Class 3 Notes - Money

Introduction

Money is an essential part of daily life. It is used to buy goods and services, save for the future, and trade with others. Understanding money helps in managing expenses wisely.

Understanding Currency

Indian Currency

The official currency of India is the Indian Rupee (₹). It is available in both coins and banknotes.

Units of Money

  • 1 rupee = 100 paise
  • Commonly used coins: ₹1, ₹2, ₹5, ₹10
  • Commonly used banknotes: ₹10, ₹20, ₹50, ₹100, ₹200, ₹500, ₹2000

Basic Money Operations

Addition and Subtraction of Money

Money can be added to find the total amount and subtracted to determine the remaining balance after spending.

Multiplication and Division of Money

Multiplication is used when buying multiple items at the same price, and division helps in sharing money equally.

Making Payments

Different Modes of Payment

  • Cash
  • Debit and Credit Cards
  • Online Payments (UPI, Net Banking, Mobile Wallets)
  • Cheques

Money Transactions

Shopping with Money

When buying things, we need to check the cost of items, pay the correct amount, and sometimes get change.

Savings

Saving money is an important habit. It helps us buy things in the future and manage unexpected expenses.

Application of Money in Daily Life

  • Buying food, clothes, and other essentials
  • Paying school fees and other bills
  • Saving for future needs
  • Understanding discounts and offers while shopping

Conclusion

Money management is an essential life skill. Learning about currency, transactions, and savings helps in making better financial decisions.