Wants and Needs
Something that you would like to have but do not need it.
Definition of a savings account.
A type of bank account that is meant to be used for saving your money for something special.
I give you $10 for something that is $9.50. How much change do I get back?
$0.50
Give an example of a budget.
Putting aside a specific amount of money so that you can pay your bills.
What is a checking account?
A type of bank account that you use when spending money.
What is a need?
Something that helps you live your everyday life.
True or false? It is considered savings if I spend all of my money for bus tickets at the school store.
False
The toy you want is $5.75. You have $10. How much change will you get back?
$4.25
Why is a budget important?
It allows us to make sure we have the correct amount of money for what we need. It helps us save money.
Why do we keep money in bank accounts?
To protect our money, to invest our money, to save our money.
Want or need? - A new bike
True or false? Knowing how much money I need for bills is an important part of savings.
$2.20
Give an example of when you used a budget.
Student's example
What is a check?
A way to give money.
Want or need? - groceries to make my lunch for school
Need
Something I can use at the store to help me save on a particular item.
Coupon
You go to buy a new backpack and the total is $42.73. You give the cashier $50. How much change do you get back?
$7.27
What expenses would you include in a budget?
Rent, groceries, bus fair, electricity, etc.
What is a withdrawal?
Taking money out of your bank account
What is delayed gratification?
The ability to put off something mildly fun or pleasurable now, to gain something that is more fun, pleasurable, or rewarding later.
How you separate your money into categories.
Budget
You give me $150 for something that costs $72. How much change do I give you?
$78
How does making a grocery list help you stay on budget?
It helps you get only what you need.
What is a deposit?
Putting money into your bank account