Writing Checks
What goes on the “Pay to the Order of” line?
The name of the person or company receiving the money.
What is a budget?
A plan for how to spend and save money.
What is an emergency fund?
Money set aside for unexpected expense.
What does “deposit” mean?
Putting money into your account.
You have $50, spend $20 on food. What’s left?
$30
True/False: You must write the amount in BOTH numbers and words.
True
Name one common budget category.
Examples: housing, food, transportation, savings.
True/False: Saving $10/week is over $500 in a year.
True (about $520).
What does “withdrawal” mean?
Taking money out of your account.
Name a place you might still use a check.
Examples: rent, some bills, school/tuition payments.
You wrote the wrong amount. What should you do?
Write “VOID” across the check and start a new one.
If you earn $100 and spend $70, how much can you save?
$30.
Give one reason to save money.
Examples: emergencies, education, car, vacation, future bills.
Checking vs. savings account?
Checking: daily spending; Savings: storing/earning interest.
Why save receipts?
To track spending, budget, or return items if needed.
Why is a signature required on a check?
Without your signature, the bank will not process the check.
Difference between “needs” and “wants”?
Needs are essentials; wants are extras you can delay or skip.
Short-term vs. long-term goals?
Short-term: months; Long-term: years (bigger goals)
What is “balancing your checkbook”?
Matching your records to the bank statement so they agree.
One way to cut back on spending?
Cook at home, use coupons, cancel unused subscriptions, set limits.
How can a voided check be useful?
To share routing & account numbers for direct deposit/automatic payments.
Why track your spending?
So you don’t overspend and you can reach savings goals.
What does “pay yourself first” mean?
Put money into savings before other spending.
Why is an overdraft a problem?
You spent more than you had and may be charged fees.
You save $25/month. How much after a year?
$300.