Needs vs Wants and SMART Goals
What is an example of a Need?
What are food, water, clothes, and standard models of phones
What does being cost-effective mean?
What is...
- Getting your bang for your buck
- Getting the best possible results or value for the least amount of money.
This account allows you to deposit, withdraw, and spend money easily
What is a checking account?
What is credit?
What is borrowing money now and paying it back later?
What does BOGO stand for?
What is Buy One Get One?
The free version of Spotify is a ....
What is a want?
Eating at this place saves you the most money...
What is eating at home?
What are
- Cash app
- Venmo
- Zelle
What is a credit line?
What is the maximum amount of money a lender allows you to borrow on a credit account?
Name one store known for low-cost groceries...
What is
- Aldi
- Walmart
Something that is nice to have, also known as lifestyle choices...
What is a want?
What do the numbers in the 50/30/20 rule stand for?
What is...
50: Needs
30: Wants
20: Savings
This plastic rectangle allows you to withdraw cash from an ATM, pay at stores (swipe, chip, or tap), shop online
What is a debit card?
Keeping your utilization under this percentage is considered a GREAT score
What is 10%?
This piece of paper or QR code gives you a discount when you buy something at the store. They are also stackable, which gives you even bigger savings!
What is a coupon?
Make your own SMART Goals using the following: "I will save $300 to buy new shoes"...
I will save $300 in three months by putting away $25 a week”
Which program/software/wesbite allows you to track your spending?
What are:
- Google Sheets
- Mint
- EveryDollar
- Notes app
Besides a small deposit, what else do you need to open a bank account?
What are
- social security number
- Government-issued photo ID
- proof of address
These two things happen to your credit score and money owed when you miss a payment on your credit card
What are
- your credit score goes down
- you will owe interest/late fees on the missed payment (pay more)
What are the two major sales holidays in November that give you the best deals on items?
What are
- Black Friday
- Cyber Monday
What does SMART stand for?
What is Specific, Measurable, Achievable, Relevant, Timely
401ks, IRAs, and Emergency Funds are examples of....
What is a savings?
These two numbers refer to the bank's "address" and your "apartment number"...
What are
- Routing number (bank address)
- Account number (apartmnet number)
What happens if you apply for too many credit cards at once? How often should you apply for a new credit card?
What is your score can drop and at least every 6 months
Name one low-risk investment option for beginners...
What is
- index funds
- mutual funds
- savings bonds