Budgeting
Can budgeting be used for a short term goal?
Yes.
What’s the difference between a “want” and a “need”?
A need is something necessary to live and function.
A want is something that can improve your quality of life.
Income tax; sales tax; property tax...
What do you use to save money, when shopping in a store?
Discount code or coupon
What is bartering?
Trade for goods and services with other goods and services.
When calculating income for a budget, what needs to be taking into account?
Taxes and deductions.
Give 2 examples of a long term saving goal?
Retirement, house payment, college tuition, ...
What is exchange rate?
An exchange rate is a relative price of one currency expressed in terms of another currency.
When you go to a store to buy a game, is the display price the final price you pay? What's the extra?
No. Taxes.
Name 3 things that your parents pay monthly at your house?
Mortgage, electricity bill, water bill, gas, grocery, restaurants, extra-curriculum, and etc.
List 1 thing you need to know before you start a budget.
Income
When should you start saving money?
Now, or as early as you can
Name 2 types of currencies, beside US Dollars.
Canadian Dollar, Pesos, Pounds, Euro, Japanese Yen, Chinese RMB, and etc.
What's the difference between Buy 1 get 1 Free and 50% off on 1?
Buy 1 get 1 Free, you will get 2 products. 50% off coupon is used on 1 item.
If you have an extra $500 coming in, what's a good way to spend it?
Save a portion of it, give some to charity, then spend some.
Why is budgeting important?
Keep us from overspending the money, help us save for, plan for certain events in our lives or emergency situations.
Can your money grow in the bank? How?
Yes. By earning interest.
What is personal finance?
Personal Finance is the process of managing your earnings & expenses, saving money, and investing for the future.
Do Ads influence our buying decisions? Where do these ads come from?
YES! Ads can come from social media, influencers, TV, Billboards, and many places to try to influence our buying decision!
What are the ways that you can make your money grew?
Savings account, Stocks, Bonds, and etc.
What's the general recommended rule when it comes to Needs, Wants and Savings?
50/30/20
Compound interest is the interest on savings calculated on both the initial principal and the accumulated interest from previous periods.
"Interest on interest"
Can you and your friend having fun without spending much money? Name 2 things you can do.
Playing ball in the park, go to a friend's house to play a board game, have a baking party (maybe sell the products you made), and etc.
What's it called when you shop around different stores for the same item.
Comparison shopping
Why is important to learn about money in a young age?
The younger you start to learn, the easier to master it when you grow older.