Budgeting
What is budgeting?
A plan you make to help you manage your money
What is communication?
The process of exchanging information between people through speaking, writing, or other methods
What is a savings account?
A bank account where you can store your money and earn interest on it over time
What is a short term goal?
A goal you want to achieve in less than a year
What is a paycheck?
Money you receive from your employer for the work you've done
How can creating a budget help you achieve your financial goals?
By managing your money effectively
What are the two most common forms of communication?
Verbal communication and written communication
What are some benefits for having a savings account?
You can earn interest on your money and can keep your founds safe
What is a long term goal?
A goal you want to achieve in several years
What is aggressive communication?
When a person express their thoughts and feelings in a forceful manner that usually causes conflicts
Are there any fees associated with savings accounts?
Many savings accounts have a monthly maintenance fee or minimum balance fee.
Why is it important to set specific goals?
They can provide clear direction and focus, making it easier to achieve the goal
What is passive communication?
When a person avoids expressing their thoughts and feelings often to avoid conflict
What is the typical interest rate for a savings account?
Usually around 0.01% to 0.50%
What is nonverbal communication?
When a person uses body language, facial expressions, and gestures to communicate messages without using words
What is the difference between a savings account and a checking account?
A savings account is for saving money but a checking account is used for daily transactions
What does SMART goals stand for
Specific, Measurable, Achievable, Relevant, and Time-Bound