Financial Wants
What is an example of a want?
What is an example of a need?
Food, clothes, water, shelter
What is a budget?
What is, a plan for managing your money during a given period of time.
What is a credit card?
A card that you use to buy something, but you have to pay back because you're borrowing the money.
If you are lending someone money, would you prefer a high or low interest rate? Explain.
High, because then you will make more money in interest when they pay you back.
You earned $100 mowing the lawn. If you save 75% of your earnings, how much will you have left?
What is $25?
Your shoes are too small. You buy new Nike Jordan 4s. Is this a need or a want?
Want
What are two elements of a budget?
What is, income and expenses?
What is the best way to remember to save?
If you are borrowing money, would you prefer a high or low interest rate? Explain.
Low, as you will end up paying less money in interest as you repay the borrowed money.
Fortnite is having a sale tomorrow but you really want a new skin today. Do you buy it today or wait for the sale?
What is, wait for the sale.
What is the recommended amount of your income that you're supposed to save?
What is 10%
How do you calculate what you have when creating a budget?
What is, subtracting your expenses from your income?
Credit Unions offer services to manage your money. Name two services.
Savings account, checking account, loans, debit and credit cards, Certificates of Deposit
What is a credit score?
What is, a number that represents someone's financial history, what they've borrowed and if they have repaid.
Your family's vehicle broke, and you need a new one, but you really want to go on vacation. Should you get a new vehicle or go on vacation?
What is, buy a new vehicle.
Now that you have a savings account, how will you be responsible with your account?
What is, don't overdraw the account, don't tell people your account number. Don't let other people use your account.
What is cash flow?
What is, the money you have left over after everything is accounted for in your budget?
What is a type of financial product that allows people to save money for an emergency or goal?
What is a savings account
What is it called when you receive money with an agreement to repay it in future, usually with interest charged.
What is, borrowing?
What is a want?
Something that you would like to have, but you don't need.
What is a need?
What is a essential expense required to meet basic living standards.
What is a debit card?
A debit card is connected to your checking account. After you use your debit card, the money is immediately taken from your account.
What is interest?
The price you pay to borrow money or the cost you charge to lend money.