What this guide is about

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2 What this guide is about On these pages you ll find out all about pocket money. You will learn about saving and spending. You will get ideas and help about looking after your money and lots more. There are even some magic tricks to do with coins. Click on the following links. Where money comes from Earning money Where my money comes from Saving up Where my money goes Keeping money safe Keeping track of my money Counting money made easy Pocket money rules Fun with money HSE-GD

3 Where money comes from Have you ever heard this? Money doesn t grow on trees! Or this? I m not made of money! Well it s true! Everybody needs money, but either they have to earn it or somebody must give it to them. Money as a gift Your parents give you pocket money. And you may get presents of money. Maybe your grandparents put money into a savings account for you. Maybe a very old relative of yours died and left you some of their money in their will. Money from work You may already earn money for doing household chores. Some children earn money as actors on television, or for doing paper rounds. When you are older, you might earn money as a deep-sea diver, or a nurse, as a politician, or working in a cafe. What kind of work will you do to earn your money? 3

4 Where my money comes from Where does my money come from? Parents or close family? Grandparents? Doing jobs? Birthdays? And how much do I get? 10p 1 50p 10 On the next page you ll find a chart that you can print off and fill in where your money comes from 4

5 My money this week Date:... Money I got this week Where it came from Total 5

6 Where my money goes Spend some, save some It s a good idea to spend some of your money and to save the rest. Spending Spend some on yourself. Give some to charity. Saving Saving up can seem hard, but it means you will be able to buy something you don t have enough money for right now. You might save up to buy presents for friends and family. Or for an outing or holiday. Or you might save up to buy something really big and expensive. Why not decide what you want to save for, and write down how much money you think you ll need. 6

7 Where my money went this week Date:... What I spent money on How much I spent How much I saved What I saved for Total Total 7

8 Keeping track of my money It s a good idea to keep track of what you spend money on. You ll see if you wasted any, and it will be easier to plan to use it sensibly. You can print out a spending record sheet. Fill one in every week. I don t know where my money s gone. I can t come to the cinema. I ve no money left. I thought I had some money left but I haven t! I m going to keep 60p for a comic on Saturday. I m not going to waste money on those sickly sweets this week. 8

9 Pocket money rules Why rules are important You need to have rules about pocket money to make sure that you look after your money and that you know how much you will get and when. I lost my wallet. Can I have some money for a comic? Can I have some money for sweets? My friend gets more money than I do. It s not fair. Only if you ve done your homework. But I gave you some yesterday! Sometimes people argue about money and then they feel cross and sad. If you and your family have rules about pocket money you don t need to have arguments. Link to Pocket Money Rules 9

10 Pocket money rules Discuss these rules with your family and agree which ones you are going to use. Have a look through the rules below. Decide, with your family, which ones you want to use. You can add any other rules you want to. You could write them down and get everybody to sign the list. My parents give me my pocket money once a week, on a My parents give me my pocket money once a month, on I will not ask my parents for money except on pocket money day. I will look after my pocket money myself. I will ask someone else to help me keep my money safe. I will decide what to spend myself. I don t have to tell anybody what I spend my money on. I must do a few household chores to earn my pocket money. These chores are I must do the household chores every week on a My pocket money will be increased on my next birthday. My pocket money will be increased at the end of the year. 10

11 Earning money Some families give pocket money every week. You might earn extra money for doing jobs, such as: Making beds for others in your family (but you make your own for free). Wash and polishing the car. Doing all the washing up (but you help with washing up for free). Sweeping or vacuuming the floor. Walking the dog. Weeding the garden. Cleaning your little sister s shoes. Watering the houseplants. Cleaning out the hamster s cage. What else can you think of? Some questions you can ask your family How much pocket money did your parents or grandparents get? What jobs about the home did they do? Who has had the easier life, you or them? 11

12 Saving up Any money that you put aside counts as savings. You might save money for a present for yourself or a family member, or perhaps for a holiday or outing. Saving up for these things can take a few months, and is called short-term savings. You can keep the money yourself, or give it to an adult to look after for you. Or keep it safe in a savings account. You might save up for the future: for college, for a gap year, or to buy a car. Or you might have no idea what the money will be used for. This money gets saved for many years and is called longterm savings. It is best to keep long-term savings in a building society, where it can gain interest. What will I save for? Different people have different ideas about what to save for. You can print out a record sheet to help you keep track of your savings. I m saving up for a bike. I want a better skateboard. I m going on school journey, and I ll want enough money to have a good time. I want to visit China when I m older. I ve started saving already. I like knowing I ve got money saved for when I need it. 12

13 My saving record Short-term savings I am saving for Long-term savings I am saving for Date How much I have saved this week How much I have saved altogether Date How much I have saved this week How much I have saved altogether 13

14 Keeping money safe Keeping your money safe is important. You don t want to lose it. Or let someone steal it. Purse or wallet You can keep money in your pocket, but it s safer in a purse or a wallet. When you go out, put your purse or wallet in a bag that closes, or in a pocket with a zip or button. Savings boxes Banks and building societies Grown-ups keep their money safe in a bank or a building society. Children can keep their money there too. You need to open an account (your parents can help you do that) and then you will get a savings book. Every time you put money in your account, or take some out, make a record of it in the savings book. That way you will know how much money you have in your account. And some accounts give you interest on your savings. That means for every pound you put into your account, the bank or building society will add a few pennies. It s not much, but every little helps. At home you can keep money in savings box. Your money will quickly collect in there, and when you look you ll be surprised how much you have. You can print out instructions for making your own Savings egg to keep your money in. Link to Savings egg instructions 14

