Budgeting
The purpose of this is to plan for managing income and expenses over a specific period?
What is a budget?
This is known as a good way to help you prepare for emergencies and your future to be much more stress free....it can also help you obtain your future goals (no matter what they may be)?
What is saving money?
What is Peer/social pressure (often from friends/family)
The purpose of this fund is to provide financial security for unexpected expenses or emergencies.
What is an emergency fund?
The use of goods and services by households
What is consumption?
Costs that do not change from month to month, such as rent or insurance
Often considered a starting point, or foundation, to help allocate your spending percentages in a budget to categories such as needs, wants, & savings/debt repayments
What is the 50/30/20 rule in budgeting?
A common practice to increase sales by marketing on television to attract potential consumers
What is advertising?
This is a numerical representation of a person's creditworthiness based on their credit history
What is a credit score?
The process of creating goods and services
What is production?
Tracking this helps you understand where your money goes and to make informed financial decisions
What is tracking your spending?
Instead of getting an older car immediately, John saves up and works to get a newer car that will cost him much less in maintenance and repairs in the long run. This example shows how ...... vs spending can be more beneficial
What is saving?
This type of media can promote trends and lifestyles that encourage spending or saving
What is social?
The role of these rates determine the cost of borrowing money or the return on savings
What are interest rates?
This term (one of 2 major categories in budgeting), is closely related to individual production, or money coming in...
What is income?
A surplus occurs when income exceeds expenses, while a....... occurs when expenses exceed income
What is a deficit?
These purchases can cause you not to have enough funds to cover your fixed expenses and needs as they are unplanned
What are impulse purchases?
This is the effect that people have on each other's attitudes, beliefs, and behaviors
What is social influence?
The role of having a diverse one of these helps to reduce risk by spreading investments across different asset types
What is a diverse investment portfolio?
This term (one of 2 major categories in budgeting), is closely related to individual spending, or money going out...
Consumption
A ..... helps allocate funds towards savings and expenditures, leading to better financial discipline and goal achievement
What is a budget?
Constantly choosing to .......vs......can result in someone not being able to grow their assets, or accumulate wealth
What is Spend vs Save?
Often associated with the phrase, keeping up with the Jones', this refers to the human tendency to be influenced by the PERCEIVED purchasing and spending habits of others in our communities and neighborhoods....
What is societal influence?
This type of personal debt often incurred in college can lead to significant debt that may affect budgeting, credit scores, and future financial decisions.
Increased consumer.......can stimulate economic growth and job creation
What is spending?