Saving
When you set aside a certain amount of money to keep for the future
What does it mean to spend money?
Buying something that you need or want
What does it mean to share or give money?
Using some of your money to help others or support a cause you care about
What are some examples of needs?
Food, water, school supplies
Money that you earn
Where should you keep your savings?
Why is it important to think before you spend?
So that you do not waste money on unnecessary things
What are some beneficiaries where you can share money to?
Animal shelters: Society for the Prevention of Cruelty Animal (SPCA), Action for Singapore Dogs (ASD)
Healthcare beneficiaries: NUH Children‘s funds, NCIS cancer funds
What is a need?
Something you must have to live, like food, water or a home
What is a budget?
A plan for how you will use your money, how much to spend, save and give
What is a rainy day fund?
Money set aside just in case an emergency happens
What is impulsive spending?
Buying something without thinking it through clearly
What are some other ways you can share besides giving money?
Donating pre-loved items like clothes or books to organisations, The Salvation Army, volunteering your time, or simple actions like helping someone in need
Something you would like to have, but don’t need to survive (eg. concert tickets, photocards)
What is interest?
Extra money the bank gives you for keeping your money there?
Why is saving money important?
So that you can reach your financial goals, be prepared for emergencies and build good financial management habits
How do you become a smart spender?
Comparing prices before buying something, spending according to a budget
Why is it good to include sharing in your budget?
It helps to make a positive difference and builds kindness
Why is it important to know the difference between needs and wants?
To spend money meaningfully and wisely so you will not run out of money
What is a financial goal?
Something you want to save up for in the future
How can you decide how much money to save?
By creating a budget that helps you plan how much to save, how much to spend and what to save for
How can you stop yourself from spending too much money?
Make a list or budget before going shopping
How do you decide how much money to share?
By looking at your budget and choosing a small part to give
What is a smart way to balance needs and wants
Spending on needs first, save up and then spend wisely on wants
What is the difference between credit and debit card
Debit: spending your own money from your bank account
Credit: Borrowing money from the bank to pay for items first