Financial Literacy
When you use a ______ card the money is drawn directly from your account.
Debit
TRUE or FALSE: Credit cards are "free money!"
FALSE
an account maintained by a bank to make money more manageable and convenient for the owner
List four of the categories we talked about for spending habits of teens today. (Hint: we talked about 10)
Concert tickets
Spring break trips
Online shopping
Cars
Fast food & Coffee
Expensive dates
Clothes, shoes & accessories
Phones & apps
Video games & consoles
School dances
What do caterpillars turn into?
Butterflies
Explain budgeting
A budget is a set of goals to establish where you spend your money and/or what you spend it on. It also helps you keep track of your savings.
How much can you spend when using your debit card?
The amount in your bank account
What two types of bank accounts did we talk about today?
Checking and Savings!
What are the three times of year teens spend the most money?
Holidays, birthdays and special occasions
Which two countries share the longest border?
The US and Canada
What top five things should you consider when trying to save money? (List at least three we talked about)
Assess where there is room for improvement
Clearly outline your financial goals
Set a realistic budget according to your lifestyle
Limit most/if not all overspending
Be sure to put aside your savings before paying anything else
TRUE or FALSE: With credit cards you have to pay back the lender that you borrowed the money from?
TRUE!
We talked about three savings techniques, 50/30/20 rule, savings jars and ...
Automatic transfer
Roughly how much does the average American teenager spend each year on clothing, food and electronics? (You must be within $250 to get the points)
$2,331
What is the name of SpongeBob's best friend?
Patrick Star!
Explain the 50/30/20 Rule
50% of income should go to needs
30% of income should go to wants
20% of income should go to savings
How old do you have to be to have your own credit card?
18
Name the three uses we gave as examples for bank accounts...
Make payments
transfer money
withdraw/deposit money
31.3%
71% of the earth is covered by this substance
Water!
Define Financial Literacy...
Having the skills and knowledge in make informed financial decisions
What determines how much you can spend on a credit card?
Your credit limit
What is the difference between checking and savings accounts?
Checking: Most common type of bank account, Typically used to obtain payments, make payments, write checks and make purchases
Savings: A deposit account that pays interest and allows you to save money
What are the top two things that teens spend their money on?
Fast food & coffee
Clothes, shoes & accessories
What is the largest organ in the human body?