15 Make your own papier mâché Savings egg Materials White flour Water Newspaper Round balloon What to do 1. Make your paste. Mix together 1 part flour to 2 parts water until it is the consistency of double cream, runny but not too thick. Add more water or flour as necessary and mix well to remove lumps. 2. Tear several newspaper pages into strips about 1 inch wide and about 7 or 8 inches long. Set them aside. 3. Blow up the balloon and tie its end. To hold your balloon still while you work on it, sit it on a bowl. 4. Dip the newspaper strips into the paste and spread them onto the balloon. (The paper and paste is called papier mâché.) Completely cover the balloon, leaving a small hole at the top to remove the balloon. Let this first layer dry. 5. Add several more layers of papier mâché to your balloon, allowing each to dry completely before putting on the next layer. 6. When the final layer is dry, pop the balloon and remove it through the opening you left at the top. If the balloon won t come out, just leave it. It won t matter. 7. Widen this hole carefully so it will take coins. 8. Now paint or decorate your Savings egg. 9. Put coins through the hole. When the egg is getting full, crack it open and count your money! 15

16 Counting money made easy Here are some ideas to help you when you are adding up with money. 75p + 50p + 10p + 15p + 50p 75p + 15p + 10p = 1 50p + 50p = 1 Total = 2 When I count my 50p coins, I just halve the number of coins. Then I know how many pounds I have because 50p is half of 1. When I count my money, I start with the coins that are worth most. One pound, two pounds... and 13p When things cost 99p, I add up in pounds and take pennies off. Those books cost 99p each and I want to buy three. That s going to be 3 less 3p, that s

17 Fun with money x2 x3 x4 x5 x6 x7 x8 x9 x10 5p 10p 15p 20p 25p 30p 35p 40p 45p 50p 10p 20p 30p 40p 50p 60p 70p 80p 90p 1 20p 40p 60p 80p p Ready reckoner Print out a ready reckoner to help you calculate with money Click here to link to ready reckoner Tricks with coins Learn some neat magic tricks Click here to link to tricks with coins Coins and notes quiz Print out our quiz and have some fun. Click here to link to coins and notes quiz 17

18 Ready reckoner Use this chart to help you multiply sums of money. x2 x3 x4 x5 x6 x7 x8 x9 x10 5p 10p 15p 20p 25p 30p 35p 40p 45p 50p 10p 20p 30p 40p 50p 60p 70p 80p 90p 1 20p 40p 60p 80p p Here s how to use it Suppose you want to work out what five lots of 50p is worth. Find the row labelled 50p and the column headed x5, and follow them along to see where they meet. There s your answer:

19 Coins and notes quiz 1. Can you join each coin or note with its value? 1p 2p 5p 10p 20p 50p Which coin is missing from the picture above? 3. I am silver in colour. I m round. I m worth more than 6p. Which coin am I? 4. In 1960, did people have 50p coins? 5. Megan has one of each of the coins being juggled. How much has she got? p Answers p 4. No. In 1960 people still had pounds, shillings and old pennies

20 Money tricks The vanishing coin The effect The magician (you!) shows the audience a small paper package. You open the package and inside is another paper package. You open the second package and inside is a third paper package. You open the third package and it is empty. Ask to borrow a coin. Put the coin in the middle of the smallest package. Fold the paper closed and place it in the middle of the second piece of paper. Fold this package closed and place it in the middle of the large piece of paper. Wave the papers in the air and mutter a magic spell. Open up the three packages again. The coin has VANISHED! Preparation Step 1: You need 3 squares of paper, getting a bit smaller in size. It is good if you can find 3 different colours of paper. But it also works with paper all the same, even newspaper will do. Take the smallest square of paper and fold it like this: Put this package on the middle of the second square and fold that square around it to make a bigger package: Now put this package on the middle of the biggest square and fold it up the same way. Step 2: Take 3 more squares of paper, just like the first three and repeat step 1 to make another package that looks just the same. Step 3: Glue the two packages back to back. You are now ready to do the trick How it works 1. Take out the package and show it to your audience. Make sure you hold it so that your audience cannot see the second package at the back. 2. Follow the direction above. 3. When you get to the part where you wave the package in the air, secretly turn it over so that the hidden, empty package is on top. 4. Open up the package to show that the coin has vanished. 5. Then make the coin reappear! 20

21 Money tricks The coin through the hole The effect The magician (you!) shows the audience a 2p coin. You also show them a piece of paper with a hole in the middle. Point out that the hole in the paper is too small for the coin to pass through without tearing the paper. Ask a member of your audience to examine the coin and the paper and to check that the hole is smaller than the coin. Take back the paper and the coin. You make the coin pass through the hole without tearing the paper. Preparation Step 1: You need a piece paper, a 2p coin and a 1 coin. Step 2: Put the 1 coin in the middle of the paper and draw around it. (You can put the 1 coin away now. You do not need it again). Step 3: Get an adult to help you to very carefully cut out the circle you drew on the paper. How it works 1. To pass the coin through the hole, fold the paper in half so that the hole is halved. 2. Put the 2p coin inside the folded paper so that it sits in the hole. 3. Hold the paper at the corners marked X. 4. Slowly and gently move your hands together in the direction shown by the arrows. The coin will drop through the hole. 21