Debit or Credit
Buy now, pay now.
Debit Card
A spending and saving plan based on your expected income and expenses is called what?
A Budget
Food is a ________
Need
Which of the following purchases would I never use my credit card to pay for?
A. Textbooks for School
B. Rent for my Apartment
C. Groceries
D. Lunch with a friend
B. Rent for my Apartment
Buy now, pay later.
Credit Card
An account in which the bank pays interest for the use of the money deposited in the account.
What is a savings account?
Candy is a _____
Want
This is the difference when you subtract your liabilities (i.e. debt & bills) from your assets (things of value that you own).
Net Worth
This card allows you to build credit history (i.e credit score)
Credit Card
If you save $150 each week, how much money will you have after 6 weeks?
$150 X 6 = $900
It's important to identify needs and wants to create a budget and ensure that needs are met before wants.
True or False?
True
Why are most Americans in debt? (list three reasons)
Student loans
Robust personal spendings
Rising balances on credit cards
Inflation
Housing
Mortgages
This card requires money to be taken automatically out of a checking or savings account
Debit Card
Put these steps of the budgeting process in order.
- Compare your budget to your spending
- Monitor current spending patterns
- Set Goals (Financial & Personal)
- Review Progress
1. Set Goals (Financial & Personal)
2. Compare your budget to your spending.
3. Review Progress
4. Monitor Current Spending Patterns
Daily Double
What are needs?
What are wants?
Needs: Things that are required to maintain physical, emotional, and financial health, such as food, water, clothing, shelter, healthcare, and transportation
Wants: Things that are desired but not required for survival, such as toys, expensive shoes, entertainment, travel, designer clothing, subscription services, and new clothes