Needs vs. Wants
What is a need?
Something necessary to live, like food or shelter
What is a budget?
A plan for how to spend and save money
What is saving?
Putting money aside for future needs or goals
Name one way teens can earn money
Chores, babysitting, mowing lawns, part-time jobs, etc.
What does it mean to compare prices?
Looking at different stores to find the best deal
What is a want?
Something nice to have but not necessary, like video games or fancy clothes
What is the first step in making a budget?
Figure out how much money you make
What is an emergency fund?
Money saved for unexpected expenses, like car repairs or medical bills
If you make $12 per hour and work for 5 hours, how much do you earn?
$60
If a shirt costs $20 at one store and $15 at another, where should you buy it?
The $15 store to save money
Which of these is a need? A) Netflix, B) Groceries, C) Concert tickets.
B) Groceries.
If you make $100 a week and spend $60, how much do you have left?
$40
If you save $10 per week, how much will you have in 10 weeks? (
$100
What does "income" mean?
Money you earn or receive.
What is a discount?
A reduction in price, like a sale or coupon
Is a cell phone a need or a want?
It depends! A basic phone for communication may be a need, but the latest iPhone is a want.
Name one reason why having a budget is important.
t helps you save money and avoid overspending
True or False: It’s always best to spend money right away.
False, saving helps you be prepared for the future.
Why is it important to track the money you earn?
So you know how much you have and can plan your budget
Why should you avoid impulse buying?
You might spend money on things you don’t need and regret it later
Why is it important to prioritize needs before wants?
To make sure you can afford essentials before spending on extras
If you get a surprise $50 gift, should you spend or save it?
It’s up to you, but saving some of it is a smart choice for the future
What is one way to make saving easier?
Set a goal, like saving for a new bike, and put money aside regularly
What is the difference between hourly pay and a salary?
Hourly pay is based on the hours you work, while salary is a fixed amount paid regularly
What’s one smart way to avoid overspending?
Make a shopping list and stick to it