Needs or Wants?
Rent is a:
Need
What is a budget?
A plan for how money will be earned, spent, saved, and managed.
What is a credit score used for?
It helps lenders evaluate someone's creditworthiness.
What is an emergency fund?
Money set aside for unexpected expenses.
True or false: Financial stress can affect mental health and recovery.
True
A $7 streaming subscription is generally a:
Want
Name one fixed expense.
True or false: Paying bills late can negatively affect your credit.
True
Name one reason someone might need emergency savings.
Name one way addiction can negatively affect finances.
Groceries are considered a need. True or false?
True
If you earn $2,500 per month and spend $2,200, how much remains?
$300
Name one type of debt.
Which is generally easier to maintain: saving $20 consistently or trying to save $500 all at once?
Saving smaller amounts consistently.
Why can payday be a potential trigger for someone in recovery?
Access to extra money may increase temptation to purchase substances, gamble, or engage in impulsive spending.
A new phone because your current phone is slightly outdated is generally a:
Want
Why is tracking spending important?
It helps identify where money is going and where adjustments may be needed.
Why might paying only the minimum payment on a credit card be problematic?
Interest can cause the debt to take longer to pay off and cost more overall.
What is one expense someone could reduce to increase savings?
Name one healthy strategy for managing money after receiving a paycheck.
A client has $100 left after paying essential bills. They need gas to get to work but also want to order takeout. Which should be prioritized? Why?
Gas/transportation, because it supports an essential responsibility.
You have $500 available after income is received. You owe $200 for your electric bill, need $150 for groceries, and want to spend $200 on entertainment. What is the problem?
There isn't enough money to cover all three. Essential expenses should be prioritized.
Someone has $5,000 in credit card debt and keeps opening new cards to pay old cards. What financial problem might this indicate?
A cycle of debt/unsustainable borrowing that needs to be addressed.
You receive an unexpected $1,000. Name three responsible ways you could use the money.
You receive a large unexpected amount of money while early in recovery. Name three things you could do before spending it.