General
What is money used for?
Buying things or paying for goods and services.
Before buying something, what should you ask yourself: "Do I need it, or do I ____ it?"
Want it.
What is a budget?
A plan for managing your money, including how much you will earn, spend, and save.
What does it mean to save money?
To set aside a portion of your income for future use or emergencies.
What is it called when you borrow money and promise to pay it back later?
A loan.
What is the term for the money you receive for doing a job?
Income or earnings.
What should you do if you want to buy something but don't have enough money for it?
Save money until you can afford it or find a less expensive alternative.
Why is it important to have a plan for your money?
So you can make sure you have enough for the things you need, save for the future, and avoid overspending.
What is a simple way to make money grow over time?
Investing it, such as in a savings account, stocks, or bonds.
Why is it important to pay back money you borrow?
To avoid owing more money in interest and to maintain a good credit score.
Why is it important to save money?
To have money for emergencies, future goals, or unexpected expenses.
Is it better to spend all your money right away or save some? Why?
It's better to save some money because it allows you to be prepared for unexpected expenses or save for future goals.
How can you adjust your spending if you want to save more money?
By cutting back on non-essential expenses or finding ways to reduce costs.
Why is it important to think about your future when deciding what to do with your money?
So you can save and invest for future goals like buying a house, going to college, or retiring.
What is a credit card used for?
Making purchases on credit, which means you borrow money from the card issuer and pay it back later.
How can you earn extra money besides doing chores?
Doing odd jobs for neighbors, selling items you no longer need, or starting a small business.
What should you consider before spending your money on something fun?
Consider whether it fits within your budget, if it aligns with your financial goals, and if there are any cheaper alternatives.
Name two things you should include in your budget besides spending and saving.
Bills, debt payments, or expenses for things like food, transportation, and entertainment.
What are two things you can invest your money in?
Stocks, bonds, mutual funds, real estate, or starting a business.
What happens if you don't pay back money you borrow?
You may incur late fees, damage your credit score, or face legal action from creditors.
What is a simple way to keep track of your money?
Keeping a record of your income and expenses, such as using a budget or tracking expenses in a notebook or app.
How can you decide if something is worth spending your money on?
By considering its value compared to its cost, how much you'll use or enjoy it, and whether it fits within your budget and financial goals.
If you earn $50 a week from chores, save $24 for emergencies, and spend $17 buying groceries, how much money do you have left to spend?
$9
What is the difference between saving money and investing money?
Saving money typically involves putting it in a safe place to use later, while investing money involves putting it into assets that have the potential to grow in value over time.
Name two things that can affect your credit score.
Payment history, credit utilization, length of credit history, new credit inquiries, and types of credit used.