Saving Habits
Why is saving money important?
Unexpected emergencies, saving your goals, education, children, etc!
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
T or F: Only 30% of households have a budget?
True.
What are 2 examples of needs and 2 examples of wants?
What products at the bank can help you save?
Savings accounts and CD's
T or F: It is recommended that you have 1 month of expenses saved up?
False. Recommended to have 3-6
What is one way to save money on groceries?
Using coupons, buying items on sale, or shopping at a cheaper grocery store
Will a savings account earn you interest? If so, how much?
Yes, depends on how much you have.
T or F: The median average amount in savings for the US population is 20,000$?
False. The median average is 8,000$.
What can you do to keep track of your spending?
Record your monthly spending in a journal, online document, or by using an app.
Do you have access to your savings account at all times?
Yes.
T or F: You should have 8 times your annual salary for retirement?
True. Example: If you make 100,000$ a year you will need 800,000$ saved up.
What is the 50-30-20 rule?
50% Needs
20% Savings
30% Wants
How old do you have to be to have a savings account?
As soon as you are born. No age limit.
T or F: A four-person household average expenses in 2023 was 5,678$?
False. 8,637$