Saving
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.
What is the 50/30/20 rule?
50% needs
30% wants
20% savings
What is the buck bank?
ASU student pantry
Why is saving money important? (name at least 2)
Unexpected emergencies, saving your goals, education, bills
When you first begin investing, what are some important points to remember?
build a strong foundation
start small
learn the basics
set goals
How can setting a budget help?
It limits the amount you spend on various expenses. (buying food, shopping)
What are ways to save money in school? (name two)
buy cheaper textbooks, apply for scholarships, refunds, buck bank
Name some scholarships that can help you save and earn money?
TCMF, CBCF, ASU Foundation
What is a common strategy to avoid spending money on non-essential items when shopping?
Creating a shopping list and sticking to it.
What are ways to increase your chance of getting scholarships?
Applying often and to a variety of different ones, proofreading, staying organized, being persistent
Why is the 50/30/20 rule important?
Helps you keep track of your money and spending. Makes you realize what is most important to spend money on.
What is one way to save money on groceries?
Using coupons, buying items on sale, or shopping at a cheaper grocery store
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
How do you know when you are ready for a credit card?
steady stream of income to help pay it off, help from your parents, you save money regularly, spend responsibly (think before you buy)
Why is it important to review your budget periodically?
To make adjustments based on changes in income or expenses.