Christine Dugan - Where Does Your Money Go?

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Christine Dugan

Consultants

Timothy Rasinski, Ph.D.

Kent State University

Lori Oczkus

Literacy Consultant

Rich Levitt

Certified Public Accountant

Based on writing from

TIME For Kids. TIME For Kids and the TIME

For Kids logo are registered trademarks of

TIME Inc. Used under license.

Publishing Credits

Dona Herweck Rice , Editor-in-Chief

Lee Aucoin , Creative Director

Jamey Acosta , Senior Editor

Lexa Hoang , Designer

Stephanie Reid , Photo Editor

Shelly Buchanan , Contributing Author

Rachelle Cracchiolo , M.S.Ed., Publisher

Image Credits:

pp.9 (background), 54 (left),

56 (bottom) Alamy; pp.37 (bottom), 50,

57 Associated Press; p.43 Corbis; pp.7, 45

Getty Images; p.8 iStockphoto; p.32 (right)

ChinFotoPress/Newscom; pp.23 (top), 36

Newscom; pp.34, 9 ( bottom), 23 (bottom),

38, 53, 55 (bottom) REUTERS/Newscom; p.23

(middle) ADC-DIFFUSION/SIPA/Newscom; p.52

Los Angeles Daily News/Newscom; pp.22, 2829

Timothy J. Bradley; p.6 Photo Researchers, Inc.;

All other images from Shutterstock.

Teacher Created Materials

5301 Oceanus Drive

Huntington Beach, CA 92649-1030

http://www.tcmpub.com

ISBN 978-1-4333-4909-6

2013 Teacher Created Materials, Inc.

Teacher Created Materials

5301 Oceanus Drive

Huntington Beach, CA 92649-1030

http://www.tcmpub.com

2013 Teacher Created Materials, Inc.

Synched Read-Along Version by:

Triangle Interactive LLC

PO Box 573

Prior Lake, MN 55372

ISBN-13: 978-1-68444-958-3 (e-book)

Table of Contents

Ways We Spend ................

Where Does the Money Go? .....

Making Money Matter ..........

Glossary .....................

Index .......................

Bibliography .................

More to Explore ...............

About the Author ..............

Ways We Spend

People spend money on everything from silly

socks to important medicines. Adults spend money on

basic needs such as housing, food, and transportation.

They also spend money on extras such as

entertainment and vacations. Kids buy treats

to eat, games to play, and things to wear. Kids

also use money for minigolf, amusement

parks, seeing movies, and other fun activities.

How do you spend your money? Where does

your money go?

Sources of Income

People are able to shop for things

because they have earned money.

Most adults earn money from a job.

The income they earn is paid to them

in exchange for their hard work.

Young spenders may not be old

enough to work fulltime, but that

doesnt mean that kids cant have

their own money. Kids can earn

money from a parttime job, such

as babysitting or mowing lawns. Some

get an allowance by doing chores around

the house.

How do we spend money?

What do we use money

to buy?

What

are other ways we

can use money?

There are lots of ways

you can earn extra

money on the weekend

just working around

your neighborhood.

Purchasing Power

People use different items when they spend money.

Some spenders use cash, which includes bills and coins.

Others use checks or debit cards . These take money

directly out of a persons bank account. Credit cards

let people spend money they may not yet have. All

these items represent money, even though they dont

look like bills. Sometimes, spending money without

using cash makes it more difficult to keep track of how

much has been spent.

Forms of Cash

Besides bills and coins, many different

kinds of objects have been used for money.

Some of these examples date back thousands

of years. Cultures around the world have

used beads, shells, or even cattle as a form

of money. Around

bc , small pieces of

silver were the first coins used.

Cowrie shells were

once used for

money in Africa.

Modern Minting

Early coins came in many different shapes.

Ancient cultures used bars, rings, or lumps of

metal. Today, coins are made at government

mints . Machines cut coins out of strips of

metal. An engraver makes a mold for each type

of coin so that they are all identical in size and

shape and have the correct images on them.

packaging pennies

at the United

States Mint

Life Cycle

of a Dollar Bill

The United States Bureau of Engraving and

Printing prints approximately 16,650,000 dollar bills

each day! The typical life cycle of a $1 bill is a little

less than five years. Once the money is printed, it is

shipped to the Federal Reserve Bank . The Federal

Reserve Bank then sends these new bills to different

banks. Banks distribute the money to people. Over

a short period of time, the bill becomes worn and is

returned to the Federal Reserve Bank.

The Art of Money

Take a close look at a printed bill and

youll find a work of art. First, an artist

draws or paints a design for a new bill. Once

approved, the design is handed over to a team

of engravers. The engravers carve the metal

printing plate. Its all done backward so that

when the bill is printed, youll be able

to read it.

Can you guess why a

$

or a

$

bill

has a longer life cycle than a

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