Budgeting 101
Jeremy wants to buy a CD. Is a CD a NEED or a WANT?
It is a WANT.
Is going out to eat a need, want or save?
Want.
True
You spend part of your budget on needs. What is an example of a NEED?
Food, essential clothing items, phone bill, etc
Bills: electricity, water, heating, rent, etc
Is a pet a need, want or save?
You should tell anybody that asks, how much money you have in your bank account?
False
How do you check your bank balance?
Using the app and/or website.
Are groceries a need, want or save?
Need.
Money is free, you don't need to work for it?
False.
Yourself, Parents/Guardians.
Nobody should be able to log into your account without your permission.
Save or Need.
You should give anyone your bank details?
False.
What is debt? And is it a good thing to be in debt?
Debt means that you owe money. This means you have spent more money than you actually have and you need to pay someone or a business back. Debt is not a good thing to be in.
Is putting money away to buy a car a need, want or save?
Save.
You need to constantly check your bank account to make sure you know how much money you have, and what is coming in and going out of it?
True.