Personal Financial Literacy

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What is a long term savings goal?

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A long term savings goal is a financial target that takes a long time to achieve, usually for something big, like buying a car or a house.

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What is an example of a long term savings goal?

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Buying a car.

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What does it mean to use a credit card?

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Using a credit card means borrowing money from a bank to buy something now and paying it back later.

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CCSS.RI.2.5

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Who do you owe money to when you use a credit card?

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You owe money to the credit card company.

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What happens if you don't pay your credit card bill right away?

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You will owe the credit card company the amount you spent plus interest.

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What is interest?

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Interest is the extra money you pay to the bank for borrowing money.

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CCSS.7.RP.A.3

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What is a budget?

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A budget is a plan that helps you decide how to spend and save your money.

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Why is saving money important?

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Saving money is important because it helps you buy things you want in the future and be prepared for emergencies.

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What is a short term savings goal?

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A short term savings goal is a financial target that you plan to achieve in a short time, like saving for a toy.

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What is the difference between needs and wants?

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Needs are things you must have to live, like food and shelter. Wants are things you would like to have but can live without.

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CCSS.RI.2.1

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