True or false
Budgetting helps you save for emergencies? T/F?
True.
____ is the money you bring in; money from a job
Income
What is a want?
Things you buy that you dont need to survive
such as toys, games, social outings
You buy groceries for $30 and headphones for $15. How much did you spend?
$15
Will a budget help you have more money?
Yes
There is interest charged on debit card purchases. T/F?
An example of income is _____________
Job, SSI
What is the definition of budgeting?
Calulating/tracking of income and expenses as well as savings
What are three things a budget can help you do?
Spend wisely, save money, reach goals, pay bills, avoid overspending.
Having a plan for how much you spend is called a
Spending goal
The budgeting process starts with looking at the income and expenses
True
When I track my expenses, I am staying within my ________________
budget
Savings
What do you need to open a bank account?
1. addresss # 2. Id with picture #3 phone number
What should you ask yourself before buying something?
Is it a need or want?
Did I pay my bills?
Is it in budget?
Rent is considered an expense.
True
1. The money that goes out your account are called _________________.
Expenses
what is a debit card
card you use for daily purchases; you dont pay back
If you have $100 and spend $30, how much money is left?
$70
Which is usually the smarter choice: paying rent or going out for fun?
Paying rent
Social outings are a form of income
False
Needs are ________________________
Needs are things that help us survive such as food, water, shelter
Credit card
A card that has interest and you pay back
You paid $300 in bills and have $200 left. What can you do with the money left over?
Save it, Save $100 and use the other $100 for fun
Why is setting a spending goal helpful?
It helps you make better money choices.
Helps you know how much you spend for different things (fun, needs, etc.)