Budgeting
This is a plan that shows how you will spend and save your money
Budget
NO!
This is money you set aside for future use instead of spending now.
Savings
This is something you should ask yourself before making a purchase: “Do I ___ this?”
Need
A budget helps you plan how to use your money.
True
If you earn $120 and spend $90, this is how much money you have left
$30
This is a card that has money you borrow and promise to pay back later.
Credit Card
Give me one example of a way to track your savings
Envelopes, Jar, Savings Tracker, Savings Account, Money in a drawer
When you see something you want (not need) to buy, should you buy it right away or wait and think about it?
Wait and think about it (24 hours)
Saving money is only important for adults.
False
The money you earn from a job, allowance, or gifts is called this
Income
Paying your bill on time helps improve this number that lenders use to judge you
Credit Score
This is something you plan to achieve, like saving money to buy a bike or phone.
Savings Goal
You have a credit card with a $100 limit, should you use all $100 in one month? (bonus points: how much should you use in a month?)
No! (bonus: about $30)
A credit card uses money you already have in your bank account.
This number is the amount that you should divided into spend/share/save (hint: its a fraction and the same number for all)
Will paying a bill late increase or decrease your credit score?
Decrease
This is money set aside for unexpected expenses like car repairs, medical bills, or broken appliances (all unexpected costs).
Emergency Fund
This is the plan you set up that tells you have much money you should spend on certain things (ex. bills, food, entertainment, etc.)
Budget
Interest is extra money you earn when you save or extra money you pay when you borrow.
True
This type of expense usually stays the same each month, like rent or a phone bill
Fixed Expense
This is the extra money you pay when you borrow money.
Interest
If you make $15, how much should you save? (hint: how should you evenly divide your money into spend/save/share)
$5
Yummm! That smoothie you really want costs $7, but you only have $5 in cash and a credit card with a $50 limit. Should you buy it with your credit card?
NO!
The minimum payment on a credit card pays off the entire balance.
False