Personal Financial Literacy

Front

What does it mean to spend money?

Back

To use money for something you want or need.

Front

What is unplanned spending?

Back

Money saved for a 'rainy day'. Spending that may be necessary, like car repair or doctor visits.

Front

What are needs?

Back

Things that are essential like shelter and food.

Front

What is planned spending?

Back

To save money for a goal, such as purchasing a car, home, or to pay for college.

Front

What happens to the price of apples after a snowstorm damages the trees?

Back

The price of the apples will likely increase.

Front

What is a budget?

Back

A plan for how to spend and save money.

Front

What are wants?

Back

Things that you would like to have but do not need.

Front

What does it mean to save money?

Back

To keep money for future use instead of spending it now.

Front

What is borrowing?

Back

Taking money from someone with the promise to pay it back later.

Front

What is the difference between needs and wants?

Back

Needs are essential for survival, while wants are things we desire but can live without.