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Cooperative Extension Service |
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Agricultural
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Early Childhood Division Home
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Money Sense for Teens Newsletter
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| Comparing Credit Cards | |||
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| Feature | Credit Card # 1 | Credit Card # 2 | Credit Card # 3 |
| Introductory Interest Rate | |||
| Annual Percentage Rage (APR) | |||
| Method Of Calculating Finance Charge | |||
| Fixed or Variable Interest Rate | |||
| Annual Fee | |||
| Grace Period | |||
| Line of Credit | |||
| Late Fee | |||
| Over the Limit Fee | |||
| Returned Check Fee | |||
| Transaction Fee for Cash Advances | |||
| Discount Shopping Service | |||
| Warranty Insurance | |||
| Donation to Charities | |||
| Coverage on Rental Car | |||
| Credit Card Insurance | |||
While comparing these credit cards, I learned:
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Youth ages 8 through 17 average slightly more than 12 shopping trips per month and average about $25 per spending trip. Girls spend an average of $25.58, boys, an average of $24.44!
Source: International Mass Retail Association
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Dear Money Guy: I never have enough money for purchasing gifts during the holiday season and throughout the year. What can I do? Never Enough Cash |
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Dear Never Enough Cash: First, make a list of all the people you purchase gifts for each year. Then decide how much you want to spend for each of the gifts and add the amounts. Divide the amount by 52 weeks, 12 months or however often you get paid. Try to save that amount each pay period. Be sure to put the money in a savings account so it will draw interest. If you are saving for holiday gifts alone, you should have enough by the end of the year. Other things you could do: purchase one gift each month, taking advantage of sales throughout the year, make gifts or decrease the number of gifts you purchase each year. The Money Guy |
Beginning in 1999, the United States Mint began the 50 State Quarters™ Program. The program honors the 50 individual states that comprise the United States through a new series of quarters being issued over the next decade. The Arkansas quarter is scheduled to be released in 2003. The quarters are being released in the order the state ratified the Constitution or was admitted into the union.
The quarter was selected for this program because it is the largest coin that circulates broadly and is available to all Americans. Also, the larger size of the quarter provides a larger field for state designs. They will be produced at both the Philadelphia and Denver Mints, while the proof versions will be produced at the San Francisco Mint. For more information about the program, log onto U.S. Mint's 50 State Quarter™ Program.
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Did you answer the question in the last edition of this newsletter correctly? QUESTION: What is the "Rule of 72"? ANSWER: The rule of 72 calculates how long it will take to double your money. Simply divide 72 by the interest rate. For example, if you are receiving a 4% interest on your savings account, it will take that account 18 years to double in value (72 ÷ 4 = 18). |
Did You Know? According to "American Demographics," kids under age 12 will spend $35 billion of their own money and influence nearly $200 billion in household spending by the year 2001.
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The answer will be in the next edition of the newsletter. Do you know the correct answer to the question below?
What is the difference between a credit card and a debit card?
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© 2006 |
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University of Arkansas • Division of Agriculture |
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