Guess the word
Adding money to your bank account.
Deposit
What is a recurring expense?
Why is it important to check you bank accounts?
To make sure you know where your money is going.
What should you make before going grocery shopping?
A shopping list.
What is something you should do when you receive your monthly/weekly income?
Make a plan for your money.
Money that is owed to another person or financial institution
Name three bills someone living independently might pay.
Rent, electricity, phone, water, internet, etc.
What should you do if you lose your debit card?
Contact your bank immediately to freeze or cancel it.
Name one way to save money when grocery shopping.
Compare prices, use coupons, buy generic brands, etc.
What is the difference between a fixed expense and a variable expense?
Fixed expenses usually stay the same; variable expenses can change.
Using money to buy something that can eventually earn more money or be worth more money.
Investment
What could happen if you repeatedly pay your bills late?
Late fees, debt, or possible loss of services or housing.
Someone offers to double your money if you send them $100. What should you do?
Be suspicious and don't send the money. Talk to staff or trusted individual.
You receive your monthly check and immediately spend a large amount on things you want. What problems could this create?
Not having enough for rent, food, bills, or emergencies.
Why is it important to keep receipts after making purchases?
To track spending and check for incorrect charges.
Money you put aside for unexpected expenses.
Emergency fund
You move into a new place. Besides rent, what are three other expenses you should plan for?
Electricity, water, groceries, internet, phone, or household supplies.
Someone calls you on the phone and asks for personal information such as your bank account information, address, ect. What should you do?
Do not provide the information. Tell someone trusted about the situation such as a staff member or family. Call the official bank number.
What is wants versus needs. Provide 2 examples of each.
Why is it important to have a savings account separate from your everyday spending money?
It can help prevent spending money set aside for emergencies or future needs.
When you spend more money than you have available in your account.
Overdraft
You notice your electricity bill is much higher than usual. What are two things you could do to help lower it?
Turn off lights, unplug unused electronics, and be mindful of heating and air conditioning.
You notice a $75 purchase on your bank statement that you did not make. What are your next steps?
Contact your bank, report the transaction, and secure your account. Tell someone trusted like staff or family.
Why is buying something just because it is on sale not always a smart financial decision?
You might not need it, and you are still spending money.
You go to the store and see something you really want. You tell yourself you deserve it, even though you weren't planning to buy anything. What type of spending is this?
Impulse spending.