DEBIT CARDS VS CREDIT CARDS A REAL LIFE
DEBIT CARDS VS. CREDIT CARDS A REAL LIFE SIMULATION
RULES FOR THE GAME • Follow the instructions on each slide. • Do NOT fight with the banker, it is their job to take your money. • Everyone must actively participate in the simulation. • You each have your own role in the simulation. • Roles will be switched each month • When a new item comes on the screen, you will either tell the banker “pass” or “buy”. • Write all of your purchases and deposits on your sheet. • If you have any questions, use your cups!
ROLES Debit Card Holder Credit Card Holder • You must keep track of your spending. • You may not spend money you don’t have. • You must be aware of your spending because you will have credit card payments. • Every time you make a purchase, you must give the banker the money for the item you bought. • You must fill out your check register at the end of each month Banker • You are responsible for collecting the money from the debit card holder for each purchase • You are responsible for changing the • You must decide if you will pay the minimum payment or pay the amount in full at the end of each month.
LET’S BEGIN! MONTH #1
APPLE TV $200
CHICK-FIL-A GIFT CARD $20
YOUR CAR IS EMPTY YOU MUST FILL YOUR TANK PAY THE BANKER $20
PLEASE CHANGE YOUR CUP TO YELLOW END OF THE MONTH REPORT CREDIT CARD HOLDER: Please total up all the money you have spent this month. A TEACHER WILL BE BY SHORTLY TO COLLECT YOUR MONEY Your options are: 1. Pay the amount in full to the teacher 2. Or 3. 2. Pay the minimum payment of: $20
CREDIT CARD HOLDERS: IF YOU PAYED THE FULL AMOUNT, CONTINUE TO THE NEXT SLIDE. THIS IS CALLED: ACCRUING INTEREST If you payed the minimum payment, Subtract the minimum payment from your total bill. Multiply it by 0. 20 Add that number to the remaining payment. This is what you owe for next month. WRITE ON YOUR WORKSHEET YOUR NEW BALANCE
MONTH #2
CONCERT TICKETS TO SEE YOUR FAVORITE BAND - $50 EACH
PAYDAY!! PLEASE CHANGE YOUR CUP TO YELLOW AND A TEACHER WILL BRING YOUR PAYCHECK
A NEW PHONE CASE $20
TICKETS TO THE COWBOYS GAME $100 EACH
TWO BOXES OF GIRL SCOUT COOKIES $10
SIX FLAGS SEASON PASS $150
PLEASE CHANGE YOUR CUP TO YELLOW END OF THE MONTH REPORT CREDIT CARD HOLDER: Please total up all the money you have spent this month. A TEACHER WILL BE BY SHORTLY TO COLLECT YOUR MONEY Your options are: 1. Pay the amount in full to the teacher 2. Or 3. 2. Pay the minimum payment of: $20
CREDIT CARD HOLDERS: IF YOU PAYED THE FULL AMOUNT, CONTINUE TO THE NEXT SLIDE. THIS IS CALLED: ACCRUING INTEREST If you payed the minimum payment, Subtract the minimum payment from your total bill. Multiply it by 0. 20 Add that number to the remaining payment. This is what you owe for next month. WRITE ON YOUR WORKSHEET YOUR NEW BALANCE
MONTH #3
BACKPACK $40
YOUR CAR IS EMPTY YOU MUST FILL YOUR TANK PAY THE BANKER $20
PAYDAY!! PLEASE CHANGE YOUR CUP TO YELLOW AND A TEACHER WILL BRING YOUR PAYCHECK
A MEAL AT WHATABURGER $10
A NEW PUPPY $60
IPHONE X $800
PLEASE CHANGE YOUR CUP TO YELLOW END OF THE MONTH REPORT CREDIT CARD HOLDER: Please total up all the money you have spent this month. A TEACHER WILL BE BY SHORTLY TO COLLECT YOUR MONEY Your options are: 1. Pay the amount in full to the teacher 2. Or 3. 2. Pay the minimum payment of: $20
CREDIT CARD HOLDERS: IF YOU PAYED THE FULL AMOUNT, CONTINUE TO THE NEXT SLIDE. THIS IS CALLED: ACCRUING INTEREST If you payed the minimum payment, Subtract the minimum payment from your total bill. Multiply it by 0. 20 Add that number to the remaining payment. This is what you owe for next month. WRITE ON YOUR WORKSHEET YOUR NEW BALANCE
THE END! GREAT JOB!
- Slides: 28