đź’° Budget Basics
This is a plan for how to spend and save money each month.
What is a budget?
This account earns interest and helps your money grow over time.
What is a savings account?
This is free money for school that you don’t have to pay back.
What is a scholarship?
This is a loan used to buy a house.
What is a mortgage?
A house costs $200,000. You pay 10% upfront. What’s the down payment?
What is $20,000
This is money you earn from a job, business, or gifts.
What is income?
This is money set aside for future use.
What is savings?
This is a loan used to pay for college.
What is a student loan?
This is the amount you pay upfront when buying a home.
What is a down payment?
Your monthly mortgage payment is $1,200. What’s the total for one year?
What is $14,400?
This type of account is used for daily spending and paying bills.
What is a checking account?
This is the extra money you earn in a savings account or pay on a loan.
What is interest?
This is a plan for your future job and education.
What is a career pathway?
This is the original amount borrowed in a loan.
What is principal?
You want to save $100 in 2 months. How much should you save each week?
What is $12.50 per week?
This type of expense stays the same every month, like rent.
What is a fixed expense?
This is the yearly cost of borrowing money, shown as a percentage.
What is APR?
This is free money for school, usually based on financial need.
What is a grant?
This account holds money for property taxes and insurance.
What is escrow?
You want to buy a laptop that costs $800. You save $100 each month. How many months will it take to save enough?
What is 8 months
This type of expense changes each month, like groceries.
What is a variable expense?
This lets you manage your bank account using the internet.
What is online banking?
This person starts their own business, like opening a bakery.
What is an entrepreneur?
This person helps you buy or sell a home.
What is a real estate agent?
You’re buying a home that costs $250,000. If you make a 20% down payment, how much do you pay upfront?
What is $50,000