Vocab
Budgeting basics
Saving smart
Money math mix up
Think like an expert
100

What is earned income?

money from working a job

100

What is 3 ways people can earn income?

•Job

•Chores or babysitting

• Yard work

• Tutoring

• Starting a small business (crafts, reselling)

• Gifts/allowances

100

What is an example of unexpected expenses?

  • Car repairs (like a flat tire or broken engine)
  • Medical bills (getting sick or hurt unexpectedly)
  • Replacing something that breaks (a phone, glasses, or laptop)
100

You save $5 per week. How much after 6 weeks?

$30

100

What is a need? 

Money a person earns or receives.

200

What is Gross pay?

The total money earned before deductions.

200

What do you want to avoid when managing money?

Avoid impulse purchases

200

Expenses should be ___________ than your income

LESS!

200

You earn $80. You save $20. How much can you spend?

$60

200

What is an example of a common expense?

•Rent/mortgage

•Utilities (electricity, wifi, water, etc.)

•Phone bill

•Car payments and gas

•Entertainment

•Shopping

300

What is net pay?

The amount you take home after deductions.

300

What is a budget?

A budget is a plan for how you want to use your money.

300

What is variable/flexible expenses?

Price can be different each month… you have some control

300

You want something that costs $90. You save $15 each week. How many weeks will it take you to get to $90 saved?

6 weeks

300

Spending money on needs first helps you avoid this problem later.

Getting into financial trouble/ debt

400

Fixed expenses

Doesn’t change, the same each month

400

What is 2 qualities of a good budget?

•Expenses should be less than income! 

•Include savings

•Plans for unexpected expenses.

400

This type of savings is used for emergencies or unexpected expenses.

Just in case fund

400

You earn $25 per week. How much do you earn in 2 months (8 weeks)

$200

400

Choosing not to buy something now so you can afford something better later is an example of what type of goal?

Long term goal

500

What are Discretionary expenses

Money you choose to spend on “wants”

500

You earn $60. Your budget includes $25 for needs, $20 for wants, and the rest for savings.
How much money are you saving?

$15

500

You save $10 each week. After 3 weeks, you spend $15 from your savings.
How much money do you still have saved?

$15

500

You earn $30 per week. You save $8 each week and spend $12 each week. After 4 weeks, how much money do you have left over?

$40

500

You decide to save $5 each week instead of spending it all. This shows you are planning for this.

Future goals/ long term goals

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