Budgeting Basics
A plan for how to spend and save money.
What is a budget?
Setting aside money for future use.
What is saving?
A card that lets you borrow money to make purchases.
What is a credit card?
A temporary price reduction on products.
What is a sale?
Money parents give kids to spend or save.
What is an allowance?
Money you spend on things like food, bills, or fun activities.
What is an expense?
A bank account where you can keep money and earn interest.
What is a savings account?
Money you owe to someone or a company.
What is debt?
Buying something without planning or thinking it through.
What is an impulse buy?
The lowest amount an employer can legally pay per hour.
What is minimum wage?
Money you earn or receive, like an allowance or a paycheck.
What is income?
Money earned on savings or paid on loans.
What is interest?
A number that shows how responsible you are with credit.
What is a credit score?
Buy One, Get One free.
What does "BOGO" stand for?
A way to earn extra money outside of a regular job.
What is a side hustle?
Spending less or equal to what you earn, not more.
What does "living within your means" mean?
Interest earned on both your savings and the interest already earned.
What is compound interest?
Money borrowed to pay for college that must be repaid.
What is a student loan?
An extra percentage added to the cost of items you buy.
What is sales tax?
When prices of goods and services go up over time.
What is inflation?
Money set aside for unexpected expenses.
What is an emergency fund?
A retirement savings plan offered by employers.
What is a 401(k)?
The cost of borrowing money, shown as a percentage.
What is an interest rate?
A guarantee that a product will be repaired or replaced if it breaks within a certain time.
What is a warranty?
Giving money or time to help others.
What is philanthropy?