Budgeting Basics
A plan for how you will spend and save your money.
What is a budget?
True or false: Saving $5 a week doesn't make a difference?
False: Small savings add up over time!
True or false: Paying bills late can hurt your credit score?
True
True or False: Comparing prices before buying saves money
True
The money you earn from work or benefits
What is income?
The first step in making a budget
What is tracking your income and expenses?
Financial experts suggest saving this many money of expenses for emergencies?
What is 3-6 months?
This is borrowed money you must pay back
What is debt?
This rule says you should wait a day before buying something you didn't plan to
What is the 24-hour rule
This is money you spend
What is an expense?
False - It helps you plan for fun spending.
The term for money you earn on savings over time?
What is Interest?
This number shows how likely you are to repay debt?
What is a credit score?
What is the difference between a need and a want?
A need is necessary to live, a want is extra
Spending less than or equal to what you earn?
"What does living within your means" mean?
If you earn $1,000 and spend $1,200 what happens?
This fund is used for unexpected expenses like car repairs or medical bills.
What is an emergency fund?
The danger of only paying the minimum balance on a credit card
What is paying more interest and staying in debt longer?
What is a good way to avoid overspending at the store?
Make a shopping list and stick to it
The cost of borrowing money or the reward of saving
What is interest?
Doing this helps you reach your financial goals and reduce stress
What is a benefit of sticking to a budget?
Name one way to save money each month
Cook at home, cancel unused subscriptions, use coupons
This country's national debt is over $37.8 trillion as of October 2025
What is the national debt of the United States?
Buying something without planning or thinking about it
What's an example of impulse shopping?
Money taken out for taxes or benefits?
What's a paycheck deduction?