Savings Account
Savings accounts are great for emergency funds and _________ term goals (compared to investing)
Short, Shorter
The 50/30/20 method for budgeting is a great starter budget. What is it recommended that you use 30% of your monthly income for?
What are two examples of expenses you would share with a roommate?
Rent, Internet, Gas, Electric etc.
How old is will Kaus be on his birthday this month?
5!
How many months of expenses should your fully funded emergency fund be able to cover?
3-6 months
_______-based budget is when you give every single dollar a job. So when your budget is complete, you have 0 money left over.
Zero
What are some reasons why you might make changes to your budget?
Job change, moved, change in pay, new kid etc.
Which Cincinnati Public School did Ms. Beamon attend?
Withrow
What are examples of savings goals for savings accounts? (not including emergency fund)
Down Payment on car, house, or apartment. An expensive purchase, vacation etc. Think big purchases for the next 5ish years
Which will be higher, gross pay or net pay?
Net Pay
If you are living pay check to pay check, how much should you set aside for saving/investing?
20% this shouldn't change. PAY YOURSELF FIRST
How many animals does Ms. Goebel have living in her house? (kids don't count)
5
Oh no! You used some of the money from your emergency fund. What is important that you do not forget to do?
Replenish it! Put money back in your emergency fund!
What does pay yourself first mean?
When you get paid, pay future you first by investing or saving some money.
What happens if you only pay the minimum payment on your credit card bill?
The remaining balance will increase by the interest rate.
How many tattoos does Mr. Hicks have?
7
A downside of keeping your money in a savings account is that it could lose money over the long term due to ______________. This is when our money loses value over time because the cost of everything is increasing.
Inflation
The most important thing to remember for budgeting is to __________________.
Pay yourself first!
Is interest a good thing? When do you want your interest rate to be high? When do you want it to be low?
High interest rates for saving and investment opportunities. Low interest rates for debt vehicles (credit cards, home loans, car loans etc.)
What branch of the military was Mr. Hicks in?
Marine Corps