Savings Jeopardy Game

Saving Habits

100

What are needs and wants? Define and give examples. 

Needs- Things that are necessary for you to live

Wants- Things that you don't necessarily need but desire.

• Ex. of needs might be food, rent, school supplies, bus pass.
• Ex. of wants might be specialty coffees, designer clothing, and eating out.

200

Why is saving money important?

Unexpected emergencies, saving your goals, education, children, etc! 

300

What is the method of sharing your savings goals with a friend or family member to stay accountable?

Accountability Buddy

400

What can you do to keep track of your spending? 

Journal or record your monthly spending in a journal, online document, or by using an app. 

500

What is the 50-30-20 rule?

50% Needs

20% Savings

30% Wants

Savings Accounts

100

What is the difference between a checking and savings account?

Savings: A savings account is a deposit account that is specifically designed to hold money that you don't plan on spending immediately

Checking: Used for everyday spending and paying bills. Is usually more easily accessible than savings

200

What is an APY?

Annual Percentage Yield or APY is the rate of interest earned on your savings account balance.

300

How do savings accounts work?

Many savings accounts limit the number of withdrawals or transactions you can make. It is specifically designed to hold money that you don't plan on spending immediately. 

Savings accounts usually accrue interest (APY!)

400

Define compound interest

Compound interest is when you earn interest on both the money you’ve saved and the interest you earn. - CFPB

ex: 

• If you save $100 and it earns 5% interest each year, you'll have $105 at the end of the first year.
• At the end of the second year, you'll have $110.25, because you've earnd $5 on the initial $100, but you also earned $0.25 on the $5 in interest.

500

What is a fixed-term savings account that offers a higher interest rate in exchange for leaving the money untouched for a set period?

Certificate of Deposit (CD)

Saving Tips

100

How can setting a monthly savings goal help you save more money?

It provides a clear target and motivation to save.

200

How can setting a budget for dining out help you save money?

It limits the amount you spend on eating out.

300

What is a common strategy to avoid spending money on non-essential items when shopping?

Creating a shopping list and sticking to it. 

400

What is one way to save money on groceries?

Using coupons, buying items on sale, or shopping at a cheaper grocery store

500

Why is it important to review your budget periodically?

To make adjustments based on changes in income or expenses.