Saving Money

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What is a budget?

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A budget is a plan that helps you track your income and expenses, so you can manage your money wisely.

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Why is it important to save money?

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Saving money helps you prepare for emergencies, achieve your goals, and have financial security.

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What does 'income' mean?

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Income is the money you earn from a job or other sources.

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What are 'sacrifices' in terms of spending?

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Sacrifices are things you give up in order to save money or spend it on something else.

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What is a savings account?

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A savings account is a bank account where you can store money and earn interest on it.

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What does 'interest' mean in finance?

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Interest is the money paid to you by a bank for keeping your money in a savings account.

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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), while wants are things you would like to have but can live without.

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What does it mean to spend wisely?

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Spending wisely means making careful choices about how to use your money, prioritizing needs over wants.

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What is an emergency fund?

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An emergency fund is money set aside for unexpected expenses, like medical bills or car repairs.

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Why should you track your spending?

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Tracking your spending helps you understand where your money goes and can help you stick to your budget.