Learn
Something that is important to you and can help guide your choices.
What is a value?
Money you receive from working or other sources.
What is income?
A plan for how you will use your money.
What is a budget?
Money you put aside to use later.
What are savings?
Borrowing lets you use money now that you agree to do what later?
Pay it back
Something you must have for basic living, such as food or housing.
What is a need?
The amount you earn before taxes and other deductions are taken out.
What is gross pay?
Money going out to pay for things is called this.
What are expenses?
Money saved specifically to prepare for unexpected expenses.
What is an emergency fund?
True or False: The lowest monthly payment is always the best borrowing option
False. A smaller payment may mean paying for a longer period or paying more altogether.
Name two things that can influence the way you make money choices.
Any two: family, friends, social media, culture, experiences, responsibilities, emotions, goals, or personal values.
You earn $500 and $75 is taken out in deductions. What is your net pay?
$425
When creating a budget, should you start with your gross pay or your net pay?
Net pay.
Name two reasons someone might save money.
Any two: future goals, planned expenses, unexpected expenses, emergencies, or something they want to purchase later.
You receive a message saying: “ACT NOW! Your account will be locked unless you click this link immediately!” What is the red flag?
Urgency or pressure
You have $75 and suddenly want something because everyone is talking about it. Name one thing you should consider before spending your money.
Any reasonable response such as:
Name three things that could affect how much someone earns in a career.
Any three: education/training, skills, experience, career field/industry, job demand, location, employer, position, or responsibilities.
You create a budget, but an unexpected expense comes up. What should you do?
Check and adjust the budget.
You want to save $600 in six months. How much would you need to save each month?
$100 per month
Name two things you should understand before agreeing to borrow money.
Any two: how much you will pay altogether, how long you will be paying, whether you can afford the payment, what happens if you miss a payment, or whether there are interest or fees.
Two people have the same amount of money but make completely different choices with it. Name two reasons why.
Any two: different values, goals, needs, responsibilities, experiences, circumstances, or priorities.
Why should salary not be the only thing you consider when exploring a career?
Other factors matter too, such as interests, skills, education/training required, work environment, schedule, location, career opportunities, and personal goals.
You have enough money to buy something you want, but buying it would leave you without enough money for something you need. What should you consider before making the purchase?
Your needs, priorities, budget, responsibilities, and what else the money needs to cover.
Why can starting to save earlier make reaching a financial goal easier?
You have more time to save, which may allow you to save a smaller amount at a time.
Someone claiming to be from your bank asks for your password or one-time security code. What should you do?
Do not share the information. Pause and verify the request independently.