FINANCIAL GOALS
Things that you must have to survive
NEEDS
A _______ helps you keep track of your money so you don’t spend more than you have.
BUDGET
Money you set aside for future use
SAVINGS
Things that you would like to have, but can live without
WANTS
The money you earn or receive, usually from working, doing chores, getting an allowance, or gifts.
INCOME
This is the idea of Saving money before spending on anything else
PAY YOURSELF FIRST
Goals that are very important and can be achieved more quickly are more likely to be labeled as?
SHORT-TERM GOALS
The things you spend your money on — like food, clothes, entertainment, or school supplies.
EXPENSES
A way to estimate how long it takes your money to double with interest
RULE OF 72
Goals that are less important immediately and/or take longer to achieve are more likely to be labeled as?
Money saved for unexpected expenses
EMERGENCY FUNDS
It is a simple way to understand how to build wealth over time. It shows that wealth is created by using your money wisely and giving it time to grow.
THE WEALTH FORMULA
FINANCIAL VALUES
Costs that change each month (e.g., food, gas)
VARIABLE EXPENSES
It is the interest you earn on both the money you save (principal) and the interest it already earned. That means your money grows faster over time!
COMPOUND INTEREST