Fundamentals of financial responsibility: setting and following a budget; responsibly managing bill payment and use of credit; understanding the difference between a bank and a credit union; managing their own bank accounts; protecting themselves against financial fraud

Savings options: types of savings accounts and their accompanying interest rates; credit unions, banks; Tax-Free Savings Accounts (TFSAs); Registered Retirement Savings Plans (RRSPs)

• In the context of spending and personal finances, what is the difference between a “need” and a “want”? How might people’s values affect their wants or the ways in which they satisfy their needs? What does “living within your means” mean? How can you do this successfully? 
• What challenges can arise from not paying bills on time and using multiple credit cards? What other practices can lead to financial challenges? What strategies can be used to avoid financial pitfalls? 
• What are the advantages of starting to save at a young age? What are the benefits of having a regular savings plan? How can such a plan support your short- and long-term personal finance goals? 
• How is budgeting for short-term goals, such as buying clothing, different from budgeting for long-term goals, such as buying and maintaining a car? 
• What are some of the savings options available to you, including those offered at various banks and credit unions? What are some of the advantages and disadvantages of each, and how can knowing this information help you choose the savings options that best suit your needs? 
• What are some of the financial planning tools available to you through various banks and credit unions? Which of these financial planning tools would be most useful in supporting you now, as you begin part-time work or summer employment and plan for postsecondary destinations? 
• Why is ongoing personal financial management important, regardless of your age, gender, culture, income, or profession? How is taking care of your finances connected to your well-being?

It is important to avoid assumptions and respect family and cultural expectations, practices, and perspectives when discussing financial responsibility and planning with students.

Different forms of borrowing: federal student loans; provincial student loans, such as those available through the Ontario Student Assistance Program (OSAP); loans or bursaries from their local communities; personal (unsecured) loans from a bank or credit union; lines of credit; credit cards; overdrafts; understanding the pros and cons of various types of loans; payday loans 

Risks and benefits: use of a credit card can improve an individual’s credit rating, but a poor credit rating will result from failure to comply with payment conditions; student or bank loans can enable a person to pay for a costly item, such as tuition or a vehicle, in instalments, but too much debt can lead to a poor credit rating or even bankruptcy; borrowing from friends or family can be convenient because of more flexible repayment terms, but if the loan is not repaid this could have a negative effect on a personal relationship

• What are some different types of borrowing? What are some advantages and disadvantages of each? Are there community resources to support you in exploring borrowing options? 
• What are the costs of a payday loan compared to a bank loan? Why might some people seek a payday loan rather than a bank loan? 
• How can you determine the amount of OSAP assistance you are eligible for? How do you apply for funding through OSAP? Is there a risk to applying? 
• What are the pros and cons of using a line of credit or a credit card to pay off a student loan? 
• What other options are available to repay a loan [e.g., payment plans, overtime work]?

Budget considerations: current and anticipated future income, including grants and loans; program costs, such as those associated with apprenticeship; tuition and fees; living and other monthly expenses, such as rent and a cell phone plan; savings; donations; compounded interest, from savings and/or borrowing

• Why is separating your needs from your wants an important first step in managing your spending and creating a budget? 
• How can you estimate all the costs associated with achieving your goal(s) for the first year following secondary school? Keeping in mind that income from part-time work may be an important part of your plan, what should you know about the possible deductions on your gross income [e.g., deductions related to income tax, Canada Pension Plan contributions, employment insurance benefits]? 
• What government financial assistance is available to help you pay for a postsecondary education? What bursaries, awards, and scholarships are available? What informal financial support from family and community might be available? 
• Once you have identified all the costs associated with achieving your goal(s), the next step is to reflect on the financial resources you’ll need to attain them. What are some of the options you will be looking into? Have you researched the requirements for OSAP and federal students grants and loans? Who could support you in considering your options? 
• What tools, apps, and/or other resources might be helpful in tracking spending and then creating a budget? How might the understanding you’ve gained help you to better manage your spending and, in the process, save money?

Teachers can encourage students to: 

• update their budget for their first postsecondary year, as circumstances change; 
• apply budgeting skills in other areas of life, starting now.