True or false
A budget helps you keep track of your money...
True.
A plan for how you will spend your money is called a _______.
Budget
What is income?
Money you receive from work or benefits.
Why do people save money?
For future goals or emergencies.
What should you do before making a large purchase?
Think about it / Compare prices / Check your budget
Saving even a small amount of money can be helpful...
True
Money set aside for the future is called _______.
Savings
What is a budget?
A plan for how you will spend and save money.
Name one thing people commonly save money for.
Emergency, vacation, car, housing, electronics, etc.
What is the first step in making a budget?
Knowing how much money you have coming in (income)
A need and a want are the same thing...
False
Rent, food, and utilities are examples of _______.
What is a bank account?
A place to keep your money safely.
What two things are required to open a bank account?
1. Social Security # 2. Photo ID
Name two things that should be included in a budget.
Rent, groceries, transportation, phone bill, utilities, savings, etc.
Checking your bank account regularly can help you manage money...
True
Money received from a job is called _______.
Income.
What is a bill?
Money you owe for a service or product.
What is an emergency fund?
Money set aside for unexpected expenses.
What can happen if you spend money without a plan?
Run out of money, miss bills, overspend, financial stress.
Buying something because it is on sale always saves money...
False
A surprise car repair is an example of an _______ expense.
Unexpected/Emergency
What is a benefit?
Financial or support services such as SSI, SSDI, SNAP, or Medicaid.
What is one benefit of having savings?
Less stress, preparedness for emergencies, financial security.
What is one habit that can help someone stick to a budget?
Tracking spending, using a shopping list, checking bank accounts, planning purchases, etc.