Spend it Wisely
A plan that determines how you use your income
Budget
A type of bank account used for everyday purchases.
Checking Account
Money received on a schedule (bi-weekly, monthly, annually, etc.) from your job.
Salary
“I want to buy a $300 pair of new soccer cleats.”
What letter of S.M.A.R.T. does the sentence above represent?
Specific
Being satisfied with what you have
Contentment
"Products you can buy or sell" AND "Work done for a customer by fulfilling their needs" are examples of...
Goods and Services
A type of bank account where you store money over time and earn interest
Savings Account
Money made automatically from your investments, businesses or products
Passive Income
“I’ll buy my new soccer cleats in 10 weeks.”
What letter of S.M.A.R.T. does the sentence above represent?
Time-based
A percent of any sale or purchase paid to the government used to fund public services
Sales Tax
Money spent on needs and wants
Expenses
Taking money out of a bank account
Debit
A percent of your income paid to the government which is used to fund public services.
Income Tax
“I’ll earn money by babysitting and walking dogs.”
What letter of S.M.A.R.T. does the sentence above represent?
Achievable
Emergency Fund
"Goods or services required to survive" AND
"Goods or services not required to survive" are defined as...
Needs and Wants
Putting money into a bank account.
Deposit
Money earned through direct involvement in work or services, where time and effort are exchanged for compensation
Active Income
"The new cleats will help me perform better on the field in the final match for the Cup."
What letter of S.M.A.R.T. does the sentence above represent?
Relevant
In this budgeting method, half of your income covers Needs, some goes to Wants, and the rest is Saved.
50/30/20 Rule
Spending money without planning or thinking ahead of time.
Impulse Purchase
The amount of money held in an account
Balance
Money received through the sale of goods or services.
Revenue
“I’ll earn and save $25 every week.”
What letter of S.M.A.R.T. does the sentence above represent?
Measurable
To buy an item by borrowing money and paying it back slowly, over time.
Finance