Budgeting
Can budgeting be used for a short term goal?
Yes.
What’s the difference between a “want” and a “need”?
A need is something necessary to live and function. A want is something that can improve your quality of life.
Income tax; sales tax; property tax...
What do you use to save money when shopping in a store?
Discount code or coupon
What is bartering?
Trade for goods and services with other goods and services.
When calculating income for a budget, what needs to be taken into account?
Taxes and deductions.
Give 2 examples of a long term saving goal.
Retirement, house payment, college tuition, ...
What is exchange rate?
An exchange rate is a relative price of one currency expressed in terms of another currency.
When you go to a store to buy a game, is the display price the final price you pay? What's the extra?
No. Taxes.
Name 3 things that your parents pay monthly at your house.
Mortgage, electricity bill, water bill, gas, grocery, restaurants, etc.
List 1 thing you need to know before you start a budget.
Income, needs and wants, savings goal
When should you start saving money?
Now, or as early as you can
Name 2 types of currencies, beside US Dollars.
Canadian dollars, Pesos, Pounds, Euros, Japanese Yen, Chinese RMB, etc.
What's the difference between Buy 1 get 1 Free and 50% off on 1?
Buy 1 get 1 Free, you will get 2 products. A 50% off coupon is used on 1 item.
If you have an extra $500 coming in, what's a good way to spend it?
Save a portion of it, give some to charity, then spend some.
Why is budgeting important?
Keep us from overspending money, help us save for, and plan for events in our lives or emergency situations.
Can your money grow in the bank? How?
Yes. By earning interest.
What is personal finance?
Personal Finance is the process of managing your earnings & expenses, saving money, and investing for the future.
Do ads influence our buying decisions? Where do these ads come from?
YES! Ads can come from social media, influencers, TV, billboards, and many other places to try to influence our buying decision!
What are the ways that you can make your money grow?
Savings account, stocks, bonds, etc.
What's the recommended rule when it comes to Needs, Wants, and Savings?
50/30/20
Why is one reason why saving money important?
Can you and your friend have fun without spending a lot of money? Name 2 things you can do.
Playing ball in the park, going to a friend's house to play a board game, having a baking party (maybe selling the products you made), etc.
What's it called when you shop around different stores for the same item?
Comparison shopping
Why is it important to learn about money at a young age?
The younger you start to learn, the easier it is to master it when you grow older.