What is the best way to save money?
Personal finance is all about managing your money It helps you make decisions that are best for you and your family It helps you plan for the future
Personal Finance Review
budget: A plan that shows what you will spend money on and how much you will save over a certain period of time. income: Money that you earn from working or other sources. saving: Putting aside money to use in the future.
Concepts:
The average person spends over $500 every month on food! The average person has 8 different bank accounts! Americans save less than 5% of their income! Only 8% of the world's money is in cash! It costs more than one cent to make one cent! The first ATM was introduced in London in 1967!
Fun facts:
Work together in pairs: What is the importance of saving money?
Work together in pairs: What are three things that you can do to save money?
Brain break: Create a drawing of a house or room that you want to furnish. It should have at least three distinct features that set it apart from other houses in the class. Be sure to include details in your drawing.
What is the best way to save money?
- Spend it all
- Put it in a savings account
- Invest in stocks
- Buy a safe
What is a budget?
- A type of car
- A way to save money
- A plan to spend money
- A type of spending account
Why is it important to save money?
- To have something to show off to friends
- To have money for emergencies
- To buy expensive things
- To get a good deal on items
How can you earn money?
- Borrowing from friends
- Asking for donations
- Getting a job
- Winning the lottery
What is a credit score?
- A way to measure your financial success
- A type of loan
- A type of credit card
- A number that reflects your creditworthiness