More For Your Money - University of Illinois Extension

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Introduction
Values and Goals
Income and Expenses
Spending Plan
What Is Credit?
Use Credit Wisely
Debt Management
Saving Money
Glossary
Teacher's Guide
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What Is Credit?

Sooner or later, almost everyone needs to use credit. Credit lets you use goods and services while you pay for them. Credit is not increased income, a way to buy what you can’t afford, unlimited, or free.

Activity

Answer yes or no to each phrase below.

Advantages and Disadvantages of Credit >

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Introduction
Values and Goals
Income and Expenses
Spending Plan
What Is Credit?
Use Credit Wisely
Debt Management
Saving Money
Glossary
Teacher's Guide
En Español

a cell phone is using credit?	Yes	No
Answer: Yes, “I said what I was going to do.”
a loan is using credit?	Yes	No
Answer: Yes, “I have set up a special savings account and worked out a plan to save $50 a month.”
an account with a power company?	Yes	No
Answer: Yes, “My family agreed that this is a good plan and will help to save money to make sure the rent gets paid.”
a lease with a landlord?	Yes	No
Answer: Yes, “I’ve paid my bills and bought other things I need, so I know that I have an extra $50 I can put into a savings fund.”
a credit card at a local department store?	Yes	No
Answer: Yes, “I will start this month and continue saving $50 a month until I have two months’ rent saved.”