💸 Spend It Wisely
Before spending money on entertainment, a financially responsible person usually pays for these first.
NEEDS
This account is designed for money you plan to keep instead of spend right away.
Savings Account
Money that continues coming in even when you aren't working by the hour.
Passive Income
"I will save $25 every week."
Measurable
A student owns an $800 laptop, has $500 in savings and is in debt $200. What is their Net Worth?
$1,100
This often causes people to spend money emotionally without planning or thinking about future consequences.
Impulse Purchase
Financially fit people keep money set aside for something they cannot predict. This is called an...
Emergency Fund
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
This financial tool helps people decide where their money should go before they spend it.
Budget
Money kept in this type of account is usually easiest to access when paying bills or buying groceries.
Checking Account
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
Someone who practices this can enjoy what they already have instead of constantly wanting something new.
Contentment
This is money your bank pays you simply for keeping your money there.
Interest
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
According to the 50/30/20 Rule, this category often includes things you enjoy but could live without.
WANTS
A student puts birthday money into a checking account. Later, they use a debit card to buy a new backpack.
Name both bank transactions, in order.
Deposit and Withdrawal
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