Financial Literacy—Borrowing vs. Saving | Learn the difference to help you choose

In this installment of the Financial Literacy series, your kids and students will learn about the difference between borrowing money or saving money to buy something. Financial Literacy—Borrowing vs. Saving focuses on the pros and cons to each choice to help kids decide what they would do if they wanted to buy something.

Saving money is something we do so that we can eventually buy something we want, like a new bike. This can take time. If you want something more immediately, you can borrow money. Borrowing money, however, means that you have to pay back the money you borrowed over time. And sometimes you have to pay interest. You can get a loan from someone, like a parent, and pay it back over time.

We hope you and your student(s) enjoyed learning about these important skills! If you want even more information, head over to our website and download one of our many free lesson plans, full of activities, worksheets, and more!

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What you will learn in Financial Literacy—Borrowing vs. Saving:
0:00 Introduction
0:54 Borrowing money, loans, and interest
1:39 Saving money and planning
2:16 Frankie Finance scenario—saving
3:01 Frankie Finance scenario—borrowing
4:28 What would you do?

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