Wise Financial Decisions

You have begun to learn to make sensible financial choices , as adults do. One day, your elder cousin tells you that he nearly did something stupid by buying a video game with his pocket money frantically because he had not thought. Later, he did not know that he would require some money in school to buy supplies and snacks.

This gave you an understanding that you make choices concerning your life every day; these choices may be as simple as what you do with your rs. 200 pocket money and these life choices can impact you today and in the future. You choose then to find out how to become better with money choices.

Q1. Do you think making good financial decisions matters even when you are young? Why or why not?

Q2. Name 2 types of decisions you make every month that involve money. Explain each briefly.

Q3. If you had Rs. 200 as pocket money, would you spend it all or keep some aside for something bigger? Explain your choice.

Q4. What are some steps you should take before buying something expensive? Give reasons for each.

Q5. Would you ask your parents or teacher for help before making a big spending decision? Why or why not?

What Banks Do and the Role of Banks in an Economy

You have recently opened your first savings account and received a debit card. Your parents told you that the banks have a lot more than safe-keeping money, they provide loans, guide business and propel the economy.

One day you heard that there are various forms of banks such as RBI, commercial banks, payments banks, small finance banks and neobanks and got confused on how they contribute to the lives and growth of the people and country.

Here, you are interested in finding out more about what banks actually do and why they are of concern to every person, including you as students!

Q1. Do you think banks are important even if you're only 12 years old? Why or why not?

Q2. Name the types of banks in India and explain what each one does in simple words.

Q3. Would you prefer saving your money in a bank instead of keeping it at home? Explain your choice.

Q4. What are the top 2 things you should look for when choosing a bank to open your account? Give reasons for each.

Q5. If you wanted to start saving for something special, which type of bank would you choose and why?

Types of Insurance

You are visiting your grandparents’ house in your village, along with your mother and father. You usually go by train but this year the tickets were sold. So now you’re catching a connecting train to another town (which is on the way). You will stay there overnight and the next day you will take a bus to your village. Since you are visiting them after 2 years you are also carrying some expensive gifts for them and the villagers.

Q1. Do you think that you require insurance for yourself, since you are only 10 years old? Please give reasons for the same

Q2. List 4 types of insurance - Choose the ones you think are useful for this trip?

Q3. Which insurances would you want to buy every year? Please specify the reasons for it.

Q4. What are the Top 2 factors you will consider, to see if a Health Insurance Policy is going to benefit you? Please give reasons?

Q5. Would you prefer buying insurance through an agent, or directly through insurance websites? Please give reasons for the same.

Spending plan and Budgeting Project

You’ve just received Rs. 2000 from your parents to buy all your school supplies for the next term — including notebooks, pens, a new backpack, lunchbox, water bottle, and even some fun stuff like stickers or a cool pencil pouch.

Your best friend, Ravi, got the same amount, but he went straight to the market without any plan. He ended up buying too many things he didn’t really need — like three different highlighter sets, a fancy notebook he barely uses, and even a snack he saw on display. By the end of the day, he realized he forgot to buy his science textbook cover and had no money left for savings.

This made you realize something important — spending money wisely isn’t just about what you want now , it’s also about planning for what you’ll need later .

Q1. Do you think it’s important to make a spending plan before using your pocket money? Why or why not?

Q2. If you get Rs. 2000 as pocket money, how would you divide it using the 50/30/20 rule and the Traditional Method?

Q3. Would you prefer to decide how to spend your money before going shopping for the necessary materials, or while you're there? Explain your choice.

Q4. What are the top 2 things you would look at when choosing how much money to save from your Rs. 2000? Give reasons for your choices.

Q5. If your friend wants to help you make your spending plan, would you let them? Why or why not?

Monetary goals

You have decided that you want to become more responsible with your money. You’ve heard from your parents that setting goals helps people save and spend wisely. So, you’re planning to set some goals for yourself — both short-term and long-term — so that you can buy things you want, avoid borrowing money, and maybe even help your family one day.

Q1. Do you think it's important to set monetary goals even if you're only 10 years old? Why or why not?

Q2. List 2 short-term goals and 2 long-term goals you can set for yourself. Explain each briefly

Q3. If your goal is to save Rs. 500 in 3 months, what are some things you could do every week to reach it?

Q4. What are the top 2 responsibilities that come with managing your money? Give reasons.

Q5. If you suddenly needed Rs. 300 for a school event but didn't have enough saved, what would you do? Would you borrow it or change your spending habits? Explain.

Building an Emergency Fund

You have been reading how necessary it is to be prepared in moments of surprise in life. Your uncle tells you one day about his friend who had an emergency, his laptop was damaged before a major presentation at the workplace, and he had to purchase a new one immediately.

This was an eye opener to the fact that even children have emergencies -such as misplacing your school bag, breaking your spectacles, or being in need of some urgent medicines. And now, you are wondering how you can be ready in case of similar eventualities by setting up your own emergency fund .

Q1. Do you think a 10-year-old like yourself should start building an emergency fund? Why or why not?

Q2. List 4 types of emergencies that could happen to a student like you where an emergency fund would help. Explain each briefly.

Q3. Would you prefer to keep your emergency fund in your piggy bank at home or in a separate savings account? Give two reasons for your choice.

Q4. What are the top 2 things you should remember while building your emergency fund? Give reasons.

Q5. If you had Rs. 500 as pocket money, how would you divide it between spending, saving, and your emergency fund? Explain your choices.

Wealth Wizards Competition 3.0

Date – 8th September, Monday 2025

Time – 10AM – 4PM