Real-Life Financial Skills
Money earned per hour or salary for work performed.
What are wages?
A regular payment for using electricity, water, or gas.
What are utilities?
Protection against financial loss from accidents, illness, or damage.
What is insurance?
Understanding how money works and how to manage it.
What is financial literacy?
A short-term financial goal might include saving for this type of purchase.
What is a small purchase?
Money taken out of your paycheck for taxes and other deductions.
What are payroll deductions
A fixed monthly payment for living in a home you don’t own.
What is rent?
This type of insurance covers damage to your vehicle.
What is auto insurance?
The act of putting money into something with the expectation it will grow.
What is investing?
Goals planned for the next 1–3 years fall into this category.
What are short-term goals?
Additional pay for working more than your standard hours.
What is overtime?
Money paid regularly for insurance coverage.
What is a premium?
This plan helps pay for medical expenses.
What is health insurance?
The increase in prices over time that reduces purchasing power.
What is inflation?
Goals like buying a home or retiring are considered this type.
What are long-term goals?
Income earned from side jobs or freelance work is often called this.
What is side income?
This is the due date by which a bill must be paid.
What is a payment deadline?
A person who receives benefits from your insurance or estate.
A person who receives benefits from your insurance or estate.
This term describes how much your money can buy.
What is purchasing power?
This strategy involves breaking big goals into smaller steps.
What is goal planning?
This document shows your earnings and deductions for each pay period.
What is a pay stub?
Missing payments can result in these extra charges.
What are late fees?
Planning ahead for unexpected events is called this.
What is risk management?
The balance between income, spending, saving, and investing.
What is financial health?
Regularly checking progress toward your goals is called this.
What is goal tracking?