Budgeting Basics
True of False
A Budget is something that we set and than don't need to change ever!
False: A budget is a guide to meet a financial goal. It needs to be changed and updated if we have a hard time keeping to it.
What are the two major types of bank accounts?
Savings accounts & Checking accounts
What do the letters mean in a S.M.A.R.T. Goal?
S-specific
M- measurable
A- achievable/attainable
R- realistic
T- timely
What is the best reason to get a credit card?
a. to have extra money
b. to build credit
c. to help out in emergencies
d. to be able to buy whatever I want
b. to build credit
What is the difference between a want and a need?
A want is something we don't need to survive and stay well and a need is something that we have to have to maintain our wellness.
What are two ways that we can make sure we have more money?
1. Cut back on the money we spend
2. Add income
When using a check I don't need to...
a. write the date
b. write who the check is for
c. sign the back
d. write out the amount of money the check is for in words.
c. sign the back
If I wanted to open my own coffee shop, would this be a smart goal statement?
I will open my own coffee shop, called "Nuttin' but Beans" in downtown Stroudsburg by December of 2022.
Yes. It has all of the elements of a SMART goal.
True or False
If I get turned down for a regular credit card there is no chance of me getting one.
False: There are secured cards that allow people to build credit and this can help to get a regular credit card in the future.
Are everyone's needs going to be the same?
No. Some people may need different things than others... Share one of your needs with the group that other people may not have.
True or False
A budget keeps us from doing things that we want to do with our money.
False: A budget is not a thing that holds us back from doing things. It helps us to make wiser spending choices.
What is the thing called that you write information in about the checks and deposits to your checking account?
A Bank Ledger... the little book that comes with your checks.
True or False
A financial goal should stop us from spending money.
False: A financial goal should help us to save money and make wiser choices in spending our money... not stop us from doing things.
Ture or False
A prepaid card can help me to my to not spend more money than I have?
True: You are only able to spend the money that you have on the card and this can make it so you don't spend money you don't have.
Which one of these can be both a need and a want?
a. clothing
b. food
c. a car
d. all of the above
d. all of the above
Name three ways to save money while shopping.
1. use coupons
2. compare prices
3. look for sales
4. make a shopping list
5. shop at different stores where we know things cost less
What type of account commonly lets you build interest on when you have it?
What is one of our group memebers … Name starts with a P... saving money to do?
Go to Jamaica next year.
True or False
The amount of money you get on a credit card is yours to keep.
False: A credit card allows you to borrow money from a bank, like a loan, and it has to be paid back.
If Amanda wants a cup of coffee when he is coming in to work. What is the least expensive way for her to get what she wants?
To make it at home and bring it with her, or have a cup of coffee that she doesn't have to pay for at work.
I might set a budget to...
a. Save for a vacation
b. Adopt a child
c. Get my own apartment
d. All of the above
d. All of the above
If I have a savings or checking account, I can have a SSI or paycheck directly deposited to my account.
True
True or False
Things like quitting smoking, moving into my own place, and getting healthier can be a financial goal....
True
What are the three letters that let you know the rate of interest you get added to your credit card account?
APR
What is the bet way to make sure you are getting what you need when shopping at the grocery store?
Make a list and stick to it!