Bobby, Chloe and Elisha have been given a school project all about money!
They are going to write a pop song full of top money tips, but first they need to learn a thing or two…
What is money?
We all know what money is, right? We do get a bit ourselves – pocket money, birthday money, the odd coin dropped on the pavement… Notes and coins…
And there are cards, the sort people use in cash points and in chip and pin machines.
Which are a bit like the swipe cards you have for school dinners!
You don’t even need a pin now with some cards – you just wave it over a machine like a magician. ABRA-CAMONEY-ABRA!
Money comes in lots of different shapes and sizes and sometimes you can’t see it at all.
Where does money come from?
Hint: It doesn’t really grow on trees!
Most people get their money by earning it through work!
This is known as income.
The money you earn from work is then yours to spend however you like, plus you’re never too young to earn your own money.
You could probably help out with some chores around the house to top up your pocket money!
What is money for?
You exchange money for things like a new game or tickets to the cinema.
We have to make choices about how to earn, spend, and save it!
When you make a choice, you give up one thing in exchange for another thing that you want or need.
Think about when you go to the movies and you choose whether to see a scary movie or a funny one.
If you choose to spend your cash on the scary movie, you give up the opportunity to see the funny movie!
Money can be used on all sorts of things like food or paying for a house to live in.
People can choose to spend their money however they like!
Even a super-rich person would have to decide how to spend their spare BILLION…
Listen back to this episode by hitting play at the top of the page!
You can hear Money Matters with the Co-operative Bank every weekday morning from 8.30am!