You will make important financial decisions throughout your life. The choices you make will not be without some risk and need to be taken very carefully.
Flows in two directions, into your ownership and out. Money comes in from various sources including wages, gifts and savings. Money goes out to pay for necessities and wants.
Most widely accepted form of exchange, physical not virtual, makes budgeting easier, can be lost or stolen, threat of counterfeit, only appropriate for small purchases, cannot be used online
No need to carry cash, secure method of payment, widely accepted, suitable for online transactions, short time lapse between transaction and money being withdrawn may result in overspending, not accepted for small transactions
Allows a period of credit that is interest free, widely accepted, loyalty schemes offered, offers protection on purchases, suitable for online transactions, interest charged on balances not paid off, can encourage overspending and debt, interest charged on cash withdrawals, credit limit set
Issued by financial institutions allowing customers to delay payments for goods and services for a short period of time; the balance must be paid off in full when a statement is issued