Banking & Saving
What is a place where people keep their money safe?
What is a bank?
Is food a want or a need?
What is a plan for spending and saving money called?
What is a budget?
What do we call money you borrow and pay back?
What is a loan?
What is money you earn called?
What is income?
What is money called when you keep it for future use?
What is savings?
Is a gaming system a want or a need?
Want
What should you do before buying something expensive?
Compare prices or check your budget
What is money you owe called?
What is debt?
You buy something because it’s “buy one, get one free,” but you didn’t need either item. Did you actually save money?
No, money was wasted buying something you didn't need
Which account is mainly used for everyday spending?
What is a checking account?
A coat needed for winter is a want or a need?
Need
A shirt costs $40 but is on sale for 50% off. What is the sale price?
$20
True or False: A credit card is free money.
False
You earn $50 and spend $60. Are you saving money or losing money?
Losing money because you spent more than you earned.
If you put money in a savings account, the bank may pay you extra money for keeping it there. What is this called?
Intrest
Name one example of a need.
Food, water, home, clothing, medicine
What habit helps you save money while shopping?
What is comparing prices?
Why is it important to pay back borrowed money?
To avoid debt growing
Why might keeping all your money at home be risky?
It can be lost, stolen, or not grow through interest
You save $10 every week for 5 weeks. How much money do you have?
$50
You see a shirt on sale for 50% off. You buy it even though you didn’t need it. Did you save money?
No, you still spent money
Why can sales sometimes cause people to overspend?
People buy things they don’t actually need
Someone buys a $100 item with borrowed money and must pay back $110. What is the extra $10 called?
What is interest?
Why is financial literacy important?
It helps people make smart money choices, save, budget, and avoid debt.