Proper Handling and Care of Money for JSS 1

Proper Handling and Care of Money for JSS 1

Performance Objectives

By the end of the lesson, students should be able to:

1. explain the proper ways of handling money.
2. demonstrate how to preserve money.

Introduction to Money

Money is a very important part of daily life. It is used to buy goods and services, pay for transport, and save for future needs. Because money is valuable and represents the hard work of many people, it is important to treat it with respect and care. Proper handling of money helps it last longer and ensures it remains useful for everyone.

What is Money?

Money is anything generally accepted as a medium of exchange for goods and services.

In Nigeria, money comes in the form of currency notes (like ₦100, ₦500, ₦1000) and coins (like ₦1, ₦2, ₦5, ₦10). These notes and coins are produced by the Central Bank of Nigeria (CBN) and are legal tender, meaning they must be accepted for payments.

Why Proper Handling of Money is Important

Handling money properly is a sign of good citizenship and financial responsibility. When money is handled with care, it:

1. Lasts Longer: Well-preserved notes and coins do not wear out quickly, reducing the need for the Central Bank to print new ones frequently.
2. Maintains Value: Damaged or defaced money can be difficult for others to accept or for banks to process, making it less useful.
3. Shows Respect: Treating money with care shows respect for the national currency and the effort involved in earning it.
4. Promotes Hygiene: Clean money is more hygienic to handle, preventing the spread of germs.
5. Prevents Loss: Storing money securely helps prevent it from being lost or stolen.

Proper Ways of Handling Money

There are specific ways to handle money that ensure its preservation and usefulness. These practices are important for everyone to follow:

Do Not Tear or Deface Money

Tearing money makes it difficult to use. A torn note may not be accepted by traders or banks. Defacing money means writing on it, drawing on it, or stamping it. This makes the note look untidy and can damage its security features, making it harder to identify as genuine. Currency notes should always be kept clean and free from any marks.

Do Not Squeeze or Crumple Money

Squeezing or crumpling currency notes causes them to wrinkle and wear out quickly. When notes are crumpled, they lose their crispness and can tear easily. It also makes them look old and unattractive. Notes should always be kept flat and neatly folded if necessary, but excessive folding or crushing should be avoided.

Protect Money from Water and Oil

Water and oil can severely damage currency notes. Water can make the ink run, causing the note to fade or become illegible. Oil can stain the note, making it dirty and unhygienic. Both can weaken the paper or polymer material, leading to tears. Money should always be kept in a dry and clean place, away from liquids.

Do Not Spray Money

Spraying money, especially at social events like weddings or parties, is a common practice in some cultures but it is harmful to the currency. The moisture and chemicals from the spray can damage the notes, making them wet, crumpled, and dirty. It also shows a lack of respect for the national currency. Money should be exchanged respectfully, not sprayed.

Store Money in Appropriate Places

Money should be stored in places that keep it safe, clean, and flat. Storing money in brassieres or socks is unhygienic because these places can be sweaty and dirty, causing the notes to become damp, stained, and smelly. It can also cause the notes to crumple. Instead, a wallet, purse, money clip, or a secure pocket should be used to keep money neat and clean.

Do Not Bury Money in the Ground

Burying money in the ground is not a safe or effective way to store it. The ground is often damp, which can cause notes to rot, become mouldy, or disintegrate. Insects and rodents can also damage buried money. Furthermore, buried money can be easily forgotten, lost, or stolen. For saving money, it is always better to use a bank or a secure money box at home.

Always Count Money for Confirmation

When money is received or given to someone, it is important to count it carefully. This helps to confirm that the correct amount has been exchanged. Counting money prevents errors, misunderstandings, and potential fraud. Time should always be taken to count notes and coins accurately before completing any transaction.

Do Not Carry Huge Sums of Money Around

Carrying a large amount of cash in public is risky. It makes a person a target for thieves and robbers. If the money is lost or stolen, it can be very difficult to recover. For large transactions or savings, it is safer to use banking services such as bank transfers, debit cards, or keeping money in a bank account. Only the amount of cash needed for immediate expenses should be carried.

Demonstrating How to Preserve Money

Preserving money involves adopting good habits in how it is handled and stored. The following steps demonstrate how to keep currency in good condition:

1. Keep Notes Flat: Currency notes should always be kept flat and unfolded. Crumpling them into a ball or folding them multiple times should be avoided.
2. Use a Wallet or Purse: Notes should be stored neatly in a clean wallet or purse. This protects them from dirt, moisture, and tearing.
3. Handle with Clean Hands: Before touching money, hands should be clean and dry. This prevents stains and the transfer of germs.
4. Avoid Writing on Notes: Writing, drawing, or making any marks on currency notes should never be done. This defaces them and reduces their lifespan.
5. Count Carefully: When receiving or giving money, it should be counted slowly and accurately to confirm the amount.
6. Store Coins Separately: Coins should be kept in a separate compartment in a wallet or a small pouch to prevent them from scratching or damaging notes.
7. Use a Money Box for Savings: For money being saved at home, a secure and dry money box or piggy bank should be used.
8. Consider Banking: For larger sums of money, a bank account should be opened. Banks offer a safe and secure way to store and manage money.