Budget Basics
What is the first thing you should do when creating a budget?
List your income
What year was San Bernardino County established?
1853
What does it mean to ‘pay yourself first’?
Setting aside money for savings before spending on anything else.
What should you do if an unexpected expense comes up?
Adjust your budget or use your emergency fund.
What is the smallest unit of currency in the United States?
The penny (1 cent)
True or False: Your budget should change as your income or expenses change.
True
True or False: San Bernardino County is the largest County in the United States by area
True
How much money should you ideally save from each paycheck?
At least 10-20% of your paycheck.
True or False: It’s okay to dip into savings for non-emergencies.
True or False: It’s okay to dip into savings for non-emergencies.
Which U.S. coin is worth 10 cents and is the smallest in size?
The dime.
What is a fixed expense? Give an example.
A fixed expense is a cost that stays the same each month, like rent or a subscription.
What is the population of SB?
2.21 Million
What is an emergency fund, and why is it important?
Money saved for unexpected expenses, like car repairs or medical bills.
Give an example of an unexpected expense a teen might face.”
A phone repair or emergency medical bill.
Which president is featured on the United States $1 bill?
George Washington.
What is a variable expense? Give an example.
A variable expense is a cost that can change each month, like eating out or entertainment.
What is SB County known for?
Diverse geography including the SB Mountains, SB Valley, and the Mojave Desert.
Name one way to make saving money easier.
Automate your savings so money goes directly into your savings account.
What is a good way to plan for surprise expenses?
Set aside money each month in an emergency fund.
What phrase is printed on all U.S. currency and is considered the national motto of the United States?
In God We Trust.
What is the 50/30/20 rule in budgeting, and how is it applied?
The 50/30/20 rule is a guideline for budgeting where 50% of your income goes toward needs, 30% goes toward wants, and 20% is saved or used to pay off debt.
Who originally inhabited SB County?
Serrano and Togva tribes
What is compound interest, and why is it important for long-term savings?
Compound interest is the interest you earn on both your initial savings and the interest that accumulates over time. It’s important because it allows your savings to grow faster compared to simple interest, making it crucial for long-term savings goals.
Why is it important to have insurance (like health or car insurance), and how does it help with unexpected expenses?
Insurance is important because it provides financial protection against large, unexpected expenses. For example, health insurance can help cover medical bills if you get injured, and car insurance can help repair your vehicle after an accident.
What year was the Federal Reserve System, the central banking system of the United States, established?
1913