Budgeting Basics
What is a plan for how to spend your money each month called?
Budget
How much should you spend on groceries per week for one person without Snaps.
$75- $100
What do you call the score that shows how good you are at paying back borrowed money?
Credit Score
What is the money taken out of your paycheck by the government called?
Taxes
How much does DHC require you to put in a saving fund each paycheck?
30%
Name one type of regular expense that stays the same each month.
Rent, Car payment, mortgage
What is the average Studio apartment cost in Texas?
$1200-$1400 Per Month
What is a good starting point for someone with no credit history to begin building credit?
Getting a credit card
What is the form you fill out every year to report your income to the government?
Tax Return
What is the financial term for the total amount of money owed to lenders?
Debt
What is the first step in creating a budget?
listing your income and expenses
Why might someone consider the cost of living when deciding where to move for a new job?
because it affects how far their salary will go in covering expenses
Name one thing that can help improve your credit score.
Name one thing taxes help pay for.
public services (like roads, schools, and emergency services)
What is the name of the retirement savings plan commonly offered by employers in the U.S.?
401K
Name one tool or method that can help you manage and track your budget.
a budgeting app or spreadsheet
What is the average cost of living in Texas?
$45,114 per year- Ill give that to you if you get close!
What is one benefit of having a high credit score?
lower interest rates on loans and credit cards
Why is it important to get out and vote?!
Voting effects government spending and where your tax dollars will go.
What do you call the difference between your assets and your liabilities
Net Worth
What is the term for money left over after all expenses have been paid?
Disposable income
If your monthly rent is $1,200, and you add in expenses for groceries, cleaning supplies, clothing, hygiene products, utilities, recreation, transportation and miscellaneous spending, what is your total cost of living for the month?
$2000-$2200 a month.
How long does negative information, like late payments, typically stay on your credit report?
What is the deadline for filing your taxes in the U.S.?
April 15th
What is the term for insurance that protects against financial loss from medical expenses?
Health Insurance