A nice easy one today! The wallet workout is probably similar to something that’s happened lots of time before – essentially your kids tip out all the cards in your wallet. This time, instead of getting angry, you turn it into a money lesson!
The activity: Wallet Workout
Show your child all the cards in your wallet and explain what they are for. Explain the difference between debit cards, which take money out of your bank account straight away, and credit cards, which send a bill once a month, and charge interest if you don’t pay it.
Take it further:
You could take the lesson about credit and debit further. If you have credit cards, explain why sometimes it’s good to use them instead of debit cards even though there’s the risk of paying fees. Are you trying to build up a credit score? What’s a credit score? Does the card offer insurance of purchases? What’s insurance?
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