Wants and Needs
Air, Water, Food, Shelter is an example of
What is a Need
What is a budget?
A plan for how you’ll spend and save your money.
What does “debt” mean?
Money you owe to someone or a company.
What is money used for?
To buy goods and services ( Wants and Needs)
What is a Career?
A job or series of jobs in a certain field.
Video Games, Cellphones, and Candy is an example of
What is a Want
If you make $500 and spend $450, how much do you have left?
What is a credit card?
A card that lets you borrow money to buy things, but you must pay it back.
What’s another word for “income”?
Earnings or Paychecks
What’s one reason people work besides money?
To gain experience, passion, or purpose.
If your budget is tight, what should you pay for first—wants or needs?
What is a Need
Name one reason why creating a budget is important.
It helps you control your spending.
What happens if you don’t pay your credit card bill on time?
What is a saving?
Setting aside money for future use.
What is a Paycheck?
Money you earn from your job.
__________ is where something isn't clearly needed for survival but isn't a pure want either.
What is a Gray Area
A _________ account is designed to safely hold money that isn't needed for immediate expenses
What is Savings
What’s one way to avoid getting into too much debt?
spend less, make payments on time, etc
What is interest?
Extra money paid for borrowing—or earned for saving.
What’s the difference between hourly pay and salary?
Hourly is paid by the hour; salary is a set yearly amount.
Why is it important to understand the difference between wants and needs?
It makes you help smarter financial choices.
What’s the “50/30/20 rule” in budgeting?
50% for needs, 30% for wants, and 20% for savings or debt repayment.
What’s the difference between good debt and bad debt?
Good debt helps you build wealth (like school loans); bad debt is unnecessary or high-interest (like impulse buys).
What is inflation?
When prices of goods and services go up over time.
What is one thing that can affect how much you get paid?
Education, experience, skills, or job type.