Interest is extra money added to a loan. It is the cost of borrowing money and acts as a fee paid to the lender for…
3. Repay
To repay means to give back the money you borrowed. Repayment usually happens over time, not all at once. You may repay weekly, monthly, or…
2. Borrow
To borrow means to take something that belongs to someone else with permission, knowing you must give it back. When you borrow money, you are…
Episode 10. What is Compound Interest?
Concept:Compound interest means earning interest not only on your original money, but also on the interest that money has already earned.This creates a “snowball effect”…
Episode 9. Why is Credit Important?
Concept:Credit is your financial reputation. It shows how reliable you are at borrowing and paying money back.A good credit score can help you rent an…
Episode 8. What is a Debit Card?
Concept: A debit card is connected directly to your bank account.When you use it, money comes out of your account right away — no borrowing.It’s…
Episode 7. What is a Credit Card?
Concept: A credit card lets you buy things now and pay later.It’s like borrowing money from the bank, and you must pay it back —…
Episode 6. What is a Bank?
Concept: A bank is a safe place to keep your money.Banks offer services like saving accounts, checking accounts, debit cards, and even loans.When you put…
Episode 5. Needs vs. Wants
Concept: Understanding the difference between needs and wants is key to making smart money choices.Needs are things you must have to live — like food,…