BM: Budgeting, Checking, Saving

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What is a budget?

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A budget is a financial plan that outlines expected income and expenses over a specific period, helping individuals manage their money effectively.

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What are the main purposes of creating a budget?

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The main purposes of creating a budget are to prioritize expenses, track spending, and help achieve financial goals.

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How does budgeting help in tracking spending?

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Budgeting helps in tracking spending by providing a clear overview of where money is going, allowing individuals to adjust their habits accordingly.

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What is the importance of prioritizing expenses in a budget?

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Prioritizing expenses in a budget ensures that essential needs are met first, allowing for better financial management and savings.

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What is a common feature of mobile banking apps?

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A common feature of mobile banking apps is providing real-time spending alerts to help users monitor their finances.

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How can mobile banking apps assist with budgeting?

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Mobile banking apps assist with budgeting by allowing users to track their spending, set financial goals, and receive alerts for transactions.

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What is the benefit of having easy access to savings?

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Easy access to savings allows individuals to quickly withdraw funds in case of emergencies without penalties or delays.

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What is the role of savings in financial planning?

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Savings play a crucial role in financial planning by providing a safety net for unexpected expenses and helping achieve long-term financial goals.

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What should you do to deposit a check using a mobile banking app?

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To deposit a check using a mobile banking app, you need to upload pictures of your signed check.

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What is the difference between saving and investing?

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Saving is setting aside money for short-term needs, while investing involves using money to purchase assets with the expectation of generating a return over time.