Need or want?
Food (Lunch for work)
Or
New video game!
Food is a need! You NEED that to survive!
New video game is a WANT, you don't /need/ it to survive.
What is a loan?
A loan is where someone borrows money from a bank or from somewhere that charges interest.
Julia makes $100.00 babysitting and $50.00 for household chores each month. What is her total monthly income?
Hint: (Add them together!)
$150
What is Net pay?
Pay after taxes
You should always spend more money than you have.
FALSE
Water
or
Soda
Water is a NEED (you NEED it to survive)
Soda is a WANT (you don't need it to survive)
What is a credit card?
A credit card is a way to pay for goods and services, similar to a debit card, but you have to pay back whatever you pay with it WITH interest.
David's expenses for each month are $40.00 for his phone, $20.00 for eating at restaurants, and $30.00 for savings. What are his total monthly expenses?
(Hint: Add it together!)
$90.00
What is Gross pay?
Pay after taxes
Interest is always a good thing.
FALSE
Affordable transportation
or
Expensive new vehicle!
Transportation is a NEED to get to work whether it's bus, or a car.
A brand new car is expensive, and is nice to have, but you don't need it to get around, you can use the bus or any other ways of transport.
What is a debit card?
A debit card is a way to pay for goods and services, but it comes directly out of your checking account. There is no paying this back to a financial institution.
Sharon's montly income is $200.00. How much does she make in 4 months?
(Hint: multiply the numbers!)
$800.00
what is a 401(k)?
A savings plan for retirement.
Fixed expenses include things like rent.
TRUE
New shoes (Your old shoes are fine)
or
New clothes! (Your clothes have holes in them)
New CLOTHES when your clothes have holes in them or are torn are a NEED.
When you want new or extra shoes when the shoes you have are completely fine is a WANT.
What is a checking account?
A checking account is an account in a bank that allows you to deposit money and take money out to pay bills, or to pay for goods and services like Rent, groceries or student loans.
Kristopher's income each month is $2550.00. His expenses are $550.00 each month. What are his savings for each month?
(Hint:2550-550)
$2000
What is pay rate?
The rate in which you are paid per hour
Needs and wants are the same thing
Food (Take out/Restaurant/DoorDash)
or
Food (Grocery store/The Basics)
Food from a grocery store is a need because we need food to survive!
What is a savings account?
A savings account is an account in the bank that allows you to save money that you do not directly need. This is good for short term goals.
Briana saves $20.00 each month to buy a computer. The computer costs $500.00. How many months will it take for her to save enough money?
(Hint: Divide 20 from 500 )
25 months
what are deductions?
Deductions take away from a paycheck for health insurance, taxes, and other expenses.
Variable Expenses change from month to month