Money Management
Borrowing
Acronyms
(guess the acronym)
Expenses
Random
100
Waiting to buy, knowing the difference between needs and wants, and setting goals for yourself.
What are the rules of money management?
100
Convenience Instant gratification Protection Emergencies Spreading out payments Investments Credit history Special offers/perks
What are reasons people borrow
100
PYF
What is Pay Yourself First
100
A short time-span. Usually up to 3 months
What is a fixed expense
100
PYF
What is pay yourself first
200
A goal that can be completed in 3 months or less.
What is a SHORT time span
200
Making payments that make it hard to afford things now and later
What is stealing from your future self
200
Time-bound
What is the T in SMART
200
a time-span that can last 3-12 months
What is a variable expense
200
Make sure your goals are- specific, measureable, attainable, _____, and time-bound
What is relevant
300
A goal that can be reached in 3-12 months
What is a MEDIUM goal time span?
300
Capital Capacity Character Collateral Conditions
What are the 5 Cs of credit
300
Sincere need or want
What is the S in SHREWD
300
A time-span that takes 12+ years
What is a periodic expense
300
To pay with cash (instead of taking out a loan/borrowing)
What is cheaper than taking out a loan
400
College is an example of this goal time span
What is a LONG goal time span?
400
Reading the fine print
What is the most important step in borrowing
400
discipline
What is the D in SHREWD
400
college is an example of this
What is a periodic expense
400
T or F - pay as little as possible as slowly as possible
What is FALSE
500
the most important thing to remember in money management
What is to PYF?
500
to be a successful borrower, you must first learn the difference between a _____ and a ______
What is a want and a need
500
SMART
What is Specific Measurable Attainable Relevant Time-bound
500
gas and groceries are examples of this
What are variable expenses
500
hint: 5 Cs of credit Capital Capacity Character ___________ ___________
What are collateral and conditions
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