Money Topics

Spend Well

When we make thoughtful choices about how we spend money,
we become better consumers.

Six Major Ways to Spend Money

  1. Cash
  2. Credit
  3. Check
  4. Online payment (bill pay)
  5. Debit card
  6. Gift card (stored value card)

What’s a Debit Card?

  • Tied to an account
  • Funds are withdrawn immediately when used

What’s a Credit Card?

  • A form of borrowing
  • Once-a-month payment
  • Interest accrues if bills aren’t paid in full each month

Deciding Which Payment Method to Use

  • Choose a payment method that’s easy to use.
  • Pay in a way that helps you keep track of your spending.
  • Use a payment method that keeps you from overspending.

Benefits of Having a Bank or Credit Union Account

  • You establish a credit rating.
  • You receive many financial services for free—or for a small fee.
  • It’s easier to keep track of your money.
  • Some pay you (called interest).

Money Topics for Parents:

12 Key Financial Topics to Cover With Your Children and Teens.