Income
What is income?
Money you earn or receive
What is spending?
money you use to buy things
What is budget?
a plan for money
What is a bank?
A place to keep your money safe
What is savings?
Keeps money for later
What is earned income?
Money from a job.
Example of a want
toys, games, name brand clothes or shoes
Stay under budget
spend less than income
Savings Account
stores money to grow
Borrowing Money
Credit
Earned vs Unearned
Earned = work; Unearned = gifts/ allowance
Example of a need
food, water, shelter, clothes
Income vs expenses
money in/ money out
Checking Account
money used for spending
Earned Interest
Extra money from saving
Example of earned income
babysitting; chores for pay
Smart spending
comparing prices, looking for a sell
overspending
debt and no savings; no budget
What do banks do?
Keep money safe
Interest paid
Extra money owed
Why jobs matter...
They provide income
Overspending result
running out of money
Why Budget
Helps control money
Why do banks matter?
It helps manage money
Savings vs borrowing
savings avoids debt.