Independent Living Program - Florida's Center for Child Welfare

BANKING AND CREDITLearning Goals Expectations Activities38. Knows how to completea money order.a. Explain what a money order is and how it isused.b. Identify two places where a money order canbe purchased (e.g., post office, bank).c. Compare the fees associated with a moneyorder and a checking account.d. Complete one money order.I’m Getting Ready, Different Ways to Pay Our Bills, M-11.Making It on Your Own, Money Orders, p. 92.Ready, Set, Fly! Banking #3.39. Knows and understandswhen and how to borrowmoney.40. Knows how to apply fora loan.41. Knows and understandsthe pros and cons ofusing credit.a. Recognize when it is wise to borrow money.b. Describe the benefits, risks andresponsibilities related to borrowing moneyfrom friends, family, and financial institutions.c. Calculate the effect of interest on a loan.a. Identify two or more situations in which loansmay be necessary (e.g., education, car, house).b. Identify where to apply for a loan.c. Explain what information is necessary tocomplete a loan application.d. Complete one loan application withsupervision.a. Identify three advantages of using credit (e.g.provides cash in emergencies, allows one tomake purchases over the phone or Internet, issafer than carrying cash).b. Identify three disadvantages of using credit(e.g. can lead to debt, high cost of interestpayments, can take years to repay, end uppaying more than the original price).Ready, Set, Fly! Banking #6.Developing Your Vision, C. 2, Paying for a CollegeEducation, p. 10.Life Skills Activities for Secondary, IV-20, Applying for aLoan, p. 254-256.Making It on Your Own, Getting a Car Loan, p. 53.Life Skills Activities for Secondary, IV-11, Paying Interest, p.228-229.Ready, Set, Fly! Banking #5.Ready, Set, Fly! Banking #6.American Express, Credit Cave –http://www10.americanexpress.com/sif/cda/page/0,1641,639,00.aspBanking on Our Future –http://www.bankingonourfuture.org/master.cfm/main/homePractical Money Skills –http://www.practicalmoneyskills.com/english/at_home/consumers/banking/Life Skills Guidebook 97©2004 by Casey Family Programs.