Money Medley
True or false: you should aim to spend over 100% of your monthly income every month.
What is false?
BONUS: what is it called when you owe money to someone/a bank?
Come up with 3 hangout ideas that require little or no money.
Varies.
This type of expense is the same every month, like your rent or mortgage payment.
Fixed Expenses
Money spent on various items and services, such as housing, transportation, groceries, entertainment, etc.
Expenses
This large mammal is known for its tusks, trunk, and large ears, and it is native to Africa and Asia.
What is an Elephant?
The percentage of your income that you should save each month based on the 50/30/20 rule.
What is 20% of your income?
These costs can change based on usage, such as your electricity or water bill.
Variable Expense
Refers to the money earned or received regularly, such as salaries, wages, or investments.
What is income?
This "King of Pop" released the album "Thriller" in 1982, which remains one of the best-selling albums of all time.
What are some examples of fixed expenses?
What is rent, bus pass, car insurance, monthly subscriptions/dues.
This is the symbol used to represent the currency of the United States and Canada.
What is $ (the dollar sign)?
Your monthly car payment is an example of this type of expense.
Fixed Expenses
Is rent a need or a want?
What is a need?
This document helps you track your income and expenses over a period of time, typically monthly.
A Budget
This Italian dish, typically made with tomato sauce, cheese, and various toppings, is often associated with Italy.
What is pizza?
This refers to the amount of money needed to sustain a certain standard of living. It includes expenses such as housing, food, transportation, healthcare, and other daily necessities.
Cost of Living
Clothing is the #1 thing young adults spend money on. What are ways to spend less in this area?
Clothing swaps with friends/peers, beware of name brands, hold off on the latest items, sale racks, discount stores, buy used
Groceries and entertainment fall under this category because they can vary from month to month.
Variable Expense
Is a Lamborghini a need or a want?
What is a want?
A method/rule of budgeting where you allocate a certain percentage of your income to needs, wants, and savings or debt.
What is the 50/30/20 rule?
This pop sensation has many albums such as Fearless, Red, Evermore, Midnights, etc.
Who is Taylor Swift?
What are some examples of flexible expenses?
What is telephone, groceries, entertainment, electric bill.
This billionaire entrepreneur is the founder of Tesla, SpaceX, and Twitter (now X).
Who is Elon Musk?
This is the term for money set aside for unexpected expenses, such as medical bills or car repairs.
Emergency fund
How can you make your money grow?
What is saving?
This digital software helps you track and manage your budget, making it easier to stick to your financial goals.
What is Excel/Google Sheets?
This popular fast-food chain's logo features a clown named Ronald.
What is McDonald's?