💰 INCOME
What is monthly income if you make $24,000 a year?
$2,000
Name one basic expense.
Rent, Food
Is food a need or want?
Need
A car repair costs $500. What type of expense is this?
Unexpected/emergency
What is saving?
Setting money aside
What is “take-home pay”?
Money after taxes (Net Pay)
Which is usually your biggest expense?
Mortage/Rent
Is a gaming console a need or want?
Want
What should you have to prepare for emergencies?
Savings
What is a good rule: spend all money or save some?
Save some
If taxes take 20%, how much do you keep from $1,000?
$800
What happens if expenses are higher than income?
Debt
Why should needs come first?
Survival/Essential Living
If your income drops, what should you do first?
Cut expenses
Which is smarter: buying something now or saving for later?
Saving (Usually)
Which job likely earns more: fast food worker or electrician?
Electrician
Give an example of a fixed expense.
Rent/Car Payment
Name 2 wants students often overspend on.
Clothes, food out, games, etc
Name one real-life financial emergency
Medical bill, job loss, etc
What’s one benefit of budgeting?
Avoid debt, reach goals, etc.