he said. ‘The TV only costs seventy nine pounds. It’s not fair.’ ‘I’m charging your interest on what you’re borrowing in advance,’ said his mum. It’s what banks do when they loan you money on a credit card. The extra money is called “interest” and it’s how banks make their profits.’ ‘I’m not going to get that TV am I, Mum?’ said Ben, sadly. ‘Actually, I’m willing to buy it for you on those terms,’ said his mum. ‘But I mean it – there would be no more pocket money for seven months. There is an alternative,’ she said. ‘You could save up all your weekly pocket money, and in five months you can buy a TV for yourself. Or you can do without and watch TV in the lounge with the rest of us. It’s up to you.’ Ben had a lot to think about.
Conclusion What decision do you think Ben made? He had the TV straight away and no pocket money for seven months. He saved up his pocket money for five months and bought the TV himself. He decided he didn’t want the TV.
Why do you think Ben’s mum gave him these alternatives? What was she was trying to teacher her children? Ben’s mum was trying to show both her children that using a credit card has to be done responsibly and thoughtfully – the money has to be earned before it can be spent, or they can end up costing you a lot more money.
A Prayer Dear Father, Thank you for the guiding hand of our parents and the people who care for us. Help us to learn from them and to accept their help when they offer it. Amen
A Thought Ben’s mum was trying to help him and Kelly to think in a grown-up way about credit cards. She gave Ben a choice that made him think about what he really wanted and was trying to help both her children realise the value of money.
Things to Think About Sometimes the value of money can be brought home to children by looking at overseas charities in the developing world and seeing how much (or little) money is required to make a difference to people’s lives.
