Needs VS. Wants
Something you must have to survive ( Food, water, shelter.)
What is a NEED?
This helps you track where your money goes
What is a BUDGET?
Money set aside for later
What is SAVINGS?
You have $20. Do you buy fast food or groceries for multiple meals?
Groceries
Money you earn for a job
What is INCOME?
Going out to eat vs. groceries
What is a WANT (eating out)?
Buying something just because it's on sale
What is impulse spending?
Saving money for emergencies is called this
What is an emergency fund?
Your friend wants to go out but you're broke
Say no / or suggest a free activity
Money you must pay regularly?
What are BILLS?
Paying rent each month
What is a NEED?
Waiting 24 hours before buying something
What is smart spending strategy?
Putting aside small amounts regularly
What is saving consistently?
You get paid- what should you do first?
Pay Bills/ Save
This happens if you don't pay bills on time
Late fees/ consequences
Buying new shoes when you already have some
What is a WANT?
Using cash instead of a card can help you do this
What is control spending?
A place to keep money safe
What is a bank account?
Your card declines- what should you check?
Your balance/ spending
Examples of bills
Rent, phone, utilities
Your phone bill
What is a NEED?
This is when you spend more money than you earn
What is overspending?
Saving before spending is called this mindset
What is "Pay Yourself First"?
You want something expensive- what should you do?
Save over time/ budget for it
Money left after bills
What is leftover income/ disposable income?