Saving for the Unexpected
The easiest way to make savings a habit
Automate it
A quick way to save a big amount of money is to save windfalls. What is an example of a windfall?
Tax refund, bonus, stimulus check, gift, inheritance
Reducing Debt can help us save money by...
Saving on interest and fees
Tracking spending means...
Keeping track of where your money is going by writing it down
What is the name for an amount given to children in the home for completing various tasks?
An allowance
Name an unexpected expense
Losing a job, unexpected health care costs and major car repairs
True or False: Anything you can save is better than nothing.
True
Name a method of paying off debt
Snowball method
Avalanche method
Predatory loans like payday loans and car title or registration loans charge very high fees and...
Interest rates
Name a way parents can increase financial knowledge in children?
Have conversations about money
An emergency fund is a separate savings or bank account used to cover what?
An unexpected expense
Name some ways you can earn extra money to put into savings
Gig work
How much you own (assets) minus what you owe (debt) is called what?
Net Worth
Name at least three things you can do with money
Spend, Borrow, Earn, Invest, Save
Name three concepts that school-age kids can grasp
Save, Spend, Give
The amount you should aim to start working to save in a rainy day fund
$500. Then have a goal to work up to 3-6 months of expenses
These are the two solutions to freeing up money in your budget
Increase income or decrease expenses
The best way to reduce your credit card debt is...
Pay more than the minimum amount required
A spending plan is also known as...
A Budget
Name a way parents can motivate their children to save the money they have
Match the amount
This is the best and safest place to put an emergency savings/opportunity fund
An account that is easily accessible.
Retirement, periodic expenses like car registration, and holidays are all types of what kind of expense?
Expected expense
One of the greatest contributors to financial stress is debt. Debt is...
When you owe money to another party
Rent, cell phone bills, cable, and car payments are examples of what?
Fixed monthly expenses; Expenses that come every month and are about the same every month.
What is a safe and secure place to keep savings long-term for your child?
A savings account