Back to school!
Recently, Dollah & his friends took part in a school competition to present a recycling project for their school.
LET’S BEGIN
The project won 2nd place, and the team received money to run the project as well as a cash prize of RM100 in the form of e-wallet money for Hex Shop, an online shopping app.
The team is so excited to have won 2nd place and decided to reward themselves by shopping online for themselves with the e-wallet money. Kok Hoe asked Dollah for help to shop online as he has a Hex Shop account.
Dollah then loads the e-wallet money into his Hex Shop account and starts to look around for items.
Shortly after, Dollah sees a flash promo on some snack bundles with assorted candies, chips, and soft drinks that his group likes, and it’s enough for a party of 5 people.
Each of these bundles are selling for RM90 from their original price of RM130 - a saving of RM40. The promo is also only valid for a short time and will expire in the next 30 minutes.
Dollah adds the snack bundle into his cart and checks out. He then tells the group that he bought a snack bundle with food that everyone likes, and he plans to throw a simple party when the snack bundle arrives.
The group was excited to hear the news, and also asked Dollah how he managed to buy it. Dollah said that he used the e-wallet money to buy the snack bundle.
Dollah’s friends were shocked and upset. They told Dollah that they wanted to buy other things as well with the money, and they wished Dollah had told them that he wanted to buy the snack bundle. Dollah felt bad for his actions.
Question 1(b):
Please explain your reason.
Question 2(a):
Would Dollah have enough e-wallet money to buy anything else for the group after buying the snack bundle?
Question 2(b):
Why or why not?
Question 3:
What should Dollah’s friends have done to make sure that they get to buy things they wanted?
Question 4:
What should Dollah have done to avoid this situation?
Achievement
Unlocked
Awesome job! You’ve earned yourself a badge. Keep playing to earn more badges.
Lesson
Smart shopping is an important life skill and is a key part in managing your money. It’s so easy to buy things nowadays such as through apps in our phones, and not just in stores.
If you’re not careful in managing your shopping, you could end up spending too much money, as well as not getting what you wanted in the first place.
Lesson
Here are 3 tips that you can follow before you decide to buy something:
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Plan your purchase
Make a shopping list of what you want to buy before you shop and stick to it. It helps if you think about your list in terms of needs & wants.
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Do some research
Search for more info online on the things you want to buy. Compare the prices from different sources and see which gives you a better deal.
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Set a spending limit
This can help you to make sure you don’t overspend. While shopping, buy less so that you can stick to the limit.
Lesson
When you are shopping either online or in-store here are a few tips you should keep in mind while you’re looking around:
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Read the product label and information
This helps in making sure it matches with what you put in your shopping lists.
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Look out for discounts
This can help you save more and keep within budget. Usually they’re labelled in bright colours and with the word “SALE” on it so it’s easy to be seen.
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Keep track of
your spendingMake sure you don’t go over your limit. If you do, you may need to reduce your shopping or change an item for a cheaper one.
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Check the
shipping informationSometimes, the shipping fee may be quite expensive, or the item takes too long to arrive to your location. Keep this in mind when you do your online shopping.
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Keep the receipt after you paid for your items
If the item you bought is spoilt or damaged before you use, you would usually need the receipt to get an exchange or a refund.
Bonus Lesson:
Intro to credit cards
Have you ever seen a card used by your parents to pay for things or meals by tapping or swiping at a machine? That’s called a credit card.
Bonus Lesson:
Intro to credit cards
Owning a credit card is very useful for many reasons:
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You can pay for
things easily!As our society progresses to using less physical cash for spending, a lot of places now accept credit cards for payment so you wouldn’t need to carry so much cash with you all the time. This also makes it safer for you when you’re out eating or shopping.
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You can pay for
things easily!You’ll also save time from needing to find an ATM to withdraw more physical cash if you’re running low. Moreover, you would also be able to pay for any purchases done online with a credit card. It is really convenient!
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You can obtain
rewards and benefits!Different credit cards offer different rewards & benefits for their users from using it for any spending such as discounts, cash back, or collecting points that can be redeemed later for gifts. You’ll have to choose the right credit card that suits your needs, buying behaviour, and desired benefits.
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You have access
to a line of credit!A ‘line of credit’ means that bank is ‘lending’ you money through the credit card and is usually set at a limit (eg. RM 5,000) based on bank’s assessment.
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You have access
to a line of credit!When you use a credit card to make a payment and in the event you’re not able to pay back the amount you spent in full, you have the option to pay the minimum amount as requested by the bank. However, you must bear in mind that you would be charged INTEREST if you don’t pay in full.
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You have access
to a line of credit!You can avoid the interest charges when you pay in full. And the credit line given is revolving in nature and that means that once you have paid back, you can utilise the line of credit again.
Achievement
Unlocked
That’s a lot of information to process. You must be an expert by now!
