Educator 4H OSU Extension Seneca County Basic Banking Video Discussion Questions What are some ways in which you save money Where do you keep this money Do any of you currently have a bank account ID: 1028870
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1. BASIC BANKINGKatie ColeEducator, 4-HOSU Extension, Seneca County
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3. Basic Banking Video
4. Discussion QuestionsWhat are some ways in which you save money?Where do you keep this money?Do any of you currently have a bank account? A debit card?Can you tell me the differences between a checking and a savings account?
5. Checking vs. Savings AccountsCheckingMake it easier to pay your routine or daily expenses. If you follow a budget, you can leave enough money in your checking account to cover bills and other necessities and put the rest in savings.SavingsHelp you grow your money. When you deposit money into your savings account, the bank pays you interest. A savings account can help you prepare for bigger expenses. You can use a savings account to build an emergency fund, pay for unexpected expenses or save for major life goals like buying a home, car, college or vacation.
6. 6Regardless of account type, through banks you can:Direct deposit your paychecks Utilize online banking for account summary and totalsCalculate interest and growth with savings accountUtilize debit cards for cashless payment
7. ActivityDivide participants into two teams.Designate Team 1 and Team 2. Scenario: Team 1 will use a bank (and have a debit card) and Team 2 will not use a bank. Each team has just received a $2,000 scholarship, a paycheck from work for $300, and their monthly allowance from their parents of $50.
8. Activity continued Team 1 Team 2No bank so should have $2,350 on handEach team needs to designate what they will be doing with their money. Choices are: Put $__________ in checking accountPut $__________ in savings accountKeep $__________ on hand
9. Activity continued Now that each team has designated where their money will be, teams must now decide what to do with the following: You need to put $20 of gas in your car.You go out with friends to the movies; your ticket was $10 and snacks were $8.Your bill for school is due. The first payment is $1,500.You stop for coffee before school. Your drink was $3.You drop your wallet and 10% of your on-hand cash is stolen.Your car tire pops. You must buy a replacement for $150.You go out on a date and decide to pay. The meal was $30.
10. Activity continued Each team must tally their totals and compare. What is the total difference between the two teams?
11. Talking PointsTeam 1 did not have to worry about spending their scholarship on things that were not school related. It was easier for them to keep that money saved in a safe place. Team 1 had less cash on hand, so they lost less money when they dropped their wallet.Team 1 is accumulating interest with the money they have in their savings account.
12. ReflectWere there any other key differences you noticed between the two teams?Do you understand the difference between a checking and savings account?Will you open a bank account in the near future if you don’t have one already?Do you understand the importance of keeping your money in a safe place?
13. 13References Graphics and photos courtesy of Adobe Stock and Pixabay.comCooperate Finance Institute: Checking Accounts vs. Savings Accounts, corporatefinanceinstitute.com/resources/knowledge/finance/checking-accounts-vs-savings-accountsBasic Banking for TeensKatie Cole, MSOhio State University Extension Seneca Countycole.537@osu.edu