Money Mindset
What does “money mindset” mean?
Your beliefs and attitudes about money
What’s a “need”? Give an example.
Something necessary for daily life (food, housing, transportation).
What is a budget?
A plan for how you’ll spend and save money.
What does the “S” in SMART stand for?
Specific.
What is credit?
Borrowed money that you pay back over time.
Name one thing that shapes your money mindset.
Family, culture, or past experiences.
What’s a “want”? Give an example.
Something nice to have but not essential (snacks, new shoes, streaming).
Formula for budget surplus or deficit?
Total Income – Total Expenses.
Write a SMART version of this goal: “I want to save money.”
“I will save $50 by the end of the month by skipping two takeout meals weekly.”
What is one benefit of having good credit?
Easier loan approval or lower interest rates.
Rewrite this scarcity mindset into a growth mindset: “I’ll never have enough to travel.”
“If I save a little each month, I can plan a trip.”
What’s the 50/30/20 rule?
50% Needs, 30% Wants, 20% Savings.
If you earn $800 in income and spend $850, what’s your result?
$50 deficit.
Why should goals be measurable?
So you can track progress and stay motivated.
What’s the biggest factor in your credit score?
Payment history (paying on time).
Why might two people with the same income handle money differently?
Because their money mindsets, priorities, and values differ.
Your phone bill is $40, and you also buy a $10 game. Which is a want?
The $10 game.
Why is budgeting helpful even if you don’t have a job yet?
It builds awareness of habits and future money planning.
What does “R” stand for in SMART goals, and why does it matter?
Relevant, connects the goal to your values.
What happens if you use too much of your available credit?
It can lower your credit score.
How can changing your mindset help you reach your goals faster?
A positive mindset builds motivation, habits, and confidence with money.
How might “needs” and “wants” change as you get older?
Needs grow (bills, rent, insurance), wants may shift with goals and values.
You earn $100 a week and save $25 from your paycheck. What percent are you saving?
25%.
Create a time-bound financial goal related to school, travel, or hobbies.
Example: “Save $200 for a school trip by March.”
Name two ways to build good credit.
Pay bills on time and keep balances low.