Budgeting
What is a budget?
A plan for how you will spend and save your money
What does an ATM do?
Allows you to withdraw cash, deposit money, and check your account balance.
What is the difference between a need and a want?
Needs are essential; wants are things that are nice to have.
Someone texts you saying you've won a prize but asks for your banking information. What should you do?
Ignore it and do not share your information.
It is okay to tell your best friend your bank PIN.
False
What should you usually pay first: Rent or Entertainment?
Rent
Should you share your PIN with friends?
No
If one store sells cereal for $4 and another for $3, what is the smarter financial choice?
Buy the $3 cereal (assuming they're similar).
Why is carrying a large amount of cash risky?
It can be lost, stolen, or spent impulsively.
A budget can help reduce financial stress.
True
Name two examples of needs
Rent
Food
Medication
Transportation
Utilities
What should you do if you lose your debit card?
Contact your bank immediately to lock or cancel the card.
Name two ways to avoid impulse spending.
Wait 24 hours
Use a shopping list
Stick to your budget
Leave extra cash at home
What should you do if someone pressures you to lend them money?
It is okay to say no and take time to think before making a decision.
Saving $5 a week can still make a difference.
True
If you have $80 left for the week, what are two ways you could make it last?
Cook at home
Avoid impulse purchases
Use public transit
Delay non-essential purchases
What information should you never give out over the phone unless you know who you're speaking to?
Why is comparing prices before buying helpful?
It helps you get the best value and save money.
Name two signs of a scam.
It's always a good idea to buy something because it's on sale.
False
Why is saving money helpful, even if you can only save a little?
It helps prepare for unexpected expenses and future goals
Why is checking your bank account regularly important?
To track spending, catch mistakes or fraud, and know how much money you have.
You receive $100 unexpectedly. Name three responsible ways you could use it.
What are three ways to keep your money safe?
If something sounds too good to be true, it probably is.
True