Budgeting Basics
What is a budget?
What is a plan for your money
Food and medicine are examples of these.
What are needs?
The “Latte Effect” teaches that small daily spending can do this over time.
What adds up to large amounts of money?
What does TFSA stand for?
What is a Tax-Free Savings Account?
Jane always has this left at the end of the month.
What is money/savings left over?
What are the three main steps of budgeting?
What are track income, categorize spending, and match spending to values?
A brand-new phone upgrade is usually considered this.
What is a want?
What was the main lesson of the coffee example in the presentation?
Why can small habits have a big financial impact?
What is compound interest?
What is earning returns on your returns?
Jack often uses this to pay for almost everything.
What is a credit card?
This budgeting method gives every dollar a job.
What is Zero-Based Budgeting?
Why might two people disagree about what counts as a need?
What are different values, lifestyles, or situations?
This shopper type buys things without planning
What is an Impulse Buyer?
According to the presentation, what matters more than the amount you save?
What is building the habit of saving early?
This budgeting strategy moves money into savings immediately after getting paid.
What is Pay Yourself First?
In the 50/30/20 rule, what are the three categories money is divided into?
What are needs, wants, and savings?
What is one way students can prepare for unexpected costs?
What is an emergency fund/budget for extra expenses?
This rule was suggested before making purchases over $30
What is the 24-hour rule?
Why do people who start investing earlier usually end up with more money?
Why does their money have more time to grow?
What is the Envelope System mainly used to control?
What is Overspending?
Why is a budget compared to a GPS in the presentation?
Why does it help guide your money and give it direction?
Why is understanding needs vs wants important when budgeting?
Why does it help people make smarter spending decisions?
According to the presentation, your spending should follow these.
What are your values?
What was the biggest lesson from the investing section of the presentation?
Starting early is powerful because time helps money grow.
Why is knowing your shopper type helpful?
Why does it help you understand and improve your spending habits?