Saving Strategies
How much can you save weekly if you earn $40 and spend $10?
$30
What is a budget?
A plan for spending and saving money.
What is interest?
The extra money paid to you by the bank for keeping your money in a savings account.
If your monthly income is $3,200, and your essential expenses total $2,000, what is your remaining budget?
$1,200.
Who is the most followed person on Instagram as of 2024?
Cristiano Ronaldo.
If you want to buy a $120 concert ticket in 6 weeks, how much do you need to save each week?
$20
What does it mean to "pay yourself first"?
Setting aside money for savings before spending on anything else.
If you deposit $1,000 at a 5% interest rate, how much interest will you earn in one year?
$50.
What should you do if you have an unexpected medical bill of $400 when you already planned $200 for savings?
Re-evaluate your budget and possibly cut back on discretionary spending.
What boy band made a comeback with their album "Map of the Soul: 7"?
BTS
What is the primary goal of setting a savings goal?
To motivate you to save for something specific.
What type of expense is rent considered?
A fixed expense.
What happens to your savings when you earn compound interest over time?
Your savings grow faster.
If you spend $150 on transportation and have a monthly budget of $300, what is left for other expenses?
$150.
What Netflix series features teenagers living in a fictional town called Hawkins?
"Stranger Things."
What could be a good initial savings goal for a high school student?
Saving for college expenses or a laptop.
What do we call money set aside for unexpected expenses?
Emergency fund.
If Sarah saves $500 at 3% interest, how much interest will she earn in one year?
$15.
If you save $50 each month, how much will you have saved in a year?
$600.
Which artist is often referred to as the “King of Pop”?
Michael Jackson
Why is it beneficial to start saving money while still in high school?
It allows you to take advantage of compound interest over time.
What is the term for the interest you earn on both your savings and the interest already added?
Compound Interest
What effect does waiting longer to save money have on your total savings?
It reduces the amount of interest you earn due to less time for compounding.
How does an increase in income impact your ability to save?
It generally allows for more savings if expenses remain the same or decrease.
What movie won the Academy Award for Best Picture in 1994 and features a famous character running through history?
Forrest Gump.