Budgeting
A plan for how you will spend and save your money.
What is a budget?
Borrowing money with a promise to pay it back.
What is credit?
It helps prepare for future expenses or emergencies.
What is importance of saving money?
Ways to save money on textbooks
What is rent, buy used, or use free online resources?
Money you earn (job, scholarships, etc.)
What is Income?
The 50/30/20 Rule
What is 50% needs, 30% wants, 20% savings/debt.
A number that shows how reliable you are at repaying debt.
What is a credit score?
A bank account used to store money and earn small interest.
What is a savings account?
What is Free Application for Federal Student Aid.
What is FAFSA?
Money you borrow that must be paid back with interest.
What is a Loan?
Name some examples of a “want.”
What is eating out, clothes, and entertainment.
One factor that affects credit score.
What is payment history, credit usage, length of credit history, etc.
Putting money into something to grow over time (ex: stocks).
What is investing?
One way to avoid overspending with a debit or credit card
What is setting a weekly spending limit and checking your balance regularly.
A recurring charge you pay monthly or yearly (ex: Netflix).
What is a subscription?
Monitoring where your money goes.
What is tracking your spending?
The cost of borrowing money.
What is interest?
Prevents overspending and helps you stay on track with goals.
What is keeping savings in a separate account?
Downside of buying things on impulse
What is causing you to spend money you didn’t plan to use and throwing off your budget.
When the cost of goods and services rises over time.
What is Inflation?
Money saved for unexpected expenses.
What is an emergency fund?
Difference between a credit card and a debit card?
What is credit uses borrowed money; debit uses your own money from your bank account.
You can lose some or all of your investment if the value drops.
What is risk of investing?
“Meal Planning” and how it saves money
What is preparing meals ahead of time to avoid eating out or buying extra food.
Your assets minus your debts
What is net worth?