Budget Like a Boss
What's the first step to creating a budget?
What is tracking your income and expenses?
What is an emergency fund used for?
What is unexpected expenses like car repairs or medical bills?
What is a credit score?
What is a number that shows how likely you are to repay borrowed money?
What's an example of a "need" vs. a "want"?
What is Need=groceries; Want=takeout pizza?
You forgot to pay your phone bill on time. What might happen?
What is a late fee or impact on your credit score?
What does "pay yourself first" mean?
What is setting aside savings before spending on anything else?
How many months of expenses should an emergency fund ideally cover?
What is 3-6 months?
Name one way to build good credit.
What is paying bills on time, keeping balances low, or not missing payments.
What's an impulse buy?
What is a purchase made without planning or thinking it through?
You get your paycheck- what are the deductions listed on it called?
What are taxes and withholdings? (like Social Security and Medicare)
If you earn $500 a week and spend $550, what's happening?
What is you're living beyond your means?
What's the biggest advantage of starting to save early?
What is Compound Interest? - your money earns more money over time
What happens if you only pay the minimum on your credit card?
What is you will pay more interest and take longer to pay it off?
What's a smart way to avoid overspending?
What is make a shopping list and stick to it?
What's one good reason to have a checking account?
What is a good percentage of your income to aim for in savings each month?
What is about 20%
True or False: Keeping your money in a checking account earns more interest than a savings account.
What is False?
What's one consequence of having a low credit score?
What is higher loan interest rates or being denied credit?
What does "opportunity cost" mean?
What is what you give up when choosing one thing over another?
You get a job offer- what's one factor to consider besides salary?
What is benefits, commute, work-life balance or job growth?
What's the 50/30/20 rule?
What is 50% needs, 30% wants, and 20% savings or debt repayment?
What's a certificate of deposit (CD)?
What is a savings product that locks your money for a set time in exchange for higher interest?
What's the ideal credit utilization rate to keep your score healthy?
What is below 30% of your available credit limit?
You get a $300 bonus- what's a smart way to use it?
What is save part, spend a little, or pay off debt?
What's financial independence?
What is being able to cover your living expenses without relying on others?