Money Managment 🤑
What is a budget?
This is the plan you create to track income, expenses, and savings each month.
Its winterrrr ☃️!! And you don't have a winter coat so you decide to buy one.
Was that decision based on a NEED or a WANT??
A NEED‼️
What is Budgeting?
Budgeting involves having a spending plan based on your income and expenses. To create a budget, you need to consider the following:
What does the “S” in SMART stand for?
Specific
What is a credit card?
A card that the bank pays for and then you pay for it after.
What is a fixed expense?
expenses that usually cost the same each month and are paid on a regular basis
Your headphones broke. oh no 😔
You decide to get new AirPods because you NEED headphones for school
Is this a NEED or a WANT??
It's a WANT‼️
What is Saving?
Saving money helps you cover future expenses, such as higher priced items, and emergencies.
What does the T in SMART goals stand for
Time-frame
What is a debit card?
A card which the money pays from your own account?
What is a variable expense
An expense that can change monthly or everytime you pay, not constant
You can only afford either WiFi 🛜 for the house OR groceries 🛒 for the week.
Which is the bigger NEED??
GROCERIES, we can't starve 😇
What is investing?
Investing means using your money to try to make it grow over time by putting it into things like stocks, bonds, or real estate. It can be riskier than just saving, but it can also help you earn more money.
What does the M in SMART goals stand for
Measurable
What is Financial Empowerment
Financial knowledge allows you to be in charge of your financial situation and make healthy decisions.
What is investing and ways to invest?
Investing means using your money to try to make it grow over time by putting it into things like stocks, bonds, or real estate.
What is a need?
SOMETHING YOU NEED TO SURVIVE
What is Borrowing?
Borrowing is borrowing money from different people and places and they will return it later.
What does A in SMART goals
attainable
What is Wealth Accumulation?
Saving and investing allows you to have a more financially secure and a successful future and can lead to early retirement.
What are the ways to manage money that we covered today?
Budgeting, Saving, Investing, Borrowing, Planning for the Future
What is a want?
something you dont need but would be nice to have
Why is it important to plan for the future?
Once you have a plan, saving money early can reduce college debt and ease financial stress. Along the way, understanding credit ensures you make smart financial choices. You can enter college prepared and confident
What is the long form of SMART goals
Specific, Measurable, Attainable, Relevant, Timely
What is Financial Literacy
Financial literacy is the understanding of various financial concepts, tools, and practices needed to make healthy financial decisions.