Show Me the Money!
Money you earn or receive from working or other sources.
What is income?
Money you spend to pay for something, such as food, rent, or a phone bill.
What is an expense?
Something you must have to live, such as food or shelter.
What is a need?
A plan that shows how you will spend and save your money.
What is a budget?
Something you plan to achieve in the future.
What is a goal?
Money an employee earns for doing a job, either by the hour or as a set amount.
What are salary/wages?
Money the government collects to pay for things like schools, roads, and public services.
What are taxes?
Something you would like to have but can live without.
What is a want?
When creating a budget, you compare the money coming in with the money going out. What is the money coming in called?
What is income?
Saving $10 each week to buy a new bike is an example of this.
What is a financial goal?
The total amount you earn before taxes or other deductions are taken out.
What is gross pay?
Money taken out of your paycheck before you receive it.
What is a deduction?
A family pays its electric bill before buying tickets to an amusement park. Which one is the need?
What is the electric bill?
In a budget, rent, groceries, and a phone bill would be listed as these.
What are expenses?
You want to buy something that costs $100. You already saved $60. How much more do you need?
What is $40?
The amount of your paycheck you actually get to keep after deductions.
What is net pay?
Money you borrowed and still need to pay back.
What is debt?
Jordan wants new $150 sneakers even though the shoes he owns still fit. Are the new sneakers a need or a want?
What is a want?
You earn $100 and plan to spend $80. How much money will you have left?
What is $20?
Taylor wants a $300 game system. Instead of borrowing money, Taylor saves $25 from each paycheck. What smart financial skill is Taylor practicing?
What is saving toward a goal?
Maria earns $600, but $100 is taken from her paycheck. Her paycheck is $500. What is the $500 called?
What is net pay?
Marcus earns $800, but $150 is removed for taxes, insurance, and other items. What do we call the money removed from his paycheck?
What are deductions?
Why is it important to pay for needs before spending money on wants?
What is to make sure important/basic expenses are covered first?
You have $200. Your needs cost $150, and something you want costs $75. Can you afford both without going into debt?
What is no?
Name two things you could do to reach a financial goal faster.