Managing Money & Making Responsible Decisions

Front

Is it OK to buy everything I want?

Back

False - It's important to prioritize needs over wants and make responsible spending decisions.

Front

What does keeping records help with?

Back

It helps me know what I spent, stay within my spending plan, and makes me more responsible.

Front

What is a responsible spending practice?

Back

Buying an item that is included in my spending plan.

Front

Should spending plans be discussed with parents?

Back

True - Discussing spending plans with parents can provide guidance and support.

Front

What does savings provide money for?

Back

Savings provides money for emergency expenses, unplanned expenses next year, and expenses in 5 years.

Front

What is a spending plan?

Back

A spending plan is a strategy for managing income and expenses to ensure financial stability.

Front

Why is it important to stick to a spending plan?

Back

Sticking to a spending plan helps avoid overspending and ensures that money is available for necessary expenses.

Front

What is the difference between needs and wants?

Back

Needs are essential items for survival (like food and shelter), while wants are non-essential items that enhance quality of life.

Front

What is the purpose of budgeting?

Back

Budgeting helps track income and expenses, ensuring that spending aligns with financial goals.

Front

What is an emergency fund?

Back

An emergency fund is money set aside to cover unexpected expenses, providing financial security.