Budgeting
What is a budget?
What can happen if you are spending more money than you are earning with your paycheck?
You can go into debt if you spend too much money and you won't have enough money to pay for things like bills
If you could teach one thing about money to your friends, what would it be?
great answer! Sharing helpful information with your friends can help them feel confident in their own money and budgeting skills!
What are some things you need to pay for? what are some things you want to pay for?
you need to pay bills and taxes. you want to pay for hobbies and vacations
Should you give money to people you don't know very well? Should you talk about the amount of money you have with people you don't know very well?
No, your money and budget information is for you and your parents to know/talk about, not people you don't know very well. Think of it as your financial boundaries.
Should you spend all of the money you make, or should you save some of it?
You should save some of your money, when possible, for unexpected things that may come up (like an extra bill or spontaneous trip out to eat with someone)
How can you keep track of the money you have?
writing it down, checking your bank account, using a budget tracking app
Why is it important to have a budget?
Having a budget helps you keep track of your spending and helps make sure you have enough money every week/month. Without a budget, you might run out of money before your next paycheck.
You are saving money for a trip! Where are you going, who are you going with, and how much do you need to save?
thanks for sharing!
How can you make a budget?
write a list of things you need to pay for, check how much money you are making in your paycheck, save the extra money or spend some of it on things you want to buy, track your spending each month to make sure you are in your budget
What is the difference between things you need and things you want when thinking about your budget?
You should prioritize paying for things you need (like bills and taxes) and saving money vs things you want (like clothes, vacations, or hobbies)
What is something you saved money to buy? How did your purchase make you feel?
thanks for sharing!
it can make you feel proud and accomplished setting a goal and meeting it
If you could teach one thing about money to your friends, what would it be?
great answer! Sharing helpful information with your friends can help them feel confident in their own money and budgeting skills!
What is a budget?
A budget is a plan you make of how much you make and spend every month. It keeps you on track with knowing what you have and what you may want to save up for (like a vacation, a video game, or a concert)
When you have money in your pocket, what is the first thing you think about buying with it?
thanks for sharing!