Do you know enough about Credit Cards?
Let’s say you just turned 18 years old, and your parents offered to get you a supplementary credit card under your parents’ name. Your parents have prepared a short quiz for you to answer to see how much you know about credit cards.
Try to answer as accurately as you can!
Question 3:
I still need to withdraw a lot of cash from the ATM even though I mainly use credit card to pay.
Question 4:
Some credit card providers offer cash back based on what you spend as one of its key benefits.
Question 5:
A credit card allows you to have access to a line of credit to pay for things, and there’s usually a maximum limit set.
Question 6:
I can only pay back my credit card debt in full to the bank, and I’m not allowed to pay just a minimum amount.
Question 7:
The bank will charge me interest if I just pay back the minimum amount of my credit card debt.
Question 8:
Using credit card as a way for paying things is one of the key trends of a “cashless” society.
You’re ready to begin your credit card journey!
It looks like you know a lot about credit cards. Keep up the good work!
You might not be ready for a credit card yet
What you’ll need to do is learn more about credit cards so that you’ll be well prepared next time!
Results overview
Question 1:
A credit card is a card that allows you to pay for things that you buy.
Question 2:
Even though I’m still a student, I’m still qualified to get a credit card.
Question 3:
I still need to withdraw a lot of cash from the ATM even though I mainly use credit card to pay.
Question 4:
Some credit card providers offer cash back based on what you spend as one of its key benefits.
Question 5:
A credit card allows you to have access to a line of credit to pay for things, and there’s usually a maximum limit set.
Question 6:
I can only pay back my credit card debt in full to the bank, and I’m not allowed to pay just a minimum amount.
Question 7:
The bank will charge me interest if I just pay back the minimum amount of my credit card debt.
Question 8:
Using credit card as a way for paying things is one of the key trends of a “cashless” society.
Achievement
Unlocked
Well done! You’ve earned another badge.
Activity
Now that you have learnt about good spending habits, let’s apply them in a shopping activity!
Let’s Go Shopping!
Your sister bought some groceries but she forgot a few items. You’ve been asked to get a few items for the week and this is the list of items:
Let’s Go Shopping!
You’re given RM55 Hex dollars to get the items on the list. The groceries are for 4 people and should last for 5-7 days.
Total amount spent
RM42
Question 1:
You see a signboard at the front of the shop featuring special offers for the day. Would you like to take a look?
Looks like there is a coupon for hand sanitiser, so you bought the hand sanitiser for RM15.
You missed out on a hand sanitiser promotion, so you bought the hand sanitiser for RM22.
Total amount spent
RM42
Question 2:
At the eggs section:
Which box will you choose?
Total amount spent
RM42
Question 3:
On your way to get biscuits, you see a “Buy 1 Free 1” promotion for your favourite snack (Normal price is RM20). What will you do?
Total amount spent
RM42
Question 4:
At the biscuits section:
Which biscuit will you choose?
Total amount spent
RM42
Question 5:
On your way to the vegetables section you pass by a booth giving out instant noodle samples. You try some and you love it! You are quite sure that your family will enjoy it too. What will you do?
Total amount spent
RM42
Question 6:
At the vegetables section:
The vegetables have been pre-packaged. Which bundle do you choose?
Total amount spent
RM42
Question 7:
After getting all the items on your list you queue up to make payment. While waiting, you see your favourite chocolate bar on the shelf. It’s almost your turn to pay - what will you do?
The cashier scans your items and the total is more than the RM55 you were given! You use the RM55 that your sister gave to you and some of your own allowance to pay for everything.
Back home, you try to ask your sister to pay for the additional spending you made but she refuses since she did not put some of the items you bought on the shopping list.
Since you spent some of your allowance on the groceries, you have less to spend at school for the coming week.
The cashier scans your items and the total is within the RM55 you were given!
Back home, your sister checks the items that you bought. She was quite happy that you bought everything on the list but wished that you could have gotten more items/chosen items that were not going to expire so soon so that they could last for a longer time.
After 3 days your sister was asked to get groceries again. She looked at you annoyingly and said, “I wouldn’t have to go if you had chosen the groceries better when you went.”
The cashier scans your items and the total is within the RM55 you were given!
Back home, your sister checks the items that you bought. She was very happy that you managed to spend within the budget. She was also proud of you for making the right shopping decisions.
“Thanks for getting the things I asked for! These will last us for the whole week. For doing such a great job, here’s RM5 for you!”, your sister rewards you with RM5.
While the quiz above is just a simple game, there are similarities with real-life shopping, be it online or in-store.
Which of these are tips have you learnt to make sure you shop wisely?
Achievement
Unlocked
You’re A-M-A-Z-I-N-G!
You truly deserve another badge.
Congratulations!
You’ve completed all activities!
Give yourself a pat on the back.
