Budget Like A Boss
What is a budget?
A plan for how you will earn, spend, and save your money.
Which account is designed for everyday spending?
Checking account.
Is electricity a need or a want?
Need.
What is an emergency fund?
Money set aside for unexpected expenses.
True or False: A debit card lets you spend money directly from your checking account.
True.
What is the first thing you should do after receiving a paycheck?
Pay yourself first by saving some money, then pay necessary expenses.
Which account is better for saving money over time?
High yield savings account is better. However, any savings account will do.
Is the newest gaming console a need or a want?
Want.
How many months of expenses do experts generally recommend saving in an emergency fund?
Three to six months.
True or False: A budget limits your freedom.
False. A budget helps you make intentional choices with your money.
Why is it important to track your spending?
To know where your money is going and identify areas where you can save.
What does ATM stand for?
Automated Teller Machine.
Why should needs usually come before wants?
Because needs are essential for daily living and financial stability.
What does "pay yourself first" mean?
Save a portion of your income before spending on other things. At least 20 percent.
True or False: Saving even small amounts consistently can make a difference.
True.
Name two examples of fixed expenses.
ent, car payment, insurance, phone plan, etc.
Why should you never share your PIN or online banking password?
It helps protect your money and personal information from theft.
Name three common needs.
Food, housing, transportation, utilities, healthcare
What is one benefit of starting to invest while you're young?
More time for your money to grow through compound growth.
True or False: It's okay to ignore your bank account as long as you have money.
False. Regularly monitoring your account helps catch errors, fraud, and overspending.
What can happen if you consistently spend more than you earn?
You may accumulate debt, miss bill payments, or be unable to save for emergencies.
What is direct deposit?
When your paycheck is electronically deposited into your bank account.
Can a "want" ever become a financial goal?
Yes. You can save and plan responsibly for something you want rather than buying it impulsively.
What is one advantage of having financial goals?
They provide direction, encourage better decisions, and help you build wealth over time.
What is one money habit that can help you become financially successful?
Budgeting, saving consistently, avoiding unnecessary debt, investing early, or tracking expenses.