Budgeting Basics
This is a plan for how you’ll spend your money each month
What is a budget?
Food, water, and shelter are all examples of this.
What are needs?
This type of account is best for keeping your emergency fund safe and accessible.
What is a savings account?
This is a score that shows how responsible you are with borrowing.
What is a credit score?
The money you earn from a job is called this
What is income?
A new iPhone or concert ticket is an example of this.
What is a want?
This is the term for the money your savings earns over time in a bank account.
What is interest?
This type of loan must be paid back with interest, often used for school.
What is a student loan?
This type of expense remains the same each month, such as rent or a phone bill.
What is a fixed expense?
This phrase means prioritizing important spending before extra things.
What is "needs before wants"?
With this savings option, you can start with as low as $500 per week or $2000 per month and earn 1.25% monthly.
What is a smart pardna plan?
This plastic card lets you use money up to a limit and pay it back later.
What is a credit card?
This is the term for money you plan to put aside for emergencies or future goals.
What is savings?
Buying something just because you want it right now is called this.
What is impulse buying?
This powerful concept lets your money grow faster the longer you leave it invested.
What is compound interest?
Paying only the minimum on your credit card each month or not repaying at all can lead to this.
What is bad debt?
Before making a budget, you should track this to see where your money goes.
What are expenses?
Choosing to wait before making a purchase helps develop this healthy habit.
What is delayed gratification?
Stocks, bonds, and mutual funds are examples of this.
What are investments?
This is the total amount of money you owe across all credit accounts.
What is total debt?