Needs and Wants
Something essential that you must have to live and stay healthy
What is a need
What does saving mean?
Putting money aside to use later, creates a fund of money for emergencies
What does having a budget mean?
What is.. Budgeting is the process of making a plan for how to spend and save your money.
If something costs too much and you don't really need it, the smart choice is to______
What is not buy it
You have $50. You need groceries and also want a video game. What do you buy first?
What is groceries- the need
Something that is nice to have but not necessary for living
What is a want
What is the first step to saving?
What is having a budget
If you spend less than you earn, you will have _____
What is savings or extra money?
What thoughts should you have before purchasing an item?
What is STOP, THINK, DECIDE
Do I NEED this or do I WANT IT? If I don't need it, why do I want it? Will I really use? If so, exactly when will I use it? Can I find it for less somewhere else? What am I giving up later by spending on this now?
You're paid every two weeks, and it's Monday. Your next pay check is Friday. You only have $15 left. What should you do?
What is spend only on needs or wait to buy things
Eating out everyday is usually a ________
What is a want
Why would you need an emergency fund? Give an example
What is this money is there in case of unexpected expenses that requires money to help us out! This can be something like a home repair, medical expense, or natural disasters
What is the 30-50-20 rule?
What is 30% Want, 50% Need, 20% Saving
How can your values affect your spending? Give an example
Your values affect your spending because you are more likely to spend money on things that are important to you.
if you value health, you might spend money on healthy food or a gym membership.
If you value family, you might buy gifts or help them with bills.
You are invited to a friend's birthday dinner. Your budget is tight. What are two smart choices?
What is say no, bring a homemade gift, or plan something cheaper
If you don't have enough money for both, which should you pay for first?
What is needs. They are most important for your health and safety
What does it mean to have a long term goal in savings? Give an example
A long-term goal in savings means you are saving money over a longer period of time to buy or do something important in the future.
It could take months or even years to reach your goal.
Why is making a budget helpful?
What is it helps you make sure you have enough money for your needs and save for goals.
What is healthy and responsible financial behaviors that help you manage your money wisely, build financial stability, and achieve long-term financial goals.
Budgeting regularly, setting goals, paying bills, tracking spending, saving consistently, emergency fund, avoiding impulse purchases
You get a bonus of $100. You want to spend it, but you also want to move out someday. What the best decision?
What is save it it or split it between fun and savings
This type of spending comes after you pay for your needs?
What is spending on wants?
Give a tip to saving money
What is shopping smart, cooking at home, limit impulse purchases, and set goals
What are two things you should include in a budget?
What is your income and your expenses
What is a negative money habit? Give an example
What is Negative Money Habits can quietly sabotage your financial well-being over time.
Living pay check to pay check, relying on credit cards, procrastinating on saving, impulse spending, avoiding financial planning, ignoring your budget, gambling
Your rent increases by $100 next month. What should you change in your budget?
What is reduce spending in other areas or save more now?