Credit & Debit Card Unit

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1 TeeJay Publishers Financial Maths - Life Skills Credit & Debit Card Unit MNU 2.09b CfE Level 2 - Lesson Plan Produced for TeeJay Publishers by Pamela Fraser, Financial Education Training Officer, Dumfries & Galloway.

4 Managing a Budget Worksheet 1 Eve is a single mother of two young boys Alfie and Finn. Eve now has her finances under control with careful budgeting, so when she receives the offer of a Credit Card through the mail she thinks it might be handy for making purchases online and for emergencies. Eve applies for the offer and soon receives the new credit card with a 1000 limit. Soon after, she goes on a trip to Glasgow with two of her friends. 1. Eve uses her debit card to pay for the train tickets costing and buy a magazine and a coffee for the journey totalling She had 120 in her bank account, how much has she now got left to spend using the card? 2. Eve finds a pair of the latest trainers that Alfie has been asking for his birthday. She decides to buy them as the shop has a special 20% discount on everything. a If the trainers were originally 95 how much does Eve pay for them? b How much has Eve spent using her debit card? 3. Eve suggests to her friends that they go for lunch. Eve wants to impress her friends and pays for their lunch too. The bill is 60. She pays for the bill using her credit card. Why do you think she did this? 4. On the way to the railway station Eve sees a lovely red dress in a shop window. The dress cost 130 and matching shoes should have been 115 but are now half price in the sale. She treats herself to both as using the Credit card was so easy. How much money did Eve have to pay using her credit card? 5. Eve buys a chocolate bar and a cappuccino on the train; it costs her 3.80 which she paid for using her debit card. How much money has Eve spent in total on her day out? 6. A month later, Eve receives a statement for one of the cards and she was shocked at the amount of interest she was charged. Which card is this for? 7. The statement shows the total amount of money Eve spent. Now she has to pay the money she borrowed back by the end of the month or pay it back in instalments of 10 per month a How much has Eve borrowed on her credit card? b Eve cannot afford to pay it all back at once. So how long will it take her to pay the money back in instalments (in months and years)? 8. Eve has also been charged 29 in interest for borrowing the money. Now how long will it take her to pay the money back in full in years and months? 9. Reviewing her monthly budget Eve feels that she could pay 25 per month towards paying off her account. If she does this how long would it take to pay off the money borrowed? 10. What are the consequences of Eve's overspending?

5 Managing a Budget Worksheet 2 Eve's sister Sophie and her husband Dan have recently had a baby girl, Alice. They have always been good at looking after their money but are finding out that having a new baby can be expensive. Since they got married they have had a joint bank account with debit cards and they have just opened a credit card account with a limit of Dan's salary of and Sophie's Child Tax credit of is deposited into their bank account ever month. What is the total amount of money that goes into their account each month? 2. Sophie also receives Child Benefit every week for Alice which she puts into a separate savings account for when her daughter is older. a How much money is saved in the account each month? b Alice is 9 months old, so what is the total balance in the account? 3. Before the baby was born Sophie worked full time. They had quite a lot of spare cash for treats then, but now money is tighter. They have calculated that they have left over each month after their bills have been paid. How much do they spend each month? 4. Dan is working away from home and has to pay for his hotel and food bills until he gets his expenses back from his employer. His hotel costs and his food bills total He then fills the car with petrol on his way home costing him He pays for all of this using his credit card. How much has he spent in total? 5. Sophie decides to buy some baby clothes at the local department store sale. She buys 2 dresses costing each, 2 packets of bibs each costing 9.00, 3 babygros reduced to 9.99 each and a snowsuit with 25% off the original price of 80. How much has she splashed out on and put on the credit card? 6. The credit card bill comes in at the end of the month and Dan is shocked by the balance. How much will the total bill be for? 7. On top of the amount that they have spent Dan & Sophie realise that they will be charged interest for borrowing the money. The Annual Percentage Rate (APR) interest rate charged is 16.9%. a How much interest will they be charged on the balance for a year? b How much interest will this mean they would have to pay back each month? 8. There is a delay with Dan's expenses and they won't be paid for another month. Dan & Sophie will not be able to pay off some of their credit card bill so must either pay a minimum of 5 or 3% of the balance whichever is greater. How much do they pay to their credit card? 9. When Dan's expenses come in they use that to pay off some of the credit card bill however they still have left to pay. Sophie wants to clear the debt as soon as possible. a What is the maximum they could afford to pay from their debit account per month? b Paying this amount, how long would it take them to pay off the debt? 10. There is another way that they could pay off the debt quicker? a How could they pay the credit card bill? b Do you think that this would be a good decision for them to make?

6 Credit & Debit Cards Worksheets - Answers WORKSHEET a 76 b She doesn't have enough money left on her debit card. She only has left It's for the credit card 7. a b 25 months (2 years 1 month) 8. 2 years 4 months months 10. Eve has borrowed money which she will have to try and find each month in her budget. She has bought things that she didn't really need. She said she was going to use the card for online and emergency purchases. She might continue to spend money that she doesn't have. WORKSHEET a b a b 4 months 10. a They could use some of the money from Alice's savings account b There is no right or wrong answer to this question however If answered 'yes' the reasoning for this should be based on the fact that the money is for Alice and the clothes bought were for her, money received from the government for the child and they do not specify what you use it for. If answered 'no' the reasoning for this should be based on the fact that saving the money for Alice's future, she probably didn't need the clothes just wanted them because they were in the sale and she liked them, it's not Alice's fault that her parents overspent on their credit card so she shouldn't have to pay for their mistakes.

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