Wants vs. Needs
This is something you must have to live, like food, water, or shelter.
What is a need?
Keeping money to use later instead of spending it now.
What is saving?
What is money coming in called?
What is income?
What is a debit card?
Money saved for unexpected situations is called
What is emergency savings?
This is something you would like to have, but you can live without it.
What is a want?
A safe place to store your money?
What is a bank?
What is money going out called?
What are expenses?
This card lets you borrow money that you have to pay back later.
What is a credit card?
Give one example of an emergency expense
What is car repair / broken phone / medical bill /etc?
New shoes because yours are too small — is this a want or a need?
If you save $11 every week, how much will you have after 5 weeks?
What is $55?
Examples of this type of expense include mortgage/rent, insurance, real estate taxes, and vehicle registration.
What are fixed expenses?
If you don’t pay back a credit card on time, this gets added.
What is interest?
Missing payments on your credit card makes your credit score go....
What is down?
You have $40. You need groceries for lunch this week ($30) and also want new headphones ($25). What should you do?
What is buy groceries first / choose the need?
You want something that costs $80. You save $20 each week. How many weeks will it take?
What is 4 weeks?
Examples of this type of expense include groceries, wireless telephone, car repairs, and entertainment.
What flexible/variable expenses?
You have $50 in your bank account but try to spend $60 with a debit card. What happens?
What is the purchase is declined / you can’t buy it?
Why is making a budget before you spend money helpful?
What is it helps you not run out of money / plan your spending?
You have $50. You need lunch for the week, but also want a hoodie. What should you buy first?
What is food/lunch (a need)?
You have $100. Name a SMART way to divide it between saving and spending.
What is save some (like $50) and spend some (like $50) OR similar balanced answer?
You keep going over your budget each week. What is ONE smart change you could make?
What is spend less / track spending / cut wants / plan better?
You use a credit card to buy something but never pay it back. What happens?
What is you owe more money / debt grows / bad credit?
What is one way kids can start learning to manage money now?
What is saving allowance / budgeting / making choices / getting a job / etc?