Borrowing Money Responsibly

Learning Intention: Process how to manage borrowing money.

I have researched how to responsibly borrow money.

See the effects of borrowing money by completing the 'Borrowing Money' worksheet.
Want to think more about how when it is a good idea to borrow money? Complete the 'Borrowing Money Extension' worksheet.

Make sure to unpack the questions in Task 3 so students understand the risks of borrowing money. Also chat to them about shopping around for the best interest rate when borrowing money. Talk about what to do when trying to decide which loan to pay back, the big one being the student loan vs other loans. Remind them that student loans are interest free, so you just pay back the amount of the loan. Since there isn't that pressure of interest, you're better off paying of a loan that has interest first because that one will cost you more money in the long